Boardwalk Plan

North Olmsted, OH 44138

$442,990F

4 bd · 2.5 ba · 2,624 sqft · Built — · SingleFamily · Active · 956 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,500/mo
• Mortgage (P&I): −$2,599
• Tax + insurance: −$826
• HOA: −$0
• Vac / Maint / Mgmt: −$735
• Net cashflow: $-660/mo
• Annual: $-7,916/yr
• Cap rate: 4.70%
• Cash-on-cash: -5.70%
• DSCR: 0.75
• 1% rule: 0.71%
• Cash to close: $138,755

Investor read

• This is a 4-bed/2.5-bath single-family listed at $443k.
• At list price, monthly cash flow is $-660 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $400k (9.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $350k (21.0% below list).
• It's been on market 956 days — a 12% lower offer ($390k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $350k (21.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#38 in OH, #372 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Olmsted Falls City (suburban): math 70% / reading 70% proficiency, ranked #134 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Zoned schools: Falls-Lenox Primary Elementary School (math 71% / reading 73%, grade A-, #323 of 1,584 statewide, top 23%, 738 students, 15% FRL); Olmsted Falls Middle School (math 66% / reading 64%, grade A-, #194 of 654 statewide, top 31%, 811 students, 14% FRL); Olmsted Falls High School (math 60% / reading 73%, grade B, #150 of 781 statewide, top 20%, 1,250 students, 12% FRL) — zoned schools at 14% FRL track the district average.
• Market conditions: 184 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• This rent runs 45% of the median local income ($94k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 956 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.