20214 Lanbury Ave

Warrensville Heights, OH 44122

$199,900D

3 bd · 1.5 ba · 1,445 sqft · Built 1948 · SingleFamily · Pending · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,763/mo
• Mortgage (P&I): −$1,048
• Tax + insurance: −$291
• HOA: −$0
• Vac / Maint / Mgmt: −$370
• Net cashflow: $54/mo
• Annual: $650/yr
• Cap rate: 6.62%
• Cash-on-cash: 1.16%
• DSCR: 1.05
• 1% rule: 0.88%
• Cash to close: $55,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $200k.
• At list price, monthly cash flow is $54 ($650/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $176k (11.8% below list).
• It's been on market 37 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $176k (11.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#316 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D, commute D-.
• Warrensville Heights City (suburban): math 22% / reading 29% proficiency, ranked #604 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 84% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Warrensville Heights Elementary School (876 students, 0% FRL); Warrensville Heights Middle School (math 13% / reading 23%, grade F, #617 of 654 statewide, top 94%, 374 students, 0% FRL); Warrensville Heights High School (math 12% / reading 47%, grade F, #619 of 781 statewide, top 80%, 547 students, 0% FRL) — zoned schools average 0% FRL vs 84% district-wide (84 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.1%/yr); 183 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $60k; list at $200k implies a 233% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.