424 Race St · Berea, OH 44017

$175,000

3 bd · 1.0 ba · 1,306 sqft · SingleFamily public records · 9 Days on market

Built 1956 8,738 sqft lot Est $223k · 22% under

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +21.1/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +6.0/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Smart 3 Br Ranch In Popular Berea * 2 Phone Lines * Gas Frplc * Wonderful Kitchen W/ Large Eating Area & Island * 21x15 Encl Porch Overlooks Great Lighted, Fenced Yd * Water Soft & Refrig Nego * 24 Notice To Show, Please * * Dogs Present * * No Sign * *

Key facts

• One-floor living
• Large backyard
• Large kitchen

Tags

• ONE-FLOOR LIVING
• LARGE KITCHEN
• LARGE BACKYARD
• SCREENED IN ROOM
• EASY HIGHWAY ACCESS

Property features AI

Finance

• Other: Above-grade finished living area approximately 1,306

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-story home; Asphalt roof; Aluminum siding
• Construction: Built (year from public records); Aluminum siding construction; Asphalt roof
• Exterior features: Enclosed porch; Patio; Porch; Privacy fencing; Shed(s)

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Bedrooms: 3 main-level bedrooms
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating; Central air conditioning; Ceiling fans
• Interior features: Fireplace (1)
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $175k.

Deal economics

• At list price, monthly cash flow is $250 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $175k).
• Cap rate 8.0% vs local median 4.8% in Berea — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 80/100 on livability (#136 in OH, #1,955 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D, commute F.
• Berea City (suburban): math 47% / reading 56% proficiency, ranked #414 of 656 in OH (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 59 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• This rent runs 31% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 34y ago 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 $118k; 48% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $175,000

Questions for the listing agent

1. Built in 1956 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are A-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?
4. 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.
5. 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.
6. 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.

Investment metrics

• 1% rule: 1.10% ✓
• Cap rate: 8.01%
• Cash-on-cash: 6.12%
• DSCR: 1.27
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $223,326
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
287 Edgewood Dr	0.29mi	3/1.0	1,284 (-2%)	3mo	$220,000	$171	81
388 Fairwood Cir	0.26mi	3/2.5	1,316 (+1%)	3mo	$265,000	$201	78
325 Adrian Dr	0.20mi	3/1.0	1,200 (-8%)	8mo	$232,000	$193	70
255 Fairpark Dr	0.38mi	4/1.0 (+1)	1,253 (-4%)	6mo	$191,000	$152	66
294 West St	0.31mi	3/1.5	1,188 (-9%)	8mo	$198,000	$167	62
28 Crocker St	0.64mi	2/1.0 (-1)	1,280 (-2%)	4mo	$206,000	$161	58
617 Lindberg Blvd	0.40mi	4/1.0 (+1)	1,400 (+7%)	7mo	$234,000	$167	58
200 Gibson St	0.71mi	3/1.0	1,256 (-4%)	4mo	$225,000	$179	57
266 Race St	0.31mi	3/1.0	1,121 (-14%)	8mo	$135,000	$120	56
217 Kraft St	0.57mi	3/2.0	1,232 (-6%)	7mo	$270,000	$219	54
23265 Wainwright Ter	0.65mi	2/2.0 (-1)	1,143 (-12%)	3mo	$220,000	$192	37
154 Best Dr	0.67mi	2/1.0 (-1)	1,121 (-14%)	8mo	$188,500	$168	34

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -6.8%
• Equity multiple: 0.75×
• Total profit: $-12,374
• Equity at exit: $26,093

10-year hold

• IRR: 2.8%
• Equity multiple: 1.20×
• Total profit: $9,981
• Equity at exit: $15,131

Cash invested: $49,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44017

• Active inventory: 59
• Price-to-rent: 7.6×

Monthly cashflow live

• Estimated rent: $1,917 high
• Mortgage (P&I): −$918
• Tax from tax record: −$274 /mo · $3,288/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $250

Break-even live

Break-even rent $1,601

Max offer price $175,000

Occupancy floor 82%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
287 Edgewood Dr Berea, OH	3.0	1.0	1284	$1,800	$1.40	1d	1	0.30mi
480 Haverhill Cir Berea, OH	3.0	2.0	1864	$1,945	$1.04	1d	1	0.50mi
9745 Douglas Ln Olmsted Falls, OH	1.0–3.0	1.0	1000	$1,686	$1.69	1d	2	0.75mi
55 Barrett Rd Berea, OH	3.0	1.0–2.0	798	$1,445	$1.81	10d	1	0.99mi
670 Prospect Rd Berea, OH	1.0–3.0	1.0	852	$1,686	$1.98	1d	16	1.18mi
367 S Rocky River Dr Unit 1496132P Berea, OH	4.0	2.0	1765	$5,357	$3.04	7d	1	1.30mi
9299 Columbia Rd Olmsted Falls, OH	1.0–2.0	1.0–1.5	782	$2,120	$2.71	1d	1	1.38mi

Listing history 11 events

1. 2026-05-18
   status Pending
2. 2026-05-12
   historical Contingent
3. 2026-05-08
   listed $175,000 Active
4. 1999-05-28
   soldstatus $118,500 269-char remark

   Show marketing remark (269 chars)

   Smart 3 Br Ranch In Popular Berea * 2 Phone Lines * Gas Frplc * Wonderful Kitchen W/ Large Eating Area & Island * 21x15 Encl Porch Overlooks Great Lighted, Fenced Yd * Water Soft & Refrig Nego * 24 Notice To Show, Please * * Dogs Present * * No Sign * *

5. 1999-03-05
   listed $119,900 269-char remark

   Show marketing remark (269 chars)

   Smart 3 Br Ranch In Popular Berea * 2 Phone Lines * Gas Frplc * Wonderful Kitchen W/ Large Eating Area & Island * 21x15 Encl Porch Overlooks Great Lighted, Fenced Yd * Water Soft & Refrig Nego * 24 Notice To Show, Please * * Dogs Present * * No Sign * *

6. 1993-06-30
   soldstatus $92,500
7. 1992-07-31
   soldstatus $91,000 171-char remark

   Show marketing remark (171 chars)

   Sellers Checklist * Updated Kit, Baths * Sharp Thru-out! Screened Patio * Central Air * Nwr Carpet * Real Curb Appeal! Woodburning Firepl * * Sharp!!co-list Rose 779-6297

8. 1992-07-28
   soldstatus $91,000
9. 1992-06-15
   listed $91,900 171-char remark

   Show marketing remark (171 chars)

   Sellers Checklist * Updated Kit, Baths * Sharp Thru-out! Screened Patio * Central Air * Nwr Carpet * Real Curb Appeal! Woodburning Firepl * * Sharp!!co-list Rose 779-6297

10. 1985-10-25
    soldstatus $58,500
11. 1984-05-11
    soldstatus $56,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $3,288 · $274/mo
• Projected year-2 tax: $3,288 · $274/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,006
• − Mortgage interest: −$9,803
• − Property taxes: −$3,288
• − Insurance: −$875
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$5,091
• Taxable income: $269
• Est. tax owed @ 24.0%: −$65
• After-tax cash flow: $2,935/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Berea City
• NCES district ID: 3904360
• Math proficiency: 47% ▼ -17.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $51,921
• Composite: 44.18/100
• National rank: #2856
• State rank: #414 of 656 in OH

Livability — Berea

• Score: 80/100
• State rank: #136
• US rank: #1955

Category grades

Amenities D Commute F Cost of living A+ Crime A+ Employment C+ Housing A+ Health & safety A User ratings C

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berea, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 18,279
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 18,279
• Household income: $75,231
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 356.0

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Black 8% Two or more races 8% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 11% Slovak 3% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1% Chinese 0%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.89%
• Current HPI: 208.8113
• Rent YoY: —
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+209.7% since first listed

11 events — show timeline

• 2026-05-18 Pending — MLSNOW
• 2026-05-12 Contingent — MLSNOW
• 2026-05-08 Listed $175,000 MLSNOW
• 1999-05-28 Sold (MLS) $118,500 MLSNOW
• 1999-03-05 Listed $119,900 MLSNOW
• 1993-06-30 Sold (Public Records) $92,500 Public Records
• 1992-07-31 Sold (MLS) $91,000 MLSNOW
• 1992-07-28 Sold (Public Records) $91,000 Public Records
• 1992-06-15 Listed $91,900 MLSNOW
• 1985-10-25 Sold (Public Records) $58,500 Public Records
• 1984-05-11 Sold (Public Records) $56,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $3,288 · -0.4% YoY. Source: county tax records.