19537 Lymans Ln #53

Strongsville, OH 44149

$249,900D

3 bd · 2.0 ba · 1,326 sqft · Built 1990 · Condo · Pending · 42 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,344/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$385
• HOA: −$205
• Vac / Maint / Mgmt: −$492
• Net cashflow: $-49/mo
• Annual: $-587/yr
• Cap rate: 6.06%
• Cash-on-cash: -0.84%
• DSCR: 0.96
• 1% rule: 0.94%
• Cash to close: $69,972

Investor read

• This is a 3-bed/2.0-bath condo listed at $250k.
• At list price, monthly cash flow is $-49 ($-587/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $234k (6.2% below list).
• It's been on market 42 days — a 3% lower offer ($242k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $234k (6.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#27 in OH, #243 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Strongsville City (suburban): math 73% / reading 79% proficiency, ranked #62 of 656 in OH (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 15% free/reduced lunch — higher-income household profile.
• Zoned schools: Muraski Elementary School (math 78% / reading 82%, grade A+, #167 of 1,584 statewide, top 11%, 511 students, 19% FRL); Strongsville Middle School (math 70% / reading 76%, grade A, #105 of 654 statewide, top 17%, 1,270 students, 20% FRL); Strongsville High School (math 63% / reading 82%, grade B+, #87 of 781 statewide, top 11%, 1,844 students, 17% FRL) — zoned schools at 18% FRL track the district average.
• Market conditions: 121 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 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.
• 5 sale attempts since 27y 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 $205k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.1% vs local median 3.2% in Strongsville — 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.

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 42 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.