1664 Douglas Rd

Wickliffe, OH 44092

$184,900D

3 bd · 1.0 ba · 1,619 sqft · Built 1947 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,599/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$488
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $-194/mo
• Annual: $-2,332/yr
• Cap rate: 5.03%
• Cash-on-cash: -4.50%
• DSCR: 0.80
• 1% rule: 0.86%
• Cash to close: $51,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $-194 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (18.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (13.5% below list).
• It's been on market 41 days — a 3% lower offer ($179k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (18.6% below list) — sets the bar for cash-flow.
• 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 82/100 on livability (#85 in OH, #1,236 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities C-, commute F.
• Wickliffe City (suburban): math 48% / reading 60% proficiency, ranked #386 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 2.7% of price; built in 1947 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.0%/yr); 63 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 30y 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 $120k; list at $185k implies a 53% gain — meaningful room to come down on a strong offer.

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 41 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1947 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.