19326 Tyronne Ave

Euclid, OH 44119

$130,000B+

4 bd · 2.0 ba · 1,351 sqft · Built 1918 · MultiFamily · Active · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,488/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$335
• HOA: −$0
• Vac / Maint / Mgmt: −$522
• Net cashflow: $949/mo
• Annual: $11,385/yr
• Cap rate: 15.05%
• Cash-on-cash: 31.28%
• DSCR: 2.39
• 1% rule: 1.91%
• Cash to close: $36,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k.
• At list price, monthly cash flow is $949 ($11k/yr) — positive. Per door: $474/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• It's been on market 178 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#204 in OH, #3,149 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: schools C-, commute F, employment D-.
• Euclid City (suburban): math 14% / reading 28% proficiency, ranked #625 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: property tax is 2.6% of price; built in 1918 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+15.3%/yr); 27 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 12 sale attempts since 36y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.1% vs local median 6.8% in Euclid — 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.
• At $2,488/mo this rent would consume 68% of the median local household income ($44k/yr) (locally 657% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1918 — 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?
• 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.
• 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.