2108 S Belvoir Blvd

South Euclid, OH 44121

$300,000C+

6 bd · 3.0 ba · 2,727 sqft · Built 1948 · MultiFamily · Pending · 85 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,073/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$830
• HOA: −$0
• Vac / Maint / Mgmt: −$855
• Net cashflow: $815/mo
• Annual: $9,779/yr
• Cap rate: 9.55%
• Cash-on-cash: 11.64%
• DSCR: 1.52
• 1% rule: 1.36%
• Cash to close: $84,000

Investor read

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $300k.
• At list price, monthly cash flow is $815 ($10k/yr) — positive. Per door: $407/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• It's been on market 85 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#22 in OH, #207 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+.
• South Euclid-Lyndhurst City (suburban): math 23% / reading 45% proficiency, ranked #556 of 656 in OH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Rowland Elementary School (math 27% / reading 32%, grade F, #1,158 of 1,584 statewide, top 75%, 434 students, 50% FRL); Memorial Junior High School (math 19% / reading 45%, grade F, #559 of 654 statewide, top 87%, 497 students, 51% FRL); Brush High School (math 32% / reading 47%, grade F, #528 of 781 statewide, top 71%, 1,041 students, 44% FRL) — zoned schools at 48% FRL track the district average.
• Watch-outs: property tax is 2.8% of price; built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.8%/yr); 150 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 9.6% vs local median 5.9% in South 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 $4,073/mo this rent would consume 64% of the median local household income ($77k/yr) (locally 672% 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 85 days. Have you received any prior offers? Is the seller open to a 6% 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 1948 — 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.
• Schools are B-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?