1402 Bennett Rd · North Madison, OH 44057

$197,500

3 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 1 Days on market

Built 1961

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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 +20.6/30.0
• ARV discount +7.5/15.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• Schools +5.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Updated 3 Bdrm Ranch. Living Rm With Hardwood Flooring. Newer Flooring In Kitchen And Bath. Freshly Painted. 2 Car+ Garage. Fenced Yard. Great One Floor Living.

Key facts

• Granite counter tops
• Jennair dishwasher
• Fenced backyard

Tags

• OVERSIZED 2 CAR GARAGE
• GRANITE COUNTER TOPS
• JENNAIR DISHWASHER
• NEW BATHROOM INCLUDING VANITY
• FENCED BACKYARD

Property features AI

Exterior

• Home design: Built in 1961
• Construction: Approximately 1,092 square feet of living area
• Exterior features: Located in the Madison Beach Estates subdivision

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $198k.

Deal economics

• At list price, monthly cash flow is $266 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $198k).

Location & tenants

• Location reads 62/100 on livability (#865 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, health & safety D, schools D-.
• Madison Local (suburban): math 58% / reading 59% proficiency, ranked #308 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 97 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($70k/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 $6k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 29y 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.

Recommended offer $197,500

Questions for the listing agent

1. Built in 1961 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.01% ✓
• Cap rate: 7.91%
• Cash-on-cash: 5.76%
• DSCR: 1.26
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -7.4%
• Equity multiple: 0.73×
• Total profit: $-15,090
• Equity at exit: $29,448

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $8,629
• Equity at exit: $17,076

Cash invested: $55,300 (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 44057

• Active inventory: 97
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,995 medium
• Mortgage (P&I): −$1,036
• Tax from tax record: −$192 /mo · $2,309/yr
• Insurance: −$82
• HOA: −$0
• Vacancy / Maint / Mgmt: −$419
• Net cashflow: $266

Break-even live

Break-even rent $1,659

Max offer price $197,500

Occupancy floor 82%

Sensitivity live

Price	-10% $377	-5% $322	+0% $266	+5% $210	+10% $154
Rent	-10% $108	-5% $187	+0% $266	+5% $344	+10% $423
Rate	-1.0pp $365	-0.5pp $316	base $266	+0.5pp $214	+1.0pp $162

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: $49,375
• Closing costs: $5,925
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
6724 Georgetown Ln Madison, OH	2.0–3.0	2.0	1260	$1,995	$1.58	44d	1	1.17mi

Listing history 12 events

1. 2026-05-13
   status Under Contract
2. 2026-05-12
   listed $197,500 Active
3. 2026-05-07
   soldstatus $197,500 Closed
4. 2026-04-15
   listed $197,500
5. 2026-04-15
   historical
6. 2003-04-14
   soldstatus $98,000
7. 2003-04-11
   soldstatus $98,000 160-char remark

   Show marketing remark (160 chars)

   Updated 3 Bdrm Ranch. Living Rm With Hardwood Flooring. Newer Flooring In Kitchen And Bath. Freshly Painted. 2 Car+ Garage. Fenced Yard. Great One Floor Living.

8. 2003-01-13
   listed $104,900 160-char remark

   Show marketing remark (160 chars)

   Updated 3 Bdrm Ranch. Living Rm With Hardwood Flooring. Newer Flooring In Kitchen And Bath. Freshly Painted. 2 Car+ Garage. Fenced Yard. Great One Floor Living.

9. 1997-12-30
   soldstatus $77,900
10. 1997-12-29
    soldstatus $77,900
11. 1997-09-06
    listed $78,900
12. 1984-07-18
    soldstatus $44,000

ⓘ 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: $2,309 · $192/mo
• Projected year-2 tax: $2,695 · $225/mo
• Expected delta: +$386/yr (+$32/mo · 16.7%)

ⓘ 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 ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,940
• − Mortgage interest: −$11,063
• − Property taxes: −$2,309
• − Insurance: −$988
• − Repairs & maintenance: −$1,915
• − Management: −$1,915
• − Depreciation: −$5,745
• Taxable income: $4
• Est. tax owed @ 24.0%: −$1
• After-tax cash flow: $3,186/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: Madison Local
• NCES district ID: 3904788
• Math proficiency: 58% ▼ -7.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $51,608
• Composite: 49.99/100
• National rank: #1924
• State rank: #308 of 656 in OH

Livability — North Madison

• Score: 62/100
• State rank: #865
• US rank: #16372

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Madison, OH
• County: Lake · 224,932 people
• Metro: Cleveland, OH
• Population (ZIP): 19,491
• Household income: $70,212
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 8.5

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Scotch-Irish 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -241.42%
• Current HPI: 187.8978
• Rent YoY: —
• Metro: —
• 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

+348.9% since first listed

12 events — show timeline

• 2026-05-13 Pending — FSBO.com
• 2026-05-12 Listed $197,500 FSBO.com
• 2026-05-07 Sold (MLS) $197,500 MLSNOW
• 2026-04-15 Listing Removed — MLSNOW
• 2026-04-15 Listed $197,500 MLSNOW
• 2003-04-14 Sold (Public Records) $98,000 Public Records
• 2003-04-11 Sold (MLS) $98,000 MLSNOW
• 2003-01-13 Listed $104,900 MLSNOW
• 1997-12-30 Sold (MLS) $77,900 MLSNOW
• 1997-12-29 Sold (Public Records) $77,900 Public Records
• 1997-09-06 Listed $78,900 MLSNOW
• 1984-07-18 Sold (Public Records) $44,000 Public Records

Property tax history

+2.7%/yr

Latest (2025): $2,309 · +1.6% YoY. Source: county tax records.