15003 Florence Dr

Maple Heights, OH 44137

$175,000D

3 bd · 2.0 ba · 1,053 sqft · Built 1985 · SingleFamily · Under Contract · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,598/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$354
• HOA: −$0
• Vac / Maint / Mgmt: −$336
• Net cashflow: $-9/mo
• Annual: $-105/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• 1% rule: 0.91%
• Cash to close: $49,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $175k.
• At list price, monthly cash flow is $-9 ($-105/yr) — negative.
• To cash-flow at today's rent, offer at most $173k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (8.7% below list).
• It's been on market 34 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $160k (8.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#470 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, health & safety A-; Watch: schools D+, crime D, employment D.
• Maple Heights City (suburban): math 14% / reading 25% proficiency, ranked #630 of 656 in OH (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+14.8%/yr); 86 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• This rent runs 36% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 34 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.