6910 Carriage Hill Dr

Brecksville, OH 44141

$132,500D+

2 bd · 2.0 ba · 1,031 sqft · Built 1974 · Condo · Active · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,648/mo
• Mortgage (P&I): −$695
• Tax + insurance: −$221
• HOA: −$400
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-13/mo
• Annual: $-161/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.43%
• DSCR: 0.98
• 1% rule: 1.24%
• Cash to close: $37,100

Investor read

• This is a 2-bed/2.0-bath condo listed at $132k. Condition is rated good.
• At list price, monthly cash flow is $-13 ($-161/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• It's been on market 34 days — a 3% lower offer ($129k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $129k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $916 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#183 in OH, #2,852 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Brecksville-Broadview Heights City (suburban): math 85% / reading 85% proficiency, ranked #23 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Watch-outs: HOA is 24% of rent.
• Market conditions: 100 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 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.
• Cap rate 6.2% vs local median 2.7% in Brecksville — 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.
• This rent is only 16% of the median local income ($127k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 3% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?