729 Kenwood Dr

Mayfield, OH 44040

$399,000A-

3 bd · 2.5 ba · 2,552 sqft · Built 1960 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,950/mo
• Mortgage (P&I): −$2,092
• Tax + insurance: −$747
• HOA: −$0
• Vac / Maint / Mgmt: −$1,250
• Net cashflow: $1,861/mo
• Annual: $22,328/yr
• Cap rate: 11.89%
• Cash-on-cash: 19.99%
• DSCR: 1.89
• 1% rule: 1.49%
• Cash to close: $111,720

Investor read

• This is a 3-bed/2.5-bath single-family listed at $399k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-1.9%/yr); year-one equity from $3k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#115 in OH, #1,710 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F.
• Mayfield City (suburban): math 56% / reading 71% proficiency, ranked #225 of 656 in OH (top 34%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 25 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 6 sale attempts since 19y 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.
• Current owner paid $263k; list at $399k implies a 52% gain — meaningful room to come down on a strong offer.
• At projected returns (-1.9% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~6 years — after that, you're playing with house money.
• This rent runs 43% of the median local income ($167k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.
• 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.