193 Summit Ave

Northfield, OH 44067

$269,999B-

3 bd · 1.5 ba · 1,440 sqft · Built 1997 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,165/mo
• Mortgage (P&I): −$1,416
• Tax + insurance: −$405
• HOA: −$0
• Vac / Maint / Mgmt: −$1,295
• Net cashflow: $3,049/mo
• Annual: $36,591/yr
• Cap rate: 19.85%
• Cash-on-cash: 48.40%
• DSCR: 3.15
• 1% rule: 2.28%
• Cash to close: $75,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $270k.
• At list price, monthly cash flow is $3k ($37k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $270k).
• It's been on market 48 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $262k (3.0% 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 $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#143 in OH, #2,208 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F.
• Nordonia Hills City (suburban): math 72% / reading 79% proficiency, ranked #71 of 656 in OH (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 69 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 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 $122k; list at $270k implies a 121% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $76k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.8% vs local median 5.2% in Northfield — 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 $6,165/mo this rent would consume 83% of the median local household income ($89k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 48 days. Have you received any prior offers? Is the seller open to a 3% 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 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.