22553 Ivan Ave

Euclid, OH 44123

$74,900B+

2 bd · 1.0 ba · 756 sqft · Built 1925 · SingleFamily · Active · 153 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,208/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$181
• HOA: −$0
• Vac / Maint / Mgmt: −$254
• Net cashflow: $381/mo
• Annual: $4,566/yr
• Cap rate: 12.39%
• Cash-on-cash: 21.77%
• DSCR: 1.97
• 1% rule: 1.61%
• Cash to close: $20,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k. Condition is rated fair.
• At list price, monthly cash flow is $381 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 153 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $518 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#204 in OH, #3,149 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: commute F, employment D-.
• Euclid City (suburban): math 14% / reading 28% proficiency, ranked #625 of 656 in OH (top 95%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Arbor Elementary School (math 17% / reading 28%, grade F, #1,239 of 1,584 statewide, top 78%, 370 students, 0% FRL); Euclid Middle School (math 10% / reading 22%, grade F, #624 of 654 statewide, top 96%, 934 students, 0% FRL); Euclid High School (math 7% / reading 33%, grade F, #675 of 781 statewide, top 87%, 1,618 students, 0% FRL) — zoned schools average 0% FRL vs 70% district-wide (70 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.3%/yr); 160 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 94d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 70% of comp listings sitting > 30 days — soft ceiling on asking rent; 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.
• 5 sale attempts since 36y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 5.3% rent growth), your $21k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 12.4% vs local median 6.4% in Euclid — 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.

Questions for listing agent

• It's been on market 153 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed subfloor in kitchen and bath — Structural damage and potential water damage
• Major: Missing cabinets in kitchen and bath — Aesthetically unappealing and functional
• Major: Worn countertops in kitchen — Aesthetically unappealing and functional
• Major: Worn fixtures in bath — Aesthetically unappealing and functional
• Major: Peeling paint in kitchen and bath — Aesthetically unappealing and functional
• Major: Front porch needs repair — Structural damage and potential water damage