7982 Colonial Dr Unit C · Mentor, OH 44060

$143,500

3 bd · 2.0 ba · 1,336 sqft · Condo · 10 Days on market

Built 1983 Fair condition $340/mo HOA · 19% of rent

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +17.7/30.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Schools +5.6/10.0
• DSCR +5.5/10.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks

Wonderful Opportunity to own in the heart of Mentor. Close to restaurants, stores, freeway, library and much more. Don't wait. This hidden gem won't last.

Key facts

• Close to restaurants
• Close to freeway
• Close to stores

Tags

• CLOSE TO RESTAURANTS
• CLOSE TO STORES
• CLOSE TO FREEWAY
• CLOSE TO LIBRARY

Property features AI

Finance

• Financial info: Pets allowed: cats and dogs
• HOA & community: Part of Independence Place homeowners association; HOA fee $340 monthly; HOA covers association management, grounds maintenance, structure maintenance, snow removal, and trash

Exterior

• Parking: Attached garage with 1 parking space
• Utilities: Public water; Public sewer
• Home design: Two-story property; Entry level is 2; Aluminum siding
• Construction: Built according to public records; Asphalt/fiberglass roof
• Exterior features: Patio

Interior

• Bedrooms: One main-level bedroom
• Bathrooms: Two full bathrooms; One bathroom on the main level
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Six total rooms; Main-level entry
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $144k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $116 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $144k).
• Cap rate 7.3% vs local median 3.7% in Mentor — 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.

Location & tenants

• Location reads 84/100 on livability (#53 in OH, #739 nationally) — a professional / high-income tenant draw. Strengths: schools A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Mentor Exempted Village (suburban): math 58% / reading 70% proficiency, ranked #201 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+5.5%/yr); 264 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 448 units permitted in Lake County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $992 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Lake County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $143,500

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.28% ✓
• Cap rate: 7.26%
• Cash-on-cash: 3.47%
• DSCR: 1.15
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.54% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.73×
• Total profit: $-10,810
• Equity at exit: $21,396

10-year hold

• IRR: 6.3%
• Equity multiple: 1.54×
• Total profit: $21,843
• Equity at exit: $12,407

Cash invested: $40,180 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44060

• Rents YoY: 5.5%
• Active inventory: 264
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $1,833 medium
• Mortgage (P&I): −$753
• Tax est. 1.5%: −$179 /mo · $2,152/yr
• Insurance: −$60
• HOA: −$340
• Vacancy / Maint / Mgmt: −$385
• Net cashflow: $116

Break-even live

Break-even rent $1,686

Max offer price $143,500

Occupancy floor 89%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $35,875
• Closing costs: $4,305
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7155 Hart St Mentor, OH	2.0–3.0	1.5	1150	$1,550	$1.35	1d	2	1.06mi

HOA detail condo

• Monthly dues: $340 · $4,080/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-18
   days on market $143,500 Active 10 DOM
2. 2026-06-17
   days on market $143,500 Active 9 DOM
3. 2026-06-16
   days on market $143,500 Active 8 DOM
4. 2026-06-15
   days on market $143,500 Active 7 DOM
5. 2026-06-13
   days on market $143,500 Active 5 DOM
6. 2026-06-08
   remarks 154-char remark
7. 2026-06-08
   listed $143,500 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 4/10 Moderate 6 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,994
• − Mortgage interest: −$8,038
• − Property taxes: −$2,152
• − Insurance: −$718
• − Repairs & maintenance: −$1,760
• − Management: −$1,760
• − HOA: −$4,080
• − Depreciation: −$4,175
• Taxable loss: −$688
• Est. tax savings @ 24.0%: +$165
• After-tax cash flow: $1,560/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This property requires moderate renovations to improve its condition and appeal. Repainting, updating cabinets, and replacing worn flooring would significantly enhance its resale and rental value.

Repairs flagged

• Minor exterior siding — Some discoloration
• Minor interior walls — Some discoloration
• Moderate kitchen cabinets — Dated design
• Moderate bathroom cabinets — Dated design
• Major flooring — Worn carpets in living areas and bedrooms

Value-add opportunities

• Resale Paint interior walls — Fresh paint enhances curb appeal
• Resale Replace kitchen cabinets — Modern cabinets improve aesthetics
• Resale Replace bathroom cabinets — Modern cabinets improve aesthetics
• Resale Replace flooring in living areas and bedrooms — New flooring improves aesthetics and functionality

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Some discoloration	Minor	$500–3,000
interior walls · Some discoloration	Minor	$500–3,000
kitchen cabinets · Dated design	Moderate	$3,000–15,000
bathroom cabinets · Dated design	Moderate	$3,000–15,000
flooring · Worn carpets in living areas and bedrooms	Major	$15,000–50,000
Total estimated repair cost · 5 items		$22,000–86,000

Value-add ROI direction

• Resale Paint interior walls — Fresh paint enhances curb appeal ↑
• Resale Replace kitchen cabinets — Modern cabinets improve aesthetics ↑
• Resale Replace bathroom cabinets — Modern cabinets improve aesthetics ↑
• Resale Replace flooring in living areas and bedrooms — New flooring improves aesthetics and functionality ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mentor Exempted Village
• NCES district ID: 3904549
• Math proficiency: 58% ▼ -17.00%
• Reading proficiency: 70% ▼ -9.00%
• Median HH income: $64,267
• Composite: 55.71/100
• National rank: #1221
• State rank: #201 of 656 in OH

Livability — Mentor

• Score: 84/100
• State rank: #53
• US rank: #739

Category grades

Amenities D Commute F Cost of living A+ Crime A Employment A+ Housing A+ Health & safety A+ User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mentor, OH
• County: Lake County · 204,927 people
• City population: 60,779
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 60,779
• Household income: $87,599
• Rent vs Own: 18.2% rent · 81.8% own
• Severe rent burden: 883.0

Population outlook (Lake County) Hauer SSP2

• Today (2025): 230,022 people
• By 2030: 228,151 · -0.8%
• By 2040: 221,018 · -3.9%
• By 2050: 212,754 · -7.5%
• By 2075: 200,309 · -12.9%
• By 2100: 183,315 · -20.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 4% Hispanic / Latino 3% Asian 3% Black 2%
• Common ancestry: Romanian 7% Italian 2% Lithuanian 2%
• Foreign-born: 6% · Canada, Vietnam, China
• Languages at home: 93% English-only · Other Indo-European 2% Russian/Polish/Slavic 2% Spanish 1%

Political lean MEDSL · Lake

• 2024 margin: R (+14.3) · D 42.4% · R 56.7%
• 2008→2024 swing: -15.2pp toward R · 2008: 0.8pp · 2024: -14.3pp
• All cycles: 2024: R+14.3 2020: R+13.6 2016: R+15.6 2012: R+1.7 2008: D+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -203.36%
• Current HPI: 188.9887
• Rent YoY: ▲ 5.54%
• Metro: Cleveland-Elyria, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

1 event — show timeline

• 2026-06-07 Listed $143,500 MLSNOW