3765 Saint Nicholas Dr

Richfield, OH 44286

$300,000C

3 bd · 2.5 ba · 1,776 sqft · Built 1958 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,885/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$457
• HOA: −$0
• Vac / Maint / Mgmt: −$606
• Net cashflow: $248/mo
• Annual: $2,981/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.55%
• DSCR: 1.16
• 1% rule: 0.96%
• Cash to close: $84,000

Investor read

• This is a 3-bed/2.5-bath single-family listed at $300k.
• At list price, monthly cash flow is $248 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $288k (3.8% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $288k (3.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#500 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Revere Local (rural): math 83% / reading 86% proficiency, ranked #17 of 656 in OH (top 3%) — strong family-tenant draw, lease renewals of 3-5y typical; only 5% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 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.
• 8 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 $167k; list at $300k implies a 80% gain — meaningful room to come down on a strong offer.
• This rent runs 30% of the median local income ($115k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1958 — 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.