6482 Lear Nagle Rd

North Ridgeville, OH 44039

$218,400C+

4 bd · 3.0 ba · 2,784 sqft · Built 1951 · SingleFamily · Pending · 22 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,449/mo
• Mortgage (P&I): −$1,145
• Tax + insurance: −$492
• HOA: −$0
• Vac / Maint / Mgmt: −$514
• Net cashflow: $297/mo
• Annual: $3,566/yr
• Cap rate: 7.93%
• Cash-on-cash: 5.83%
• DSCR: 1.26
• 1% rule: 1.12%
• Cash to close: $61,152

Investor read

• This is a 4-bed/3.0-bath single-family listed at $218k.
• At list price, monthly cash flow is $297 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $218k).
• It's been on market 22 days — a 2% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $215k (1.5% 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 $7k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#305 in OH, #4,924 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: health & safety D, amenities F, commute F.
• North Ridgeville City (suburban): math 49% / reading 61% proficiency, ranked #339 of 656 in OH (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Liberty Elementary School (591 students, 23% FRL); North Ridgeville Academic Center (math 49% / reading 57%, grade C+, #372 of 654 statewide, top 58%, 1,878 students, 22% FRL); North Ridgeville High School (math 39% / reading 72%, grade C, #296 of 781 statewide, top 39%, 1,268 students, 20% FRL) — zoned schools at 22% FRL track the district average.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 202 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 5 sale attempts since 26y 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.
• Cap rate 7.9% vs local median 3.3% in North Ridgeville — 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.
• This rent runs 30% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1951 — 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.