67 Landings Way

Avon Lake, OH 44012

$189,900B

3 bd · 1.5 ba · 1,287 sqft · Built 1977 · Condo · Pending · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,138/mo
• Mortgage (P&I): −$996
• Tax + insurance: −$321
• HOA: −$562
• Vac / Maint / Mgmt: −$659
• Net cashflow: $600/mo
• Annual: $7,205/yr
• Cap rate: 10.09%
• Cash-on-cash: 13.55%
• DSCR: 1.60
• 1% rule: 1.65%
• Cash to close: $53,172

Investor read

• This is a 3-bed/1.5-bath condo listed at $190k.
• At list price, monthly cash flow is $600 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• It's been on market 30 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#52 in OH, #736 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F.
• Avon Lake City (suburban): math 78% / reading 80% proficiency, ranked #48 of 656 in OH (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Redwood Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 400 students, 13% FRL); Troy Intermediate Elementary School (math 76% / reading 82%, grade A+, #54 of 654 statewide, top 9%, 549 students, 12% FRL); Avon Lake High School (math 67% / reading 87%, grade A-, #56 of 781 statewide, top 8%, 1,152 students, 11% FRL) — zoned schools at 12% FRL track the district average.
• Market conditions: 183 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• Current owner paid $69k; list at $190k implies a 175% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.1% vs local median 3.1% in Avon Lake — 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 33% of the median local income ($116k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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 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.