3944 Brendan Ln Unit G508

North Olmsted, OH 44070

$127,000D

2 bd · 1.0 ba · 1,020 sqft · Built 1964 · Condo · Pending · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,378/mo
• Mortgage (P&I): −$666
• Tax + insurance: −$236
• HOA: −$198
• Vac / Maint / Mgmt: −$289
• Net cashflow: $-12/mo
• Annual: $-139/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• 1% rule: 1.09%
• Cash to close: $35,560

Investor read

• This is a 2-bed/1.0-bath condo listed at $127k.
• At list price, monthly cash flow is $-12 ($-139/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (1.6% below list).
• Meets the 1% rule at list price ($1k rent vs $127k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $125k (1.6% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $878 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#38 in OH, #372 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• North Olmsted City (suburban): math 51% / reading 57% proficiency, ranked #368 of 656 in OH (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.9%/yr); 162 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 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.
• 3 sale attempts since 8y 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 $60k; list at $127k implies a 112% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 4.1% in North Olmsted — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1964 — 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 B-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.