2655 Niagara St

Northbrook, OH 45231

$154,900C+

3 bd · 1.0 ba · 960 sqft · Built 1957 · SingleFamily · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,778/mo
• Mortgage (P&I): −$812
• Tax + insurance: −$222
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $371/mo
• Annual: $4,449/yr
• Cap rate: 9.17%
• Cash-on-cash: 10.26%
• DSCR: 1.46
• 1% rule: 1.15%
• Cash to close: $43,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $371 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 29 days — a 2% lower offer ($153k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $153k (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 $5k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#555 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety C-, employment D+.
• Mt Healthy City (suburban): math 12% / reading 24% proficiency, ranked #636 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mt. Healthy South Elementary School (math 12% / reading 20%, grade F, #1,371 of 1,584 statewide, top 87%, 651 students, 0% FRL); Mt Healthy Junior High School (math 13% / reading 26%, grade F, #610 of 654 statewide, top 94%, 457 students, 0% FRL); Mt Healthy High School (math 5% / reading 25%, grade F, #704 of 781 statewide, top 90%, 828 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.9%/yr); 79 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 4 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.
• Current owner paid $52k; list at $155k implies a 198% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 9.2% vs local median 6.8% in Northbrook — 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

• Built in 1957 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.