3835 #C1 Acorn Trl

Orange, OH 44022

$349,000A-

3 bd · 3.0 ba · 2,168 sqft · Built 1979 · Condo · Active · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,544/mo
• Mortgage (P&I): −$1,830
• Tax + insurance: −$582
• HOA: −$833
• Vac / Maint / Mgmt: −$1,164
• Net cashflow: $1,135/mo
• Annual: $13,621/yr
• Cap rate: 10.20%
• Cash-on-cash: 13.94%
• DSCR: 1.62
• 1% rule: 1.59%
• Cash to close: $97,720

Investor read

• This is a 3-bed/3.0-bath condo listed at $349k. Condition is rated good.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $349k).
• It's been on market 29 days — a 2% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $344k (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 $10k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#452 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: cost of living D, health & safety D, amenities F.
• Orange City (suburban): math 76% / reading 83% proficiency, ranked #32 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 11% free/reduced lunch — higher-income household profile.
• Zoned schools: Moreland Hills Elementary School (math 84% / reading 83%, grade A+, #96 of 1,584 statewide, top 6%, 919 students, 9% FRL); Ballard Brady Middle School (math 77% / reading 84%, grade A+, #41 of 654 statewide, top 7%, 433 students, 7% FRL); Orange High School (math 57% / reading 77%, grade B, #137 of 781 statewide, top 19%, 608 students, 10% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: 124 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 10.2% vs local median 1.2% in Orange — 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 44% of the median local income ($152k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1979 — 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.
• 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.