6482 State Rd Unit E16

Parma, OH 44134

$149,900C-

2 bd · 1.0 ba · 1,088 sqft · Built 1968 · Condo · Active · 114 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,684/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$189
• HOA: −$342
• Vac / Maint / Mgmt: −$354
• Net cashflow: $14/mo
• Annual: $162/yr
• Cap rate: 6.40%
• Cash-on-cash: 0.39%
• DSCR: 1.02
• 1% rule: 1.12%
• Cash to close: $41,972

Investor read

• This is a 2-bed/1.0-bath condo listed at $150k.
• At list price, monthly cash flow is $14 ($162/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• It's been on market 114 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (9.0% 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 $4k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#84 in OH, #1,232 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, cost of living A+; Watch: employment C-, commute F.
• Parma City (suburban): math 43% / reading 52% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dentzler Elementary School (math 62% / reading 52%, grade C+, #729 of 1,584 statewide, top 48%, 456 students, 51% FRL); Shiloh Middle School (math 27% / reading 46%, grade F, #539 of 654 statewide, top 83%, 511 students, 65% FRL); Parma High School (math 32% / reading 47%, grade F, #528 of 781 statewide, top 71%, 1,233 students, 55% FRL) — zoned schools average 57% FRL vs 41% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 20% of rent.
• Market conditions: Rents rising fast (+10.6%/yr); 120 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 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.
• 6 sale attempts since 17y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; list at $150k implies a 135% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% vs local median 5.0% in Parma — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1968 — 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.