200 Granger Rd #11

Medina, OH 44256

$139,500D+

2 bd · 1.5 ba · 1,440 sqft · Built 1968 · Condo · Pending · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,713/mo
• Mortgage (P&I): −$732
• Tax + insurance: −$209
• HOA: −$485
• Vac / Maint / Mgmt: −$360
• Net cashflow: $-72/mo
• Annual: $-862/yr
• Cap rate: 5.67%
• Cash-on-cash: -2.21%
• DSCR: 0.90
• 1% rule: 1.23%
• Cash to close: $39,060

Investor read

• This is a 2-bed/1.5-bath condo listed at $140k.
• At list price, monthly cash flow is $-72 ($-862/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (9.1% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 47 days — a 3% lower offer ($135k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $127k (9.1% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $964 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#209 in OH, #3,302 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Highland Local (rural): math 77% / reading 85% proficiency, ranked #34 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Zoned schools: Granger Elementary School (math 89% / reading 86%, grade A+, #41 of 1,584 statewide, top 3%, 513 students, 8% FRL); Highland Middle School (math 67% / reading 83%, grade A, #83 of 654 statewide, top 13%, 769 students, 6% FRL); Highland High School (math 74% / reading 88%, grade A, #28 of 781 statewide, top 4%, 1,028 students, 5% FRL) — zoned schools at 6% FRL track the district average.
• Watch-outs: HOA is 28% of rent.
• Market conditions: Rents rising fast (+4.2%/yr); 369 active listings in the ZIP; solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• 5 sale attempts since 31y 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 $79k; list at $140k implies a 77% gain — meaningful room to come down on a strong offer.
• Cap rate 5.7% vs local median 2.9% in Medina — 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?
• It's been on market 47 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?
• 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?
• 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?