168 Steeple Chase Run

Northfield, OH 44067

$175,000D

2 bd · 1.5 ba · 1,020 sqft · Built 1996 · Condo · Pending · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,679/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$269
• HOA: −$249
• Vac / Maint / Mgmt: −$353
• Net cashflow: $-109/mo
• Annual: $-1,307/yr
• Cap rate: 5.55%
• Cash-on-cash: -2.67%
• DSCR: 0.88
• 1% rule: 0.96%
• Cash to close: $49,000

Investor read

• This is a 2-bed/1.5-bath condo listed at $175k.
• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $156k (11.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $168k (4.1% below list).
• It's been on market 67 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $156k (11.0% below list) — sets the bar for cash-flow.
• 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 79/100 on livability (#143 in OH, #2,208 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Nordonia Hills City (suburban): math 72% / reading 79% proficiency, ranked #71 of 656 in OH (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Rushwood Elementary School (math 82% / reading 77%, grade A, #173 of 1,584 statewide, top 12%, 343 students, 17% FRL); Lee Eaton Intermediate School (math 77% / reading 86%, grade A+, #36 of 654 statewide, top 6%, 525 students, 22% FRL); Nordonia High School (math 58% / reading 80%, grade B, #129 of 781 statewide, top 16%, 1,278 students, 18% FRL) — zoned schools at 19% FRL track the district average.
• Market conditions: 72 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 20y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $122k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 67 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• 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 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?