9582 Fernwood Dr · Olmsted Falls, OH 44138

$169,900

3 bd · 1.5 ba · 1,320 sqft · SingleFamily · 15 Days on market

Built 1967 Average condition Est $280k · 39% under $289/mo HOA · 17% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +15.0/15.0
• Cash flow +10.7/30.0
• Schools +6.1/10.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• DSCR +3.1/10.0
• Condition / age +2.8/5.0
• Rent growth +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this quiet end unit it's a spacious three bedroom condo. This beautiful ready to move in unit has pond views from your backyard and front yard! Enjoy the backyard on a newly built deck. All kitchen appliances stay along with washer and dryer! Newly remodeled upstairs bathroom. Freshly painted throughout the entire condo. Ceiling fans in every bedroom. Many amenities come with the condo including parks, pools, tennis courts, and basketball courts.

Key facts

• Covered entryway
• Sliding glass doors
• Back patio

Tags

• COVERED ENTRYWAY
• DEDICATED COVERED PARKING SPOT
• UNIQUE STAIRCASE DETAILS
• EXPOSED BRICK ACCENTS
• SLIDING GLASS DOORS
• BACK PATIO

Property features AI

Finance

• Other: Pets allowed (dogs OK) — contact for details and any limits
• HOA & community: Homeowners association (Fernwood Swimming Association); Annual association fee $400; Monthly association fee $256.74; Association covers management, insurance, grounds and structure maintenance, pool(s), and snow removal; Community pool

Exterior

• Parking: Attached carport; 1 carport space
• Utilities: Public water; Public sewer
• Home design: 2-story home; Entry level: 1st floor; Property attached
• Construction: Built per public records; Brick, vinyl siding, and wood siding exterior; Asphalt/fiberglass roof; Slab foundation
• Exterior features: Patio; Private in-ground pool (association/community)

Interior

• Kitchen: Dishwasher; Range; Refrigerator
• Bathrooms: 1 full bathroom; 1 half bathroom; 1 main-level bathroom
• Heating & cooling: Forced air heating; Ceiling fan(s) for cooling/air circulation
• Interior features: Ceiling fan(s)
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $170k. Condition is rated average.

Deal economics

• At list price, monthly cash flow is $-82 ($-984/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (7.0% below list).
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $158k (7.0% below list) — sets the bar for cash-flow.
• Cap rate 5.7% vs local median 4.2% in Olmsted Falls — 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.

Location & tenants

• Location reads 73/100 on livability (#343 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Olmsted Falls City (suburban): math 70% / reading 70% proficiency, ranked #134 of 656 in OH (top 20%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 183 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).

Forward outlook

• 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.
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 9y 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 $70k; list at $170k implies a 143% gain — meaningful room to come down on a strong offer.

Recommended offer $158,031 (7.0% below list)

Questions for the listing agent

1. 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?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.03% ✓
• Cap rate: 5.71%
• Cash-on-cash: -2.07%
• DSCR: 0.91
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $279,840
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
25285 Sprague Rd	0.21mi	3/1.5	1,344 (+2%)	24mo	$287,500	$214	67
9159 E Windsor Dr	0.53mi	2/2.0 (-1)	1,393 (+6%)	6mo	$262,000	$188	54
9111 Devonshire Dr	0.54mi	2/2.0 (-1)	1,427 (+8%)	8mo	$284,900	$200	48
9430 Columbia Rd	0.73mi	3/1.5	1,460 (+11%)	3mo	$219,000	$150	46
9570 Cyprus Ln	0.27mi	2/2.0 (-1)	1,475 (+12%)	18mo	$220,000	$149	46
26874 Schady Rd	0.64mi	3/2.0	1,465 (+11%)	11mo	$310,000	$212	40
26876 Schady Rd	0.66mi	3/2.0	1,465 (+11%)	11mo	$310,000	$212	39
26880 Schady Rd	0.69mi	3/2.0	1,465 (+11%)	13mo	$317,500	$217	37
9087 Devonshire Dr	0.55mi	2/2.5 (-1)	1,444 (+9%)	21mo	$353,000	$244	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -19.6%
• Equity multiple: 0.32×
• Total profit: $-32,551
• Equity at exit: $25,333

10-year hold

• IRR: -12.0%
• Equity multiple: 0.28×
• Total profit: $-34,243
• Equity at exit: $14,690

Cash invested: $47,572 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44138

• Home prices YoY: -30.8%
• Active inventory: 183
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,748 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,548/yr
• Insurance: −$71
• HOA: −$289
• Vacancy / Maint / Mgmt: −$367
• Net cashflow: $-82

Break-even live

Break-even rent $1,852

Max offer price $158,031

Occupancy floor 100%

Sensitivity live

Price	-10% $35	-5% $-23	+0% $-82	+5% $-141	+10% $-199
Rent	-10% $-220	-5% $-151	+0% $-82	+5% $-13	+10% $56
Rate	-1.0pp $4	-0.5pp $-39	base $-82	+0.5pp $-126	+1.0pp $-171

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
9582 Fernwood Dr Olmsted Falls, OH	3.0	1.5	1320	$1,795	$1.36	24d	1	0.02mi
26747 Sprague Rd Olmsted Falls, OH	2.0	1.5	1144	$1,500	$1.31	44d	1	0.21mi
9299 Columbia Rd Olmsted Falls, OH	1.0–2.0	1.0–1.5	782	$2,120	$2.71	2d	1	0.94mi
26875 Bagley Rd Olmsted Twp, OH	1.0–3.0	1.0–2.0	890	$1,299	$1.46	3d	1	1.22mi
8450 Daylily DR Olmsted Falls, OH	2.0–3.0	2.5	1541	$2,680	$1.74	2d	10	1.45mi

HOA detail

• Monthly dues: $289 · $3,468/yr
• Likely covers: pool

Listing history 10 events

1. 2026-06-18
   days on market $169,900 Active 15 DOM
2. 2026-06-17
   days on market $169,900 Active 14 DOM
3. 2026-06-16
   days on market $169,900 Active 13 DOM
4. 2026-06-15
   days on market $169,900 Active 12 DOM
5. 2026-06-13
   days on market $169,900 Active 10 DOM
6. 2026-06-13
   days on market $169,900 Active 9 DOM
7. 2026-06-09
   days on market $169,900 Active 6 DOM
8. 2026-06-08
   days on market $169,900 Active 5 DOM
9. 2026-06-07
   remarks 699-char remark
10. 2026-06-07
    listed $169,900 Active 4 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $20,979
• − Mortgage interest: −$9,517
• − Property taxes: −$2,548
• − Insurance: −$850
• − Repairs & maintenance: −$1,678
• − Management: −$1,678
• − HOA: −$3,468
• − Depreciation: −$4,943
• Taxable loss: −$3,703
• Est. tax savings @ 24.0%: +$889
• After-tax cash flow: $-96/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Condition & rehab AI · 12 photos

Average 55/100 Cosmetic rehab

This home offers a good starting point with average condition and potential for cosmetic upgrades to enhance its value.

Repairs flagged

• Minor kitchen cabinets — slight wear
• Minor bathroom fixtures — standard fixtures
• Minor HVAC system — standard heating and cooling system

Value-add opportunities

• Resale paint interior walls — fresh paint enhances curb appeal
• Both replace carpet with hardwood — hardwood flooring increases both resale and rental value
• Both update kitchen cabinets and countertops — modern kitchen improves both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · slight wear	Minor	$500–3,000
bathroom fixtures · standard fixtures	Minor	$500–3,000
HVAC system · standard heating and cooling system	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Resale paint interior walls — fresh paint enhances curb appeal ↑
• Both replace carpet with hardwood — hardwood flooring increases both resale and rental value ↑
• Both update kitchen cabinets and countertops — modern kitchen improves both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Olmsted Falls City
• NCES district ID: 3904657
• Math proficiency: 70% ▼ -14.00%
• Reading proficiency: 70% ▼ -10.00%
• Median HH income: $68,307
• Composite: 61.12/100
• National rank: #787
• State rank: #134 of 656 in OH

Livability — Olmsted Falls

• Score: 73/100
• State rank: #343
• US rank: #5595

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings C+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Olmsted Falls, OH
• County: Cuyahoga · 1,045,444 people
• Metro: Cleveland, OH
• Population (ZIP): 23,129
• Household income: $93,877
• Rent vs Own: 23.4% rent · 76.6% own
• Severe rent burden: 7.6

Population outlook (Cuyahoga County) Hauer SSP2

• Today (2025): 1,244,621 people
• By 2030: 1,230,093 · -1.2%
• By 2040: 1,189,108 · -4.5%
• By 2050: 1,145,706 · -7.9%
• By 2075: 1,076,557 · -13.5%
• By 2100: 978,987 · -21.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 9% Two or more races 6% Black 3% Asian 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Romanian 9% Slovak 2% Lithuanian 1%
• Foreign-born: 6% · Canada, Jamaica, China
• Languages at home: 93% English-only · Spanish 4% Other Indo-European 1% Arabic 1%

Political lean MEDSL · Cuyahoga

• 2024 margin: Solid D (+31.5) · D 65.4% · R 33.9%
• 2008→2024 swing: -7.4pp toward R · 2008: 38.9pp · 2024: 31.5pp
• All cycles: 2024: D+31.5 2020: D+34.1 2016: D+35.0 2012: D+38.7 2008: D+38.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -89.76%
• Current HPI: 201.9716
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

-97.6% since first listed

11 events — show timeline

• 2026-06-03 Rental Removed $1,795 YESMLS
• 2026-06-03 Listed $169,900 MLSNOW
• 2026-05-27 Listed for Rent $1,795 YESMLS
• 2026-04-20 Rental Removed $1,695 TURBOTENANT
• 2026-04-11 Listed for Rent $1,695 TURBOTENANT
• 2023-06-03 Rental Removed — TURBOTENANT
• 2017-06-06 Sold (MLS) $70,000 MLSNOW
• 2017-05-13 Pending — MLSNOW
• 2017-05-10 Relisted — MLSNOW
• 2017-04-28 Contingent — MLSNOW
• 2017-04-25 Listed $74,900 MLSNOW