321 Waverly St · Berea, OH 44017

$265,000

3 bd · 2.0 ba · 1,313 sqft · SingleFamily public records · 1 Days on market

Built 1931 9,539 sqft lot Est $244k · 9% over

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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).

• Cash flow +20.6/30.0
• DSCR +6.5/10.0
• 1% rule +5.6/10.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• ARV discount +3.7/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

WOWZA! So much to love about this beautiful updated home and humongous lot. Cozy, quaint, updates galore and an overall wonderful space for you or you and yours. Galley style kitchen has newer cabinetry, single bowl stainless sink overlooking the awesome backyard, backsplash and updated stainless appliances. Dining area with a sweet glass panel door to the back porch and yard, original built-in pantry cabinet, overhead ceiling fan and updated vinyl flooring. Awesome front room features dream updated bay window and a great size space that feels cozy and warm but fits everyone! Two first floor bedrooms with newer carpeting, possible first floor master, deep closets and a full updated bath with tiled tub/shower combination and linen closet. Huge 2nd floor possible master bedroom and access to two attic storage areas. Basement adds desireable additional square footage for playroom, workout area or all the electrical outlets available = future insane man cave / extraordinary sports den! Pos

Key facts

• 9,539 sq ft lot
• 2 garage spots
• Built 1931

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $265k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• Cap rate 7.9% vs local median 4.9% in Berea — 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 80/100 on livability (#136 in OH, #1,955 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D, commute F.
• Berea City (suburban): math 47% / reading 56% proficiency, ranked #414 of 656 in OH (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 61 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 9d 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).
• This rent runs 45% of the median local income ($75k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k 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

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 23y 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 $205k; 29% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $265,000

Questions for the listing agent

1. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.06% ✓
• Cap rate: 7.89%
• Cash-on-cash: 5.69%
• DSCR: 1.25
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $244,218
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
159 Eastland Rd	0.15mi	3/2.5	1,301 (-1%)	7mo	$265,000	$204	84
212 E Bridge St	0.26mi	3/3.0	1,346 (+2%)	0mo	$250,000	$186	79
147 Adams St	0.21mi	3/1.0	1,358 (+3%)	8mo	$226,500	$167	74
12 Eastland Rd	0.19mi	3/1.5	1,260 (-4%)	14mo	$236,000	$187	71
99 Adams St	0.26mi	3/1.5	1,472 (+12%)	9mo	$240,000	$163	58
112 Andrew St	0.23mi	3/2.0	1,120 (-15%)	10mo	$200,000	$179	56
49 Monroe St	0.53mi	2/2.0 (-1)	1,212 (-8%)	2mo	$240,000	$198	55
101 Jacob St	0.63mi	3/1.5	1,160 (-12%)	23mo	$204,000	$176	30

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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-20,485
• Equity at exit: $39,512

10-year hold

• IRR: 2.1%
• Equity multiple: 1.15×
• Total profit: $11,239
• Equity at exit: $22,912

Cash invested: $74,200 (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 44017

• Active inventory: 61
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $2,796 medium
• Mortgage (P&I): −$1,390
• Tax from tax record: −$357 /mo · $4,288/yr
• Insurance: −$110
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $352

Break-even live

Break-even rent $2,351

Max offer price $265,000

Occupancy floor 82%

Sensitivity live

Price	-10% $502	-5% $427	+0% $352	+5% $277	+10% $202
Rent	-10% $131	-5% $241	+0% $352	+5% $462	+10% $573
Rate	-1.0pp $485	-0.5pp $419	base $352	+0.5pp $283	+1.0pp $213

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: $66,250
• Closing costs: $7,950
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
367 S Rocky River Dr Unit 1496132P Berea, OH	4.0	2.0	1765	$5,357	$3.04	8d	1	0.58mi
670 Prospect Rd Berea, OH	1.0–3.0	1.0	852	$1,686	$1.98	2d	16	1.31mi
55 Barrett Rd Berea, OH	3.0	1.0–2.0	798	$1,445	$1.81	11d	1	1.34mi
287 Edgewood Dr Berea, OH	3.0	1.0	1284	$1,800	$1.40	2d	1	1.49mi

Listing history 1 events

1. 2026-06-08
   listed $265,000 Pending 1 DOM

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $4,288 · $357/mo
• Projected year-2 tax: $4,288 · $357/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,556
• − Mortgage interest: −$14,844
• − Property taxes: −$4,288
• − Insurance: −$1,325
• − Repairs & maintenance: −$2,685
• − Management: −$2,685
• − Depreciation: −$7,709
• Taxable income: $21
• Est. tax owed @ 24.0%: −$5
• After-tax cash flow: $4,215/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.

Schools (NCES district)

• District: Berea City
• NCES district ID: 3904360
• Math proficiency: 47% ▼ -17.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $51,921
• Composite: 44.18/100
• National rank: #2856
• State rank: #414 of 656 in OH

Livability — Berea

• Score: 80/100
• State rank: #136
• US rank: #1955

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Berea, OH
• County: Cuyahoga County · 1,090,369 people
• City population: 18,279
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 18,279
• Household income: $75,231
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 356.0

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 (79%)
• Race & ethnicity: White 79% Black 8% Two or more races 8% Hispanic / Latino 4% Asian 2%
• Common ancestry: Romanian 11% Slovak 3% Serbian 2%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 1% Other Indo-European 1% Chinese 0%

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: ▼ -139.89%
• Current HPI: 208.8113
• Rent YoY: —
• Metro: Cleveland-Elyria, OH
• 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

+111.2% since first listed

14 events — show timeline

• 2026-06-08 Pending — MLSNOW
• 2026-06-05 Listed $265,000 MLSNOW
• 2022-12-08 Sold (Public Records) $205,000 Public Records
• 2022-12-08 Sold (MLS) $205,000 MLSNOW
• 2022-11-20 Pending — MLSNOW
• 2022-11-17 Listed $190,000 MLSNOW
• 2017-07-10 Pending — MLSNOW
• 2017-07-07 Sold (MLS) $142,500 MLSNOW
• 2017-07-06 Sold (Public Records) $142,500 Public Records
• 2017-05-19 Contingent — MLSNOW
• 2017-05-15 Listed $145,000 MLSNOW
• 2003-10-31 Sold (MLS) $125,500 MLSNOW
• 2003-10-27 Sold (Public Records) $125,500 Public Records
• 2003-09-17 Listed $125,500 MLSNOW

Property tax history

+3.6%/yr

Latest (2025): $4,288 · +0.2% YoY. Source: county tax records.