208 Westwind Dr

Avon Lake, OH 44012

$509,000D+

4 bd · 2.5 ba · 2,296 sqft · Built 1985 · SingleFamily · Pending · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,029/mo
• Mortgage (P&I): −$2,669
• Tax + insurance: −$844
• HOA: −$52
• Vac / Maint / Mgmt: −$1,056
• Net cashflow: $407/mo
• Annual: $4,890/yr
• Cap rate: 7.25%
• Cash-on-cash: 3.43%
• DSCR: 1.15
• 1% rule: 0.99%
• Cash to close: $142,520

Investor read

• This is a 4-bed/2.5-bath single-family listed at $509k.
• At list price, monthly cash flow is $407 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $503k (1.2% below list).
• It's been on market 54 days — a 3% lower offer ($494k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $494k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• Location reads 84/100 on livability (#52 in OH, #736 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: commute F.
• Avon Lake City (suburban): math 78% / reading 80% proficiency, ranked #48 of 656 in OH (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Eastview Elementary School (math 92% / reading 77%, grade A+, #68 of 1,584 statewide, top 6%, 382 students, 7% FRL); Troy Intermediate Elementary School (math 76% / reading 82%, grade A+, #54 of 654 statewide, top 9%, 549 students, 12% FRL); Avon Lake High School (math 67% / reading 87%, grade A-, #56 of 781 statewide, top 8%, 1,152 students, 11% FRL) — zoned schools at 10% FRL track the district average.
• Market conditions: 183 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 9d on market — plan ~1-2 weeks tenant-placement turnaround); high-income renter base; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 8 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 $307k; list at $509k implies a 66% gain — meaningful room to come down on a strong offer.
• Cap rate 7.3% vs local median 3.1% in Avon Lake — 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.
• At $5,029/mo this rent would consume 52% of the median local household income ($116k/yr) (locally 290% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% 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?
• 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?
• 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.
• 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.
• 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.