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$169,400

For Sale - Active
1417 Madison Ave, Painesville, OH 44077
3 Beds
2 Baths
1,288 Square Feet
0.00 Acres Lot
Built in 1985
For Sale - Active
1 Units
Checked: 4 hours ago
Updated: Jun 04, 2025 at 03:04AM

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$11
Cap Rate
6.2%
Cash-on-Cash Return
-0.3%
Debt Coverage Ratio
0.99
Internal Rate of Return (5 years)
3.7%

Property Description


0.00 Acres Lot
Built in 1985
For Sale - Active
1 Units

Charming one- level living/ 3 bed, 2 bath Condo. The open floor plan is enhanced by vaulted ceilings and a cozy wood burning fireplace, prefect for relaxing or entertaining. The primary suite includes a walk-in shower for ultimate comfort. A 1 car attached garage offers convenient storage and the nice size yard with a patio provides for play or leisure. Investors are welcome, renting is allowed.

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Location


Property Details


Parking

  • Description: Garage
  • Details: Attached, Driveway, Garage
  • Garage Spaces: 1
  • Spaces Total: 0

Bedroom Information

  • # of Bedrooms: 3

Bathroom Information

  • # of Baths (Full): 2
  • # of Baths (Total): 2.0

Interior Features

  • # of Rooms: 5
  • # of Stories: 1
  • Fireplace: Yes

Exterior Features

  • Exterior Walls Materials: Siding (Alum/Vinyl)
  • Roof Material: Asphalt, Fiberglass

HOA

  • Has HOA: Yes
  • Association: Cedar Glen Condominium (Lake Manage)
  • HOA Fee: $274

Land Information

  • Land Use: Residential
  • Land Use Subtype: Condominium Unit

Lot Information

  • Parcel ID: 11A023E000360
  • Lot Size: 0 sqft

Property Information

  • Property Type: Condominium
  • Style: Ranch
  • Year Built: 1985

Tax Information

  • Annual Tax: $2,670

Utilities

  • Water & Sewer: Public
  • Heating: Natural Gas, Forced Air
  • Cooling: Central Air

Location

  • County: Lake

Listing Details


Listed by:
Celeste M Kenst
HomeSmart Real Estate Momentum LLC
(440) 413-9430

Source:
MLS Now
MLS#: 5125029
MLS Now

Investment Summary


Potential Missing Expenses

We noticed that HOA fees are missing—this is a standard expense and should be considered in your estimate.

Monthly Cash Flow
-$11
Cap Rate
6.2%
Cash-on-Cash Return
-0.3%
Debt Coverage Ratio
0.99
Internal Rate of Return (5 years)
3.7%

Purchase Details

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Purchase price:
$169,400
Amount financed:
-$135,520
Down payment:
$33,880
Closing costs:
$5,082
Rehab costs:
$0
Initial cash invested:
$38,962
Square feet:
1,288
Cost per square foot:
$132
Monthly rent per square foot:
$1.24

Financing Details

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Loan amount:
$135,520
Loan to value ratio:
80.0%
Loan type:
Amortizing
Term:
30 years
Interest rate:
6.890%
Principal & interest:
$892
Property tax:
$223
Insurance:
$112
Private mortgage insurance (PMI):
$0
Monthly payment:
$1,227

Operating Income

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% Rent Monthly Yearly
Gross rent:
$1,600 $19,200
Vacancy loss: (6%)
6% -$96 -$1,152
Operating income:
$1,504 $18,048

Operating Expenses


% Rent Monthly Yearly
Property taxes: (14%)
14%-$223-$2,670
Insurance: (7%)
7%-$112-$1,344
Property management: (8%)
8%-$128-$1,536
Repairs & maintenance: (5%)
5%-$80-$960
Capital expenditures: (5%)
5%-$80-$960
HOA fees: (n/a)
n/an/an/a
Total operating expenses: (39%)
39%-$623-$7,470

Cash Flow


Monthly Yearly
Net operating income:
$881 $10,572
Mortgage payments:
-$892 -$10,704
Cash flow:
$11 $132