I wanted to know how much of the Cleveland market actually cash-flows at conservative terms, so I screened every active for-sale listing in Cuyahoga County this week (Oct 20).

Assumptions: 25% down, 7% / 30-yr, 3% closing, 8% vacancy, 7% repairs, 8% capex, 10% management. Rent = 85% of HUD Small Area FMR by ZIP, with an extra haircut in low-price ZIPs and a cap at Zillow's rent index.

What came out:

- 2,036 listings evaluated, 421 positive cash flow (~21%), and 121 "strong" (at least $200/mo and 8% cash-on-cash).

- Multi-family dominated: 52% of 2–4 unit listings passed, vs 11% of single family. Condos and townhouses: 0%, because HOA dues kill it.

- The 1% rule misleads: 757 listings met it, but 336 of those still lost money once real expenses were in.

- Passing listings had a median price around $110k, vs $165k for the whole market. Most passers were in the $100k–$150k band (185), then $75k–$100k (102).

- Median cash flow among the passers was only ~$134/mo (CoC around 5%). Most "deals" are thin, and the strong ones are the exception.

- The most passers were in ZIPs 44105, 44108, 44110, 44112 and 44104.

Caveats: these are screening estimates from list price. They don't include rehab, actual taxes after reassessment, or real comps, so walk and underwrite anything before an offer.

Curious what local investors see: do the rent numbers match what you actually get in those ZIPs?

Disclosure: I'm with Row Home Solutions, which built the screen. Happy to share the full method if anyone wants it.