Request Feedback: Fine tuning my Analysis skills

[Todd Jones]

I’ve analyzed countless homes for various goals and helped friends/family perform walkthroughs and provided detailed feedback for 20 years. I initially learned from my parents and then by walking with appraisers but want to fine tune my analysis skills. 
I’m looking for your constructive feedback. Hey, Always improve!

Here is a home I had my eye on but I’m working on other initiatives so I can’t get it now. Here is how I analyzed this property. Note: I haven’t walked through it.

881 Eloise Dr, Cleveland Heights, OH 44112

Stats:
Brick Duplex in Cleveland Heights, OH. 4 BR | 2B | 1,872 sqft | 4,478sqft lot

Picture Analysis:

Note: I never just go by internet pics or buy site unseen w/out someone I trust looking through it. If a home has no internal pics, I pass as I currently don’t have a team that does “to the studs”. But here is what I see:

- The hardwood floors were painted and need to be retouched. Perhaps remove the paint as they may look beautiful but its more costly.
- The peeling paint on the bathroom window needs to be potentially addressed. Either repainted or replace.
- The black grout in the bathroom and kitchen may have been originally white so that will need to be verified/cleaned.
- The stove looks about done or its just caked in grease. It may need to be replaced with something that matches the kitchen.
- Repaint the room walls or clean them with simple green.
- The wood at the bottom of the patio entry doesn’t look like it’s in good condition so it may need to be addressed.
- Windows look ok and previously there were blinds up.
- That green Astroturf rug may be hiding floor damage.
- Furnace / hot water heater appears less than 15 yrs. Looks like one furnace and hot water heater for both units but verification is needed.
- Looks like a few water spills or potential floods in the basement but that is typical here.
- Lawn size is small so landscaping cost is straightforward. However, this area has a lot of trees so the landscapers better address leaves as I don't want the grass to brown.
- The asphalt in the back may need to be repaired if there are code violations but not concerning.
- Not tuck point needed as the brick looks great. The garage has lights on it and looks good but need to look inside to analyze its structure integrity.
- The other unit is currently being rented so that needs to be walked through.

Location Analysis:

Cleveland Heights has great, large homes but relatively high taxes (Shaker Heights, North Olmsted are laughably high). Inventory is low as once you move there, you typically stay for good. I know this area and this specific portion of Cleve Hts is more of a B- and it’s close to the border of East Cleveland's so-so area. Not super quite due to the teenagers but it’s not a low C or D. SpotCrime also confirms this as nothing happens in this street but the surrounding areas is tough.

Home Data Analysis and Pricing:
Per the county tax history , it has changed hands frequently between different LLCs. They bought it for $105k in 2022. Prior, it was selling for $66 and even $17k. The fact they didn’t clean simple trash prior to the pictures may mean the investor is out of state and/or they just want to get rid of it. Therefore, I can come in lower as I don't see anything they did that warrants it jumping by $55k. I also question why they didn't keep it (street is bad at night?)
One unit is currently renting for $800 so $1600 for both, conservatively. There are a lot of comps and this rent is low for this home so they can be raised to be reasonable both for the existing tenant and area.
With the mortgage, the cash flow w/out taking account water, maintenance, etc. is $1600 - $1180 = $420. Actual cash flow may be $200 so its not initially great. Again, conservative numbers. The price is already pretty good but I can offer lower + raise the rent.

Overall, what you guys think of my analysis? Areas of Improvement? Appreciate the feedback!!