4626 Langley Ave

Whitehall, OH 43213

$1F

2 bd · 1.0 ba · 832 sqft · Built 1954 · SingleFamily · Pending

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,271/mo
• Mortgage (P&I): −$956
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $-255/mo
• Annual: $-3,065/yr
• Cap rate: 4.61%
• Cash-on-cash: -6.01%
• DSCR: 0.73
• 1% rule: 0.70%
• Cash to close: $51,018

Investor read

• This is a 2-bed/1.0-bath single-family listed at $1.
• At list price, monthly cash flow is $-255 ($-3k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#399 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, employment D-.
• Whitehall City (suburban): math 18% / reading 33% proficiency, ranked #603 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Kae Avenue Elementary School (609 students, 0% FRL); Rosemore Middle School (math 17% / reading 29%, grade F, #600 of 654 statewide, top 92%, 774 students, 0% FRL); Whitehall Yearling High School (math 12% / reading 46%, grade F, #627 of 781 statewide, top 81%, 810 students, 0% FRL) — zoned schools average 0% FRL vs 69% district-wide (69 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: property tax is 273312.0% of price; built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+2.3%/yr); 67 active listings in the ZIP; 24 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.