800B Glynwood Rd

Wapakoneta, OH 45895

$135,000D

2 bd · 1.0 ba · 1,380 sqft · Built 1976 · Condo · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,131/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$238
• Net cashflow: $-39/mo
• Annual: $-474/yr
• Cap rate: 5.94%
• Cash-on-cash: -1.25%
• DSCR: 0.94
• 1% rule: 0.84%
• Cash to close: $37,800

Investor read

• This is a 2-bed/1.0-bath condo listed at $135k. Condition is rated fair.
• At list price, monthly cash flow is $-39 ($-474/yr) — negative.
• To cash-flow at today's rent, offer at most $129k (4.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (16.2% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $113k (16.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#153 in OH, #2,320 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wapakoneta City (town): math 66% / reading 63% proficiency, ranked #218 of 656 in OH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Auglaize County in 2024 (0 in 5+ unit buildings).
• Auglaize County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 5.9% vs local median 3.7% in Wapakoneta — 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.

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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — outdated and in need of replacement
• Moderate: bathroom fixtures — outdated and in need of replacement
• Minor: landscaping — overgrown and in need of trimming