11209 Spencer Mills Rd

Spencer, OH 44275

$115,000B-

4 bd · 1.0 ba · 1,592 sqft · Built 1900 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,451/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$168
• HOA: −$0
• Vac / Maint / Mgmt: −$305
• Net cashflow: $375/mo
• Annual: $4,503/yr
• Cap rate: 10.21%
• Cash-on-cash: 13.98%
• DSCR: 1.62
• 1% rule: 1.26%
• Cash to close: $32,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $375 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 17 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#1,076 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A; Watch: crime C-, employment C-, schools F.
• Black River Local (rural): math 55% / reading 66% proficiency, ranked #278 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• Current owner paid $38k; list at $115k implies a 203% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~9 years — after that, you're playing with house money.
• This rent is only 17% of the median local income ($102k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.