3532 Neilson Ave

Youngstown, OH 44502

$60,000B

2 bd · 1.0 ba · 1,160 sqft · Built 1914 · SingleFamily · Active · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,205/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$57
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $581/mo
• Annual: $6,973/yr
• Cap rate: 17.91%
• Cash-on-cash: 41.50%
• DSCR: 2.85
• 1% rule: 2.01%
• Cash to close: $16,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $581 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 15 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($415 loan paydown + $1k appreciation (1.8% local appreciation)).
• Location reads 81/100 on livability (#99 in OH, #1,506 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Youngstown City (urban): math 8% / reading 17% proficiency, ranked #649 of 656 in OH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 88% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); 43% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 147 units permitted in Mahoning County in 2024 (0 in 5+ unit buildings).
• Mahoning County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.9% vs local median 7.0% in Youngstown — 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.
• At $1,205/mo this rent would consume 46% of the median local household income ($31k/yr) (locally 566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1914 — 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.
• 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?
• 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.