213 Sandusky Street West St

Wharton, OH 43359

$70,000A-

3 bd · 1.0 ba · 1,732 sqft · Built 1900 · SingleFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,204/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $504/mo
• Annual: $6,048/yr
• Cap rate: 14.93%
• Cash-on-cash: 30.86%
• DSCR: 2.37
• 1% rule: 1.72%
• Cash to close: $19,600

Investor read

• This is a 3-bed/1.0-bath single-family listed at $70k.
• At list price, monthly cash flow is $504 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $70k).
• It's been on market 68 days — a 6% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $66k (6.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($484 loan paydown + $2k appreciation (3.5% local appreciation)).
• Location reads 61/100 on livability (#915 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: schools D+, crime D, amenities F.
• Riverdale Local (rural): math 52% / reading 61% proficiency, ranked #342 of 656 in OH (top 52%) — 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: 1 active listings in the ZIP; 20 units permitted in Wyandot County in 2024 (0 in 5+ unit buildings).
• Wyandot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $5k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; list at $70k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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 D 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.