228 Hartman Rd

Wadsworth, OH 44281

$159,000B

3 bd · 1.5 ba · 1,552 sqft · Built 1940 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,890/mo
• Mortgage (P&I): −$834
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$397
• Net cashflow: $351/mo
• Annual: $4,207/yr
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• 1% rule: 1.19%
• Cash to close: $44,520

Investor read

• This is a 3-bed/1.5-bath single-family listed at $159k.
• At list price, monthly cash flow is $351 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $159k).
• Only 3 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 82/100 on livability (#74 in OH, #1,136 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Wadsworth City (suburban): math 74% / reading 77% proficiency, ranked #83 of 656 in OH (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Overlook Elementary School (math 82% / reading 82%, grade A+, #116 of 1,584 statewide, top 9%, 378 students, 20% FRL); Wadsworth Middle School (math 73% / reading 74%, grade A, #99 of 654 statewide, top 16%, 671 students, 21% FRL); Wadsworth High School (math 68% / reading 83%, grade A-, #65 of 781 statewide, top 8%, 1,623 students, 16% FRL) — zoned schools at 19% FRL track the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 136 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• Cap rate 8.9% vs local median 3.3% in Wadsworth — 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

• Built in 1940 — 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 A-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?
• 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.