2014 Westboro Ave

Springfield, OH 45503

$187,000C-

5 bd · 1.5 ba · 1,731 sqft · Built 1972 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,663/mo
• Mortgage (P&I): −$981
• Tax + insurance: −$294
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $39/mo
• Annual: $472/yr
• Cap rate: 6.55%
• Cash-on-cash: 0.90%
• DSCR: 1.04
• 1% rule: 0.89%
• Cash to close: $52,360

Investor read

• This is a 5-bed/1.5-bath single-family listed at $187k.
• At list price, monthly cash flow is $39 ($472/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (11.1% below list).
• It's been on market 51 days — a 3% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (11.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Northeastern Local (suburban): math 49% / reading 60% proficiency, ranked #365 of 656 in OH (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northridge Middle School (math 47% / reading 55%, grade C, #405 of 654 statewide, top 63%, 445 students, 0% FRL) — zoned schools average 0% FRL vs 27% district-wide (27 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 147 active listings in the ZIP; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• Clark County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $12k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $97k; list at $187k implies a 93% gain — meaningful room to come down on a strong offer.
• Cap rate 6.5% vs local median 4.7% in Springfield — 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.
• This rent runs 37% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 11% concession, seller financing, or rate buy-down credit?
• Built in 1972 — 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.