337 3rd St NW

New Philadelphia, OH 44663

$124,900C+

3 bd · 1.5 ba · 1,622 sqft · Built 1934 · SingleFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,325/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$189
• HOA: −$0
• Vac / Maint / Mgmt: −$278
• Net cashflow: $203/mo
• Annual: $2,433/yr
• Cap rate: 8.24%
• Cash-on-cash: 6.96%
• DSCR: 1.31
• 1% rule: 1.06%
• Cash to close: $34,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $125k.
• At list price, monthly cash flow is $203 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 15 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#265 in OH, #4,229 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• New Philadelphia City (town): math 61% / reading 66% proficiency, ranked #248 of 656 in OH (top 38%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1934 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; 244 units permitted in Tuscarawas County in 2024 (0 in 5+ unit buildings).
• Tuscarawas County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 19y 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.
• Cap rate 8.2% vs local median 2.7% in New Philadelphia — 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 1934 — 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 B-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.