29 Philrose Ln

Woodworth, OH 44514

$149,000B-

3 bd · 1.0 ba · 1,260 sqft · Built 1953 · SingleFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,721/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$224
• HOA: −$0
• Vac / Maint / Mgmt: −$361
• Net cashflow: $354/mo
• Annual: $4,254/yr
• Cap rate: 9.15%
• Cash-on-cash: 10.20%
• DSCR: 1.45
• 1% rule: 1.16%
• Cash to close: $41,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $149k.
• At list price, monthly cash flow is $354 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $149k).
• It's been on market 18 days — a 2% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $147k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Springfield Local (rural): math 68% / reading 81% proficiency, ranked #111 of 656 in OH (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Springfield Elementary School (math 92% / reading 72%, grade A+, #116 of 1,584 statewide, top 9%, 368 students, 41% FRL); Springfield Intermediate Middle School (math 62% / reading 86%, grade A, #94 of 654 statewide, top 15%, 282 students, 0% FRL); Springfield High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 270 students, 61% FRL).
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 155 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 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.
• Cap rate 9.1% vs local median 2.7% in Woodworth — 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 1953 — 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.
• 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.