323 E Prospect St

Girard, OH 44420

$129,900B-

3 bd · 1.5 ba · 2,054 sqft · Built 1917 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,442/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$303
• Net cashflow: $321/mo
• Annual: $3,856/yr
• Cap rate: 9.26%
• Cash-on-cash: 10.60%
• DSCR: 1.47
• 1% rule: 1.11%
• Cash to close: $36,372

Investor read

• This is a 3-bed/1.5-bath single-family listed at $130k.
• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#605 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: employment D+, amenities F, commute F.
• Girard City School District (suburban): math 38% / reading 61% proficiency, ranked #458 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Prospect Elementary School (math 52% / reading 57%, grade C, #788 of 1,584 statewide, top 52%, 480 students, 99% FRL); Girard Intermediate Middle School (math 36% / reading 53%, grade D, #477 of 654 statewide, top 74%, 363 students, 0% FRL); Girard Sr High School (math 27% / reading 72%, grade D, #390 of 781 statewide, top 54%, 493 students, 83% FRL) — zoned schools at 61% FRL track the district average.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 60 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 129 units permitted in Trumbull County in 2024 (0 in 5+ unit buildings).
• Trumbull County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 9.3% vs local median 6.7% in Girard — 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 1917 — 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.