702 S Wittenberg Ave

Springfield, OH 45506

$83,900C

4 bd · 1.0 ba · 1,847 sqft · Built 1891 · SingleFamily · Active · 302 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,724/mo
• Mortgage (P&I): −$440
• Tax + insurance: −$80
• HOA: −$0
• Vac / Maint / Mgmt: −$362
• Net cashflow: $841/mo
• Annual: $10,096/yr
• Cap rate: 18.33%
• Cash-on-cash: 42.98%
• DSCR: 2.91
• 1% rule: 2.05%
• Cash to close: $23,492

Investor read

• This is a 4-bed/1.0-bath single-family listed at $84k.
• At list price, monthly cash flow is $841 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $84k).
• It's been on market 302 days — a 12% lower offer ($74k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $74k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $580 of loan paydown is wiped out by about $3k 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.
• Springfield City School District (urban): math 20% / reading 27% proficiency, ranked #616 of 656 in OH (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• Current owner paid $9k; list at $84k implies a 853% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.3% 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.
• At $1,724/mo this rent would consume 49% of the median local household income ($42k/yr) (locally 684% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 302 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.