416 N Main St

North Baltimore, OH 45872

$124,000C+

3 bd · 1.0 ba · 978 sqft · Built 1900 · SingleFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,250/mo
• Mortgage (P&I): −$650
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$262
• Net cashflow: $196/mo
• Annual: $2,354/yr
• Cap rate: 8.19%
• Cash-on-cash: 6.78%
• DSCR: 1.30
• 1% rule: 1.01%
• Cash to close: $34,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $124k.
• At list price, monthly cash flow is $196 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $124k).
• It's been on market 54 days — a 3% lower offer ($120k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $857 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#159 in OH, #2,395 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• North Baltimore Local (town): math 45% / reading 58% proficiency, ranked #424 of 656 in OH (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: E A Powell Elementary School (math 47% / reading 57%, grade C-, #851 of 1,584 statewide, top 56%, 367 students, 46% FRL); North Baltimore Middle School (math 52% / reading 57%, grade B-, #342 of 654 statewide, top 54%, 95 students, 0% FRL); North Baltimore High School (math 34% / reading 74%, grade C-, #303 of 781 statewide, top 42%, 136 students, 84% FRL) — zoned schools at 43% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts 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.
• Current owner paid $41k; list at $124k implies a 202% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 5.9% in North Baltimore — 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

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.