113 Commercial St

Wauseon, OH 43567

$80,000B

4 bd · 2.5 ba · 2,448 sqft · Built 1900 · MultiFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,095/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$440
• Net cashflow: $1,077/mo
• Annual: $12,925/yr
• Cap rate: 22.45%
• Cash-on-cash: 57.70%
• DSCR: 3.57
• 1% rule: 2.62%
• Cash to close: $22,400

Investor read

• This is a 4-bed/2.5-bath multifamily listed at $80k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#80 in OH, #1,209 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Wauseon Exempted Village (town): math 63% / reading 67% proficiency, ranked #212 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wauseon Primary School (415 students, 35% FRL); Wauseon High School (math 57% / reading 67%, grade B-, #202 of 781 statewide, top 29%, 522 students, 34% FRL) — zoned schools average 34% FRL vs 52% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; 24 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 22.4% vs local median 3.2% in Wauseon — 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.
• This rent runs 34% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.