136 N Spring St

Wilmington, OH 45177

$69,000D+

5 bd · 2.0 ba · 1,942 sqft · Built 1900 · MultiFamily · Active · 77 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,864/mo
• Mortgage (P&I): −$362
• Tax + insurance: −$176
• HOA: −$0
• Vac / Maint / Mgmt: −$811
• Net cashflow: $2,514/mo
• Annual: $30,173/yr
• Cap rate: 50.99%
• Cash-on-cash: 159.63%
• DSCR: 8.10
• 1% rule: 5.60%
• Cash to close: $19,320

Investor read

• This is a 5-bed/2.0-bath multifamily listed at $69k.
• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $69k).
• It's been on market 77 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#202 in OH, #3,127 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities D, commute F.
• Wilmington City (town): math 42% / reading 51% proficiency, ranked #492 of 656 in OH (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 107 active listings in the ZIP; 119 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• Clinton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 17 sale attempts since 22y ago; this cycle's ask has dropped $21k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $19k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 51.0% vs local median 6.2% in Wilmington — 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 $3,864/mo this rent would consume 66% of the median local household income ($70k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 77 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.