106 S Main St

Springboro, PA 16435

$44,500D+

2 bd · None ba · 2,640 sqft · Built 1964 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,208/mo
• Mortgage (P&I): −$233
• Tax + insurance: −$74
• HOA: −$0
• Vac / Maint / Mgmt: −$464
• Net cashflow: $1,437/mo
• Annual: $17,241/yr
• Cap rate: 45.04%
• Cash-on-cash: 138.37%
• DSCR: 7.16
• 1% rule: 4.96%
• Cash to close: $12,460

Investor read

• This is a 2-bed/?-bath multifamily listed at $44k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $44k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-1.3%/yr); year-one equity from $308 of loan paydown is wiped out by about $572 of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#1,574 in PA) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A-; Watch: crime C-, health & safety D, schools F.
• Conneaut SD (rural): math 38% / reading 57% proficiency, ranked #241 of 539 in PA (top 45%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 11 active listings in the ZIP; 83 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-1.3% appreciation + 3.0% rent growth), your $12k cash investment doubles in ~1 year — after that, you're playing with house money.
• At $2,208/mo this rent would consume 47% of the median local household income ($56k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1964 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Exposed plumbing in the kitchen — The exposed plumbing indicates significant damage and the need for a full replacement.
• Major: Missing cabinets in the kitchen — The missing cabinets indicate a lack of storage and functionality in the kitchen.
• Major: Peeling wallpaper in the bathrooms — The peeling wallpaper indicates significant damage and the need for a full replacement.
• Major: Missing fixtures in the bathrooms — The missing fixtures indicate a lack of functionality and the need for a full replacement.
• Major: Peeling paint on the exterior — The peeling paint indicates significant damage and the need for a full repainting.
• Major: General lack of maintenance — The general lack of maintenance indicates a need for a full renovation.