83 N Main St

West Salem, OH 44287

$102,500B-

3 bd · 1.5 ba · 1,952 sqft · Built 1884 · SingleFamily · Pending · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,161/mo
• Mortgage (P&I): −$538
• Tax + insurance: −$198
• HOA: −$0
• Vac / Maint / Mgmt: −$244
• Net cashflow: $183/mo
• Annual: $2,190/yr
• Cap rate: 8.43%
• Cash-on-cash: 7.63%
• DSCR: 1.34
• 1% rule: 1.13%
• Cash to close: $28,700

Investor read

• This is a 3-bed/1.5-bath single-family listed at $102k.
• At list price, monthly cash flow is $183 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $102k).
• It's been on market 17 days — a 2% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (1.5% below list) — sets the bar for market timing.
• In year one you build about $11k of equity ($709 loan paydown + $10k appreciation (10.0% local appreciation)).
• Location reads 67/100 on livability (#611 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Northwestern Local (rural): math 60% / reading 70% proficiency, ranked #206 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1884 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 59 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 9y ago 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1884 — 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.
• 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.