353 N South St

Wilmington, OH 45177

$354,900C+

4 bd · 1.5 ba · 2,901 sqft · Built 1879 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,500/mo
• Mortgage (P&I): −$1,861
• Tax + insurance: −$369
• HOA: −$0
• Vac / Maint / Mgmt: −$945
• Net cashflow: $1,325/mo
• Annual: $15,901/yr
• Cap rate: 10.77%
• Cash-on-cash: 16.00%
• DSCR: 1.71
• 1% rule: 1.27%
• Cash to close: $99,372

Investor read

• This is a 4-bed/1.5-bath single-family listed at $355k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $355k).
• It's been on market 48 days — a 3% lower offer ($344k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $344k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $11k 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: built in 1879 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 107 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• 6 sale attempts since 22y 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.
• Current owner paid $270k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $99k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.8% 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 $4,500/mo this rent would consume 77% 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 48 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1879 — 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.