743 Broad St

Wadsworth, OH 44281

$220,000C+

4 bd · 1.0 ba · 1,672 sqft · Built 1935 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,201/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$329
• HOA: −$0
• Vac / Maint / Mgmt: −$462
• Net cashflow: $256/mo
• Annual: $3,076/yr
• Cap rate: 7.69%
• Cash-on-cash: 4.99%
• DSCR: 1.22
• 1% rule: 1.00%
• Cash to close: $61,600

Investor read

• This is a 4-bed/1.0-bath single-family listed at $220k.
• At list price, monthly cash flow is $256 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• It's been on market 24 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (1.5% 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 $7k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#74 in OH, #1,136 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wadsworth City (suburban): math 74% / reading 77% proficiency, ranked #83 of 656 in OH (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 136 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts; this cycle's ask has dropped $25k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.7% vs local median 3.3% in Wadsworth — 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.

Questions for listing agent

• Built in 1935 — 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 A-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 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.