324 Southwood Dr

Perrysburg, OH 43551

$272,000D+

3 bd · 1.5 ba · 1,588 sqft · Built 1969 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,171/mo
• Mortgage (P&I): −$1,426
• Tax + insurance: −$415
• HOA: −$0
• Vac / Maint / Mgmt: −$456
• Net cashflow: $-127/mo
• Annual: $-1,521/yr
• Cap rate: 5.73%
• Cash-on-cash: -2.00%
• DSCR: 0.91
• 1% rule: 0.80%
• Cash to close: $76,160

Investor read

• This is a 3-bed/1.5-bath single-family listed at $272k.
• At list price, monthly cash flow is $-127 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $250k (8.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (20.2% below list).
• It's been on market 34 days — a 3% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (20.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#6 in OH, #52 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Perrysburg Exempted Village (suburban): math 79% / reading 83% proficiency, ranked #41 of 656 in OH (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Frank Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 460 students, 8% FRL); Perrysburg Junior High School (math 82% / reading 85%, grade A+, #25 of 654 statewide, top 4%, 833 students, 10% FRL); Perrysburg High School (math 69% / reading 83%, grade A-, #63 of 781 statewide, top 8%, 1,636 students, 9% FRL) — zoned schools at 9% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 231 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 27y 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 $126k; list at $272k implies a 115% gain — meaningful room to come down on a strong offer.
• Cap rate 5.7% vs local median 2.3% in Perrysburg — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1969 — 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?
• 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.