338 N Spring St

Wilmington, OH 45144

$99,900B+

4 bd · 2.0 ba · 1,642 sqft · Built 1900 · SingleFamily · Active · 35 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,250/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$472
• Net cashflow: $1,116/mo
• Annual: $13,396/yr
• Cap rate: 19.70%
• Cash-on-cash: 47.89%
• DSCR: 3.13
• 1% rule: 2.25%
• Cash to close: $27,972

Investor read

• This is a 4-bed/2.0-bath single-family listed at $100k. Condition is rated poor.
• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 35 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($691 loan paydown + $963 appreciation (1.0% local appreciation)).
• 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: amenities D, commute F, employment 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.
• Zoned schools: Denver Place Elementary School (math 59% / reading 56%, grade C+, #721 of 1,584 statewide, top 46%, 473 students, 52% FRL); Rodger O. Borror Middle School (math 35% / reading 44%, grade F, #519 of 654 statewide, top 80%, 502 students, 48% FRL); Wilmington High School (math 24% / reading 62%, grade F, #494 of 781 statewide, top 63%, 663 students, 46% FRL) — zoned schools at 49% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 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.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $50k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 19.7% vs local median 5.3% 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 $2,250/mo this rent would consume 62% of the median local household income ($44k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The independent satellite image shows a roof with visible damage and missing shingles.
• Major: exterior siding — The independent satellite image shows siding with peeling paint and visible damage.