Elm Plan

Wilmington, OH 45177

$310,900D-

5 bd · 3.0 ba · 2,415 sqft · Built — · SingleFamily · Active · 802 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,557/mo
• Mortgage (P&I): −$1,701
• Tax + insurance: −$541
• HOA: −$0
• Vac / Maint / Mgmt: −$537
• Net cashflow: $-222/mo
• Annual: $-2,668/yr
• Cap rate: 5.47%
• Cash-on-cash: -2.94%
• DSCR: 0.87
• 1% rule: 0.79%
• Cash to close: $90,840

Investor read

• This is a 5-bed/3.0-bath single-family listed at $311k. Condition is rated excellent.
• At list price, monthly cash flow is $-222 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $292k (6.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $256k (17.8% below list).
• It's been on market 802 days — a 12% lower offer ($274k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (17.8% 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 $10k 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: 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.
• Market conditions: 142 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• This rent runs 44% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 802 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.