1436 S New York Ave

Wellston, OH 45692

$45,000B

2 bd · 1.0 ba · 920 sqft · Built 1925 · SingleFamily · Active · 192 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $812/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$170
• Net cashflow: $300/mo
• Annual: $3,603/yr
• Cap rate: 14.30%
• Cash-on-cash: 28.60%
• DSCR: 2.27
• 1% rule: 1.80%
• Cash to close: $12,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $45k. Condition is rated fair.
• At list price, monthly cash flow is $300 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($812 rent vs $45k).
• It's been on market 192 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $311 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#606 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: health & safety C-, employment D, amenities F.
• Wellston City (rural): math 38% / reading 47% proficiency, ranked #532 of 656 in OH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bundy Elementary School (297 students, 0% FRL); Wellston Middle School (math 42% / reading 47%, grade D, #477 of 654 statewide, top 74%, 301 students, 0% FRL); Wellston High School (math 22% / reading 52%, grade F, #564 of 781 statewide, top 74%, 377 students, 0% FRL) — zoned schools average 0% FRL vs 59% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 62 active listings in the ZIP; 32 units permitted in Jackson County in 2024 (0 in 5+ unit buildings).
• Jackson County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 21y ago; this cycle's ask has dropped $54k (55%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 14.3% vs local median 3.1% in Wellston — 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

• It's been on market 192 days. Have you received any prior offers? Is the seller open to a 12% 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 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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 — Signs of significant wear and tear.
• Major: exterior siding — Weathered and chipping paint.
• Major: exterior paint — Chipping and peeling paint.
• Minor: flooring — Carpeted floors need cleaning.
• Minor: interior paint — Some chipping and peeling in paint.