1610 Connecticut Ave SE

Massillon, OH 44646

$76,900C+

1 bd · 1.0 ba · 576 sqft · Built 1957 · SingleFamily · Pending · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $771/mo
• Mortgage (P&I): −$403
• Tax + insurance: −$81
• HOA: −$0
• Vac / Maint / Mgmt: −$162
• Net cashflow: $125/mo
• Annual: $1,504/yr
• Cap rate: 8.25%
• Cash-on-cash: 6.99%
• DSCR: 1.31
• 1% rule: 1.00%
• Cash to close: $21,532

Investor read

• This is a 1-bed/1.0-bath single-family listed at $77k.
• At list price, monthly cash flow is $125 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($771 rent vs $77k).
• It's been on market 20 days — a 2% lower offer ($76k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $76k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $532 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#306 in OH, #4,928 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment C-, amenities F, commute F.
• Massillon City (urban): math 43% / reading 52% proficiency, ranked #487 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Franklin Elementary School (math 47% / reading 47%, grade D-, #942 of 1,584 statewide, top 61%, 434 students, 0% FRL); Massillon Intermediate School (math 38% / reading 51%, grade D, #477 of 654 statewide, top 74%, 880 students, 0% FRL); Washington High School (math 30% / reading 59%, grade F, #470 of 781 statewide, top 62%, 1,179 students, 0% FRL) — zoned schools average 0% FRL vs 60% district-wide (60 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1957 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.0%/yr); 209 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts; this cycle's ask has dropped $21k (21%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $26k; list at $77k implies a 190% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $22k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.2% vs local median 3.9% in Massillon — 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.
• This rent is only 13% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1957 — 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 B-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.