413 &1/2 Woodlawn Ave

Bucyrus, OH 44820

$132,000B-

4 bd · 2.0 ba · 2,526 sqft · Built 1880 · MultiFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,850/mo
• Mortgage (P&I): −$692
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$388
• Net cashflow: $549/mo
• Annual: $6,591/yr
• Cap rate: 11.29%
• Cash-on-cash: 17.83%
• DSCR: 1.79
• 1% rule: 1.40%
• Cash to close: $36,960

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $132k. Condition is rated fair.
• At list price, monthly cash flow is $549 ($7k/yr) — positive. Per door: $275/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $132k).
• It's been on market 43 days — a 3% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $913 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#158 in OH, #2,388 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Bucyrus City (town): math 37% / reading 46% proficiency, ranked #537 of 656 in OH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Bucyrus Elementary School (math 48% / reading 42%, grade D-, #984 of 1,584 statewide, top 62%, 544 students, 72% FRL); Bucyrus Middle School (math 28% / reading 44%, grade F, #541 of 654 statewide, top 83%, 272 students, 0% FRL); Bucyrus Secondary School (math 32% / reading 62%, grade D-, #435 of 781 statewide, top 59%, 290 students, 99% FRL) — zoned schools at 57% FRL track the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 8 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 14y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $37k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 4.4% in Bucyrus — 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 runs 39% of the median local income ($57k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1880 — 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.

Repairs flagged (vision-AI assessment)

• Moderate: exterior siding — Weathered and discolored
• Moderate: roof inspection — No visible damage, but could use inspection