1109 W 38th St · Ashtabula, OH 44004

$59,900

4 bd · 1.0 ba · 1,228 sqft · SingleFamily public records · 1 Days on market

Built 1910 4,312 sqft lot

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Why this score? — see what drove the B- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Attention investors and owner occupants looking to gain instant "sweat equity". Here is a great opportunity to bring this home back to life! Featuring 1228 sqft, this 3 bedroom one bath home offers a first floor laundry room, a formal dining room, a smooth floor plan and so much potential. Come and take a look for yourself. Make an appointment today. !

Key facts

• Formal dining room
• Smooth floor plan
• 4,312 sq ft lot

Tags

• FIRST FLOOR LAUNDRY ROOM
• FORMAL DINING ROOM
• SMOOTH FLOOR PLAN

Property features AI

Exterior

• Parking: Driveway; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Two-story wood-sided home; Above-grade finished living area approximately 1,228 (source: Realist)
• Construction: Wood siding construction; Asphalt/fiberglass roof
• Exterior features: Small lot (approximately 0.099 acres); Public sewer; Public water

Interior

• Bedrooms: Total of 7 rooms (bedrooms and living spaces counted in room total)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (gas); Ceiling fan(s) for cooling
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $60k.

Deal economics

• At list price, monthly cash flow is $752 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Cap rate 21.4% vs local median 8.2% in Ashtabula — 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.

Location & tenants

• Location reads 71/100 on livability (#420 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools C-, amenities F, commute F.
• Ashtabula Area City (town): math 24% / reading 35% proficiency, ranked #588 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 162 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $17k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $59,900

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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.

Investment metrics

• 1% rule: 2.46% ✓
• Cap rate: 21.35%
• Cash-on-cash: 53.78%
• DSCR: 3.39
• GRM: 3.4

CMA / ARV

• ARV (on-the-fly): $132,624
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
933 W 37th St	0.11mi	4/1.5	1,296 (+6%)	3mo	$103,000	$79	81
932 W 43rd St	0.23mi	4/1.0	1,274 (+4%)	11mo	$141,000	$111	74
1115 W 43rd St	0.17mi	3/1.5 (-1)	1,157 (-6%)	7mo	$155,000	$134	70
4030 Cleveland Ave	0.45mi	4/1.0	1,176 (-4%)	5mo	$95,000	$81	68
4601 West Ave	0.27mi	3/1.0 (-1)	1,296 (+6%)	7mo	$20,000	$15	67
4322 Coleman Ave	0.30mi	3/1.5 (-1)	1,296 (+6%)	10mo	$105,000	$81	61
616 W 39th St	0.44mi	3/2.0 (-1)	1,288 (+5%)	8mo	$145,000	$113	55
5313 Reed Ave	0.69mi	3/2.0 (-1)	1,232 (+0%)	13mo	$109,000	$88	47
5207 Samuel Ave	0.65mi	3/1.0 (-1)	1,137 (-7%)	7mo	$125,000	$110	46
5414 Madison Ave	0.73mi	3/1.5 (-1)	1,172 (-5%)	9mo	$145,000	$124	44
5308 Benefit Ave	0.74mi	3/1.0 (-1)	1,058 (-14%)	3mo	$61,000	$58	35
313 W 41st St	0.70mi	3/2.0 (-1)	1,344 (+9%)	11mo	$145,000	$108	33

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 51.9%
• Equity multiple: 3.28×
• Total profit: $38,190
• Equity at exit: $8,931

10-year hold

• IRR: 57.2%
• Equity multiple: 6.66×
• Total profit: $94,992
• Equity at exit: $5,179

Cash invested: $16,772 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44004

• Home prices YoY: -30.5%
• Active inventory: 162
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $1,475 medium
• Mortgage (P&I): −$314
• Tax est. 1.5%: −$75 /mo · $898/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $752

Break-even live

Break-even rent $524

Max offer price $59,900

Occupancy floor 44%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-17
   remarks 355-char remark
2. 2026-06-17
   listed $59,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥93°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,706
• − Mortgage interest: −$3,355
• − Property taxes: −$898
• − Insurance: −$300
• − Repairs & maintenance: −$1,416
• − Management: −$1,416
• − Depreciation: −$1,743
• Taxable income: $8,577
• Est. tax owed @ 24.0%: −$2,058
• After-tax cash flow: $6,962/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Ashtabula Area City
• NCES district ID: 3904351
• Math proficiency: 24% ▼ -27.00%
• Reading proficiency: 35% ▼ -13.00%
• Median HH income: $34,812
• Composite: 24.3/100
• National rank: #7712
• State rank: #588 of 656 in OH

Livability — Ashtabula

• Score: 71/100
• State rank: #420
• US rank: #6883

Category grades

Amenities F Commute F Cost of living A+ Crime A- Employment F Housing A Health & safety A+ User ratings D-

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashtabula, OH
• County: Ashtabula · 97,617 people
• City population: 31,076
• Metro: Cleveland, OH
• Population (ZIP): 31,076
• Household income: $49,507
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 14.1

Population outlook (Ashtabula County) Hauer SSP2

• Today (2025): 92,950 people
• By 2030: 89,146 · -4.1%
• By 2040: 80,715 · -13.2%
• By 2050: 72,270 · -22.2%
• By 2075: 55,780 · -40.0%
• By 2100: 40,928 · -56.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Romanian 4% Iranian 2% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Ashtabula

• 2024 margin: Strong R (+28.4) · D 35.4% · R 63.8%
• 2008→2024 swing: -41.9pp toward R · 2008: 13.5pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+23.5 2016: R+19.0 2012: D+12.1 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.51%
• Current HPI: 260.7146
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

1 event — show timeline

• 2026-06-16 Listed $59,900 MLSNOW

Property tax history

+1.1%/yr

Latest (2025): $49 · +0.1% YoY. Source: county tax records.