33 Fairlawn Ave

Rittman, OH 44270

$99,900C

3 bd · 1.5 ba · 1,360 sqft · Built 1927 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $999/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$158
• HOA: −$0
• Vac / Maint / Mgmt: −$210
• Net cashflow: $108/mo
• Annual: $1,292/yr
• Cap rate: 7.59%
• Cash-on-cash: 4.62%
• DSCR: 1.21
• 1% rule: 1.00%
• Cash to close: $27,972

Investor read

• This is a 3-bed/1.5-bath single-family listed at $100k.
• At list price, monthly cash flow is $108 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($999 rent vs $100k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#724 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Rittman Exempted Village (suburban): math 61% / reading 66% proficiency, ranked #245 of 656 in OH (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Rittman Elementary School (math 67% / reading 62%, grade B, #522 of 1,584 statewide, top 36%, 401 students, 43% FRL); Rittman Middle School (math 63% / reading 67%, grade A-, #194 of 654 statewide, top 31%, 211 students, 0% FRL); Rittman High School (math 47% / reading 67%, grade C, #275 of 781 statewide, top 37%, 231 students, 99% FRL) — zoned schools at 47% FRL track the district average.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Questions for listing agent

• Built in 1927 — 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.