410 Birdcage Walk

Mansfield, OH 44902

$109,900C-

3 bd · 1.0 ba · 992 sqft · Built 1971 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,012/mo
• Mortgage (P&I): −$576
• Tax + insurance: −$84
• HOA: −$0
• Vac / Maint / Mgmt: −$213
• Net cashflow: $139/mo
• Annual: $1,668/yr
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• 1% rule: 0.92%
• Cash to close: $30,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $110k.
• At list price, monthly cash flow is $139 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (7.9% below list).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $101k (7.9% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($760 loan paydown + $9k appreciation (8.4% local appreciation)).
• Location reads 76/100 on livability (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, amenities D-, employment F.
• Mansfield City (urban): math 24% / reading 33% proficiency, ranked #590 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Malabar Intermediate School (math 17% / reading 29%, grade F, #1,233 of 1,584 statewide, top 78%, 762 students, 0% FRL); Mansfield Middle School (math 18% / reading 30%, grade F, #593 of 654 statewide, top 91%, 427 students, 0% FRL); Mansfield Senior High School (math 22% / reading 32%, grade F, #632 of 781 statewide, top 81%, 815 students, 0% FRL) — zoned schools average 0% FRL vs 80% district-wide (80 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 31 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.8% vs local median 4.2% in Mansfield — 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 38% of the median local income ($32k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1971 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.