912 Pearson Cir #5

Poland, OH 44512

$79,900D+

2 bd · 1.0 ba · 1,006 sqft · Built 1981 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,034/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$133
• HOA: −$275
• Vac / Maint / Mgmt: −$217
• Net cashflow: $-11/mo
• Annual: $-127/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.57%
• DSCR: 0.97
• 1% rule: 1.29%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath condo listed at $80k. Condition is rated good.
• At list price, monthly cash flow is $-11 ($-127/yr) — negative.
• To cash-flow at today's rent, offer at most $78k (1.9% below list).
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $78k (1.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#72 in OH, #1,108 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Boardman Local (urban): math 63% / reading 71% proficiency, ranked #189 of 656 in OH (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Robinwood Lane Elementary School (math 72% / reading 52%, grade B, #590 of 1,584 statewide, top 41%, 364 students, 65% FRL); Boardman Glenwood Junior High (math 65% / reading 65%, grade A-, #194 of 654 statewide, top 31%, 592 students, 52% FRL); Boardman High School (math 50% / reading 81%, grade B, #159 of 781 statewide, top 21%, 1,166 students, 48% FRL) — zoned schools average 55% FRL vs 34% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: HOA is 27% of rent.
• Market conditions: Rents rising fast (+6.6%/yr); 137 active listings in the ZIP; 9 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 44% of comp listings sitting > 30 days — soft ceiling on asking rent; 147 units permitted in Mahoning County in 2024 (0 in 5+ unit buildings).
• Mahoning County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 6.1% vs local median 3.4% in Poland — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.