402 Vine St

Ashland, OH 44805

$89,990B-

2 bd · 1.0 ba · 1,028 sqft · Built 1901 · SingleFamily · Pending · 27 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $925/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$121
• HOA: −$0
• Vac / Maint / Mgmt: −$194
• Net cashflow: $137/mo
• Annual: $1,650/yr
• Cap rate: 8.13%
• Cash-on-cash: 6.55%
• DSCR: 1.29
• 1% rule: 1.03%
• Cash to close: $25,197

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $137 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($925 rent vs $90k).
• It's been on market 27 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#373 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities D-, commute F.
• Ashland City (town): math 70% / reading 69% proficiency, ranked #165 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Taft Intermediate School (math 76% / reading 75%, grade A, #257 of 1,584 statewide, top 17%, 461 students, 35% FRL); Ashland Middle School (math 71% / reading 65%, grade A-, #155 of 654 statewide, top 24%, 735 students, 34% FRL); Ashland High School (math 51% / reading 72%, grade B-, #231 of 781 statewide, top 30%, 881 students, 26% FRL).
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.1%/yr); 125 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 61 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).
• Ashland County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 19y ago; this cycle's ask has dropped $30k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $64k; 41% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $25k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 8.1% vs local median 3.8% in Ashland — 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 is only 16% of the median local income ($68k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1901 — 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.