174 Columbus St

Bedford, OH 44146

$119,900C+

3 bd · 1.5 ba · 1,370 sqft · Built 1891 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,388/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$272
• HOA: −$0
• Vac / Maint / Mgmt: −$291
• Net cashflow: $195/mo
• Annual: $2,341/yr
• Cap rate: 8.25%
• Cash-on-cash: 6.97%
• DSCR: 1.31
• 1% rule: 1.16%
• Cash to close: $33,572

Investor read

• This is a 3-bed/1.5-bath single-family listed at $120k.
• At list price, monthly cash flow is $195 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 44 days — a 3% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#324 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Bedford City (suburban): math 19% / reading 32% proficiency, ranked #597 of 656 in OH (top 91%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover.
• Zoned schools: Central Primary School (math 17% / reading 22%, grade F, #1,293 of 1,584 statewide, top 83%, 397 students, 76% FRL); Heskett Middle School (math 21% / reading 27%, grade F, #593 of 654 statewide, top 91%, 573 students, 69% FRL); Bedford High School (math 12% / reading 52%, grade F, #607 of 781 statewide, top 78%, 862 students, 69% FRL).
• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.8%/yr); 108 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals leasing fast (median 10d on market — plan ~1-2 weeks tenant-placement turnaround); 1,441 units permitted in Cuyahoga County in 2024 (700 in 5+ unit buildings).
• Cuyahoga County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 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.
• Current owner paid $41k; list at $120k implies a 192% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.8% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.2% vs local median 5.3% in Bedford — 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 30% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1891 — 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.
• 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.