3314 Lee St NW

Greentown, OH 44720

$120,000B

4 bd · 1.5 ba · 1,467 sqft · Built 1952 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,835/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$385
• Net cashflow: $615/mo
• Annual: $7,384/yr
• Cap rate: 12.45%
• Cash-on-cash: 21.98%
• DSCR: 1.98
• 1% rule: 1.53%
• Cash to close: $33,600

Investor read

• This is a 4-bed/1.5-bath single-family listed at $120k.
• At list price, monthly cash flow is $615 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#390 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North Canton City (suburban): math 77% / reading 79% proficiency, ranked #64 of 656 in OH (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Greentown Intermediate School (math 86% / reading 80%, grade A+, #102 of 1,584 statewide, top 7%, 494 students, 23% FRL); North Canton Middle School (math 76% / reading 80%, grade A+, #61 of 654 statewide, top 10%, 932 students, 28% FRL); Hoover High School (math 64% / reading 85%, grade B+, #69 of 781 statewide, top 10%, 1,543 students, 23% FRL).
• Watch-outs: built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 226 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $70k; list at $120k implies a 71% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 0.8% rent growth), your $34k cash investment doubles in ~7 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1952 — 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.