360 S Main St

West Mansfield, OH 43358

$100F

4 bd · 1.0 ba · 1,804 sqft · Built 1920 · SingleFamily · Pending · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,398/mo
• Mortgage (P&I): −$1,128
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $-381/mo
• Annual: $-4,577/yr
• Cap rate: 4.16%
• Cash-on-cash: -7.60%
• DSCR: 0.66
• 1% rule: 0.65%
• Cash to close: $60,214

Investor read

• This is a 4-bed/1.0-bath single-family listed at $100.
• At list price, monthly cash flow is $-381 ($-5k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100).
• It's been on market 43 days — a 3% lower offer ($97) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97 (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#866 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Benjamin Logan Local (rural): math 64% / reading 66% proficiency, ranked #197 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Benjamin Logan Elementary School (math 64% / reading 69%, grade B+, #500 of 1,584 statewide, top 32%, 644 students, 28% FRL); Benjamin Logan Middle School (math 68% / reading 63%, grade A-, #186 of 654 statewide, top 29%, 503 students, 22% FRL); Benjamin Logan High School (math 47% / reading 72%, grade C+, #243 of 781 statewide, top 33%, 518 students, 18% FRL) — zoned schools at 23% FRL track the district average.
• Watch-outs: property tax is 3225.7% of price; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; solid renter incomes; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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?
• It's been on market 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.