38 Walnut Ct

Mogadore, OH 44260

$169,900D

4 bd · 1.5 ba · 1,462 sqft · Built 1917 · SingleFamily · Pending · 69 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,350/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$325
• HOA: −$0
• Vac / Maint / Mgmt: −$284
• Net cashflow: $-150/mo
• Annual: $-1,798/yr
• Cap rate: 5.23%
• Cash-on-cash: -3.78%
• DSCR: 0.83
• 1% rule: 0.79%
• Cash to close: $47,572

Investor read

• This is a 4-bed/1.5-bath single-family listed at $170k.
• At list price, monthly cash flow is $-150 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (15.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $135k (20.5% below list).
• It's been on market 69 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $135k (20.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#24 in OH, #223 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F.
• Mogadore Local (suburban): math 59% / reading 68% proficiency, ranked #228 of 656 in OH (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: O H Somers Elementary School (math 69% / reading 68%, grade B+, #434 of 1,584 statewide, top 28%, 408 students, 29% FRL); Mogadore Junior High School (math 52% / reading 67%, grade B, #271 of 654 statewide, top 43%, 134 students, 0% FRL); Mogadore High School (math 34% / reading 72%, grade C-, #336 of 781 statewide, top 43%, 221 students, 43% FRL) — zoned schools at 24% FRL track the district average.
• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $9k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $170k implies a 372% gain — meaningful room to come down on a strong offer.

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 69 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.