415 Whitely St

Bridgeport, OH 43912

$89,000C

2 bd · 1.5 ba · 1,622 sqft · Built 1880 · SingleFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $993/mo
• Mortgage (P&I): −$467
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $162/mo
• Annual: $1,949/yr
• Cap rate: 8.48%
• Cash-on-cash: 7.82%
• DSCR: 1.35
• 1% rule: 1.12%
• Cash to close: $24,920

Investor read

• This is a 2-bed/1.5-bath single-family listed at $89k.
• At list price, monthly cash flow is $162 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($993 rent vs $89k).
• It's been on market 30 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($615 loan paydown + $2k appreciation (2.7% local appreciation)).
• Location reads 75/100 on livability (#239 in OH, #3,844 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bridgeport Exempted Village (suburban): math 49% / reading 57% proficiency, ranked #429 of 656 in OH (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: The Bridgeport School District - Elementary (math 67% / reading 57%, grade B, #590 of 1,584 statewide, top 41%, 346 students, 0% FRL); The Bridgeport School District - Middle School (math 50% / reading 60%, grade B-, #335 of 654 statewide, top 52%, 220 students, 0% FRL); The Bridgeport School District - High School (math 22% / reading 47%, grade F, #582 of 781 statewide, top 76%, 183 students, 98% FRL) — zoned schools average 33% FRL vs 54% district-wide (21 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 41 active listings in the ZIP; 4 units permitted in Belmont County in 2024 (0 in 5+ unit buildings).
• Belmont County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 10y ago 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 $73k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1880 — 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.