877 Hammel St

Akron, OH 44306

$123,000D+

3 bd · 1.5 ba · 1,216 sqft · Built 1924 · SingleFamily · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,240/mo
• Mortgage (P&I): −$645
• Tax + insurance: −$223
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $111/mo
• Annual: $1,337/yr
• Cap rate: 7.38%
• Cash-on-cash: 3.88%
• DSCR: 1.17
• 1% rule: 1.01%
• Cash to close: $34,440

Investor read

• This is a 3-bed/1.5-bath single-family listed at $123k.
• At list price, monthly cash flow is $111 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $123k).
• It's been on market 97 days — a 9% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $112k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $850 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#104 in OH, #1,591 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Akron City (urban): math 22% / reading 30% proficiency, ranked #602 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.6%/yr); 71 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 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.
• 3 sale attempts since 35y ago; this cycle's ask has dropped $7k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 7.6% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.
• This rent runs 36% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1924 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.
• 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.