None

Norton, OH 44230

$23,500D+

2 bd · 1.0 ba · 980 sqft · Built 1999 · SingleFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,153/mo
• Mortgage (P&I): −$123
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $682/mo
• Annual: $8,184/yr
• Cap rate: 44.51%
• Cash-on-cash: 136.50%
• DSCR: 7.07
• 1% rule: 4.91%
• Cash to close: $6,580

Investor read

• This is a 2-bed/1.0-bath single-family listed at $24k. Condition is rated fair.
• At list price, monthly cash flow is $682 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $24k).
• It's been on market 80 days — a 6% lower offer ($22k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $22k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $162 of loan paydown is wiped out by about $705 of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#118 in OH, #1,738 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Chippewa Local (suburban): math 71% / reading 76% proficiency, ranked #116 of 656 in OH (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 30 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 44.5% vs local median 3.2% in Norton — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 A-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.

Repairs flagged (vision-AI assessment)

• Major: roof — The independent image shows a newly updated roof, but the listing photos show an older roof with visible wear and tear.
• Minor: exterior siding — The siding appears to be in fair condition, with some discoloration and minor damage visible.
• Major: flooring — The flooring in the kitchen and living room appears to be carpeted and in poor condition, with visible wear and tear.
• Major: interior walls and paint — The interior walls and ceilings show signs of wear and tear, with some discoloration and peeling paint visible.
• Minor: HVAC system — The listing photos show a fan and a condenser unit, which may need maintenance or replacement.