5916 Callaway Cir

Austintown, OH 44515

$164,900D

2 bd · 2.0 ba · 1,078 sqft · Built 1998 · Condo · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,650/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$229
• HOA: −$250
• Vac / Maint / Mgmt: −$346
• Net cashflow: $-40/mo
• Annual: $-480/yr
• Cap rate: 6.00%
• Cash-on-cash: -1.04%
• DSCR: 0.95
• 1% rule: 1.00%
• Cash to close: $46,172

Investor read

• This is a 2-bed/2.0-bath condo listed at $165k.
• At list price, monthly cash flow is $-40 ($-480/yr) — negative.
• To cash-flow at today's rent, offer at most $158k (4.3% below list).
• Meets the 1% rule at list price ($2k rent vs $165k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $158k (4.3% below list) — sets the bar for cash-flow.
• 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 73/100 on livability (#322 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment D-.
• Austintown Local Schools (suburban): math 56% / reading 65% proficiency, ranked #290 of 656 in OH (top 44%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Austintown Elementary School (976 students, 59% FRL); Austintown Middle School (math 48% / reading 64%, grade B-, #316 of 654 statewide, top 49%, 984 students, 58% FRL); Fitch High School (math 54% / reading 74%, grade B-, #193 of 781 statewide, top 25%, 1,228 students, 57% FRL).
• Market conditions: 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Mahoning County in 2024 (0 in 5+ unit buildings).
• Mahoning County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 27y 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 $137k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.0% vs local median 4.8% in Austintown — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent runs 37% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.