413 Alameda Ave

Youngstown, OH 44504

$30,000B+

5 bd · 1.5 ba · 2,664 sqft · Built 1919 · SingleFamily · Pending · 106 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $820/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$42
• HOA: −$0
• Vac / Maint / Mgmt: −$172
• Net cashflow: $448/mo
• Annual: $5,377/yr
• Cap rate: 24.22%
• Cash-on-cash: 64.01%
• DSCR: 3.85
• 1% rule: 2.73%
• Cash to close: $8,400

Investor read

• This is a 5-bed/1.5-bath single-family listed at $30k.
• At list price, monthly cash flow is $448 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($820 rent vs $30k).
• It's been on market 106 days — a 9% lower offer ($27k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $27k (9.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($207 loan paydown + $2k appreciation (6.7% local appreciation)).
• Location reads 81/100 on livability (#99 in OH, #1,506 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Youngstown City (urban): math 8% / reading 17% proficiency, ranked #649 of 656 in OH (top 99%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 88% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 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.
• 5 sale attempts since 22y ago; this cycle's ask has dropped $25k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $18k; list at $30k implies a 63% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 24.2% vs local median 7.0% in Youngstown — 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 106 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1919 — 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?
• 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.