281 High St

Wadsworth, OH 44281

$274,900C+

4 bd · 1.0 ba · 2,386 sqft · Built 1938 · SingleFamily · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,630/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$348
• HOA: −$0
• Vac / Maint / Mgmt: −$552
• Net cashflow: $288/mo
• Annual: $3,450/yr
• Cap rate: 7.55%
• Cash-on-cash: 4.48%
• DSCR: 1.20
• 1% rule: 0.96%
• Cash to close: $76,972

Investor read

• This is a 4-bed/1.0-bath single-family listed at $275k.
• At list price, monthly cash flow is $288 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $263k (4.3% below list).
• It's been on market 58 days — a 3% lower offer ($267k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (4.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#74 in OH, #1,136 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Wadsworth City (suburban): math 74% / reading 77% proficiency, ranked #83 of 656 in OH (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Lincoln Elementary School (math 72% / reading 77%, grade A, #272 of 1,584 statewide, top 19%, 234 students, 36% FRL); Wadsworth Middle School (math 73% / reading 74%, grade A, #99 of 654 statewide, top 16%, 671 students, 21% FRL); Wadsworth High School (math 68% / reading 83%, grade A-, #65 of 781 statewide, top 8%, 1,623 students, 16% FRL).
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 136 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 471 units permitted in Medina County in 2024 (0 in 5+ unit buildings).
• 3 sale attempts since 36y 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 $66k; list at $275k implies a 316% gain — meaningful room to come down on a strong offer.
• Cap rate 7.5% vs local median 3.3% in Wadsworth — 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.
• This rent runs 35% of the median local income ($89k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 58 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
• Built in 1938 — 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.
• 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?
• 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.