Bowman Plan

Aurora, OH 44202

$343,990D-

3 bd · 2.5 ba · 1,854 sqft · Built — · Townhouse · Active · 952 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,919/mo
• Mortgage (P&I): −$2,120
• Tax + insurance: −$674
• HOA: −$0
• Vac / Maint / Mgmt: −$613
• Net cashflow: $-487/mo
• Annual: $-5,849/yr
• Cap rate: 4.85%
• Cash-on-cash: -5.17%
• DSCR: 0.77
• 1% rule: 0.72%
• Cash to close: $113,173

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $344k. Condition is rated excellent.
• At list price, monthly cash flow is $-487 ($-6k/yr) — negative.
• To cash-flow at today's rent, offer at most $334k (3.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $292k (15.1% below list).
• It's been on market 952 days — a 12% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $292k (15.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#258 in OH, #4,104 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Aurora City (suburban): math 79% / reading 84% proficiency, ranked #35 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 136 active listings in the ZIP; 2 comparable units currently listed for rent nearby; high-income renter base; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• Cap rate 4.8% vs local median 2.5% in Aurora — 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 30% of the median local income ($117k/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?
• It's been on market 952 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
• 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.
• 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.