3319 Wendover St

Springfield, OH 45506

$79,900B-

3 bd · 1.0 ba · 1,428 sqft · Built 1891 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,632/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$232
• HOA: −$0
• Vac / Maint / Mgmt: −$343
• Net cashflow: $638/mo
• Annual: $7,657/yr
• Cap rate: 15.88%
• Cash-on-cash: 34.23%
• DSCR: 2.52
• 1% rule: 2.04%
• Cash to close: $22,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 20 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Greenon Local (suburban): math 45% / reading 56% proficiency, ranked #423 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.0% of price; built in 1891 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 45 active listings in the ZIP; lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• Clark County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 13 sale attempts since 10y ago; this cycle's ask has dropped $50k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $80k implies a 220% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.9% vs local median 4.7% in Springfield — 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.
• At $1,632/mo this rent would consume 47% of the median local household income ($42k/yr) (locally 684% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1891 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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.