923 Wood St

Wellsville, OH 43968

$129,000D

3 bd · 1.5 ba · 988 sqft · Built 1960 · SingleFamily · Active · 220 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $966/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$187
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $-101/mo
• Annual: $-1,212/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.15%
• DSCR: 0.95
• 1% rule: 0.75%
• Cash to close: $36,120

Investor read

• This is a 3-bed/1.5-bath single-family listed at $129k.
• At list price, monthly cash flow is $-101 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $111k (13.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $97k (25.2% below list).
• It's been on market 220 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (25.2% below list) — sets the bar for 1% rule.
• In year one you build about $3k of equity ($892 loan paydown + $2k appreciation (1.8% local appreciation)).
• Location reads 69/100 on livability (#505 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Wellsville Local (town): math 34% / reading 46% proficiency, ranked #546 of 656 in OH (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Garfield Elementary School (math 27% / reading 27%, grade F, #1,193 of 1,584 statewide, top 76%, 262 students, 0% FRL); Daw Elementary School (math 37% / reading 47%, grade D-, #499 of 654 statewide, top 77%, 184 students, 0% FRL); Wellsville Jr. Sr. High (math 32% / reading 52%, grade F, #497 of 781 statewide, top 66%, 261 students, 0% FRL) — zoned schools average 0% FRL vs 58% district-wide (58 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 22 active listings in the ZIP; 49 units permitted in Columbiana County in 2024 (0 in 5+ unit buildings).
• Columbiana County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 10, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

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 220 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• 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.