Investor Alert: 1908 Handyman Special with Massive Equity Potential

This 1,194-square-foot historic single-family frame residence, constructed in 1908, is located at 1561 E State St in the stable small-town investment corridors of Salem, Ohio (Zip Code 44460). Positioned at an incredibly low, aggressive entry baseline of $75,000 to directly account for its remaining mechanical and cosmetic rehabilitation requirements, this two-story property features three bedrooms and one bathroom.

Situated on an expansive, deep 10,227-square-foot town lot just minutes from the downtown district, this property represents a prime, high-yield opportunity for preservation flippers, buy-and-hold portfolio landlords, or budget-focused buyers ready to deploy sweat equity.

Listed by: Amanda R Hamilton 330-502-8028 ahamilton8397@gmail.com, CENTURY 21 Lakeside Realty

The residence establishes a classic turn-of-the-century footprint, featuring an traditional covered front porch assembly and high vertical window distributions. Inside, the 1,194-square-foot floor plan provides a surprisingly spacious layout with large rooms and an adaptable geometry. For an investor or contractor, this solid structural shell serves as an ideal blank canvas—offering an excellent framework to open up tight transitions, drop modern plumbing loops, and completely update finishes to capture deep market equity quickly.

🏛️ Interior Floor Plan Layout & Spatial Strategy

The multi-level interior is highly functional, dividing social zones from the upper sleeping quarters across two finished tiers:

The Ground Floor Core: Opens into a formal front living parlor that transitions directly into a spacious central dining room hall, creating a comfortable layout for everyday living. Positioned toward the rear is a generous kitchen space that is completely stripped and ready for a brand-new culinary footprint. A main-floor utility mudroom area bridges the kitchen to the backyard grounds.

The Upper Bedroom Wing: A central staircase leads to the second tier, which houses three true bedrooms and a central family bathroom shell. The rooms feature standard early-1900s clearances and deep windows that provide clear lines of sight over the deep rear lot fabric.

Subterranean Utility Foundation: Below the main floors sits a full unfinished basement footprint, providing direct, unhindered access to all core mechanics, drain stacks, and main framing timbers for straightforward construction routines.

🌳 Deep 10,227-Sqft Town Lot & Capital Projects Breakdown

The property sits on a deep, rectangular 0.23-acre village parcel that offers a massive outdoor canvas:

The Backyard Haven: The unusually deep rear lawn provides an expansive private footprint to build a massive detached multi-car workshop garage, clear out secure pet runs, or install extensive structural landscaping to drive up overall curb appeal.

⚠️ Real Estate Restoration Advisory & Underwriting Directives: The property is moving through the market in a strict, active “as-is” condition, and the seller will execute no repairs or compliance remedies. To restore the residence to safe modern standards, an incoming operator should budget for the following high-priority capital projects:
A completely new roof system (main house and porch structures)
Comprehensive exterior envelope protection (siding updates and trim sealing)
A full mechanical system overview (HVAC, plumbing, and electrical panel updates)
Complete interior cosmetic remediation (drywall prep, flooring, and kitchen/bath build-outs)
Due to the current deferred maintenance profile, the property will not qualify for traditional FHA, VA, or USDA single-family mortgages. Transactions must be supported via liquid cash reserves or specialized conventional rehabilitation/construction loan portfolios.
Listed by: Amanda R Hamilton 330-502-8028 ahamilton8397@gmail.com, CENTURY 21 Lakeside Realty

📋 Property Specifications

💰 Price: $75,000

📍 Address: 1561 E State St, Salem, OH 44460 (Columbiana County)

📐 Interior Size: 1,194 livable above-grade sqft (Two finished structural stories)

🌳 Lot Size: 10,227 sqft (0.23 Acres / Deep rectangular town parcel)

🛏️ Bedrooms: 3 (Positioned on the upper level)

🛁 Bathrooms: 1 Bathroom

🏗️ Year Built: 1908 (Turn-of-the-Century Traditional)

🛠️ Property Status: Handyman Special / Requires Complete Renovation

⚙️ Core Utilities: Hot air heating furnace infrastructure, public municipal water, and city sewer hookups

📋 Transaction Routing: Cash Reserves or Conventional Rehabilitation Portfolios Only (Sold Strictly As-Is)

🏫 School District: Salem City School District (Immediate proximity to downtown amenities)

🔍 Key Features & Investment Value Points Explained

🏛️ High-Yield Equity Runway: Securing a standalone 3-bedroom character frame home for $75,000 in today’s market is an extraordinary rarity. At roughly $62 per square foot, the acquisition baseline leaves an immense financial margin to fund a high-quality renovation while safely insulating your profit targets or long-term rental equity metrics.

📈 Exceptional Rental Portfolio Addition: Because East State Street sits just minutes from Salem’s active downtown commercial core, local parks, and schools, the property occupies a high-demand tenant destination. A fully updated, low-overhead rental here delivers an incredibly predictable cash-flow model.

🔨 Clear Unhindered Mechanical Access: The combination of a clear, unfinished basement foundation and standard wood framing metrics means your sub-contractors can run new PEX plumbing lines, updated electrical circuits, and modern HVAC ductwork without cutting through heavy structural masonry, significantly lowering your overall labor expenses.

🚗 Massive Deep Back Yard Asset: The deep 10,227-square-foot lot provides the essential land buffer needed to construct a new detached double garage outbuilding or an extended private driveway pad, instantly adding massive resale value and driving high tenant interest.

📍 Strategic East State Street Corridor Gateway: Residents and future tenants enjoy a highly connected, practical small-town lifestyle. The estate sits within immediate walking distance of community grocery markets, local dining lines, and retail strips, while maintaining rapid transit links to Route 62, Route 14, and Highway 45 for a streamlined, direct commuter loop straight into Youngstown, Canton, or Alliance.