105 S 4th St Lot 16

Cardington, OH 43315

$33,900B

2 bd · 1.0 ba · 1,072 sqft · Built 1993 · SingleFamily · Pending · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,020/mo
• Mortgage (P&I): −$178
• Tax + insurance: −$56
• HOA: −$460
• Vac / Maint / Mgmt: −$214
• Net cashflow: $112/mo
• Annual: $1,338/yr
• Cap rate: 10.24%
• Cash-on-cash: 14.10%
• DSCR: 1.63
• 1% rule: 3.01%
• Cash to close: $9,492

Investor read

• This is a 2-bed/1.0-bath single-family listed at $34k. Condition is rated good.
• At list price, monthly cash flow is $112 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $34k).
• It's been on market 16 days — a 2% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $234 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#310 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• Cardington-Lincoln Local (rural): math 48% / reading 58% proficiency, ranked #395 of 656 in OH (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 45% of rent.
• Market conditions: 33 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 129 units permitted in Morrow County in 2024 (0 in 5+ unit buildings).
• Morrow County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $9k cash investment doubles in ~8 years — after that, you're playing with house money.
• This rent is only 18% of the median local income ($70k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.