8565 Smith-calhoun Rd #38

Plain City, OH 43064

$99,900B

3 bd · 2.0 ba · 1,190 sqft · Built 2021 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,305/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$166
• HOA: −$681
• Vac / Maint / Mgmt: −$484
• Net cashflow: $450/mo
• Annual: $5,395/yr
• Cap rate: 11.69%
• Cash-on-cash: 19.29%
• DSCR: 1.86
• 1% rule: 2.31%
• Cash to close: $27,972

Investor read

• This is a 3-bed/2.0-bath single-family listed at $100k. Condition is rated good.
• At list price, monthly cash flow is $450 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• It's been on market 41 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#146 in OH, #2,254 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Jonathan Alder Local (rural): math 68% / reading 74% proficiency, ranked #121 of 656 in OH (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: HOA is 30% of rent.
• Market conditions: 414 active listings in the ZIP; high-income renter base; 530 units permitted in Madison County in 2024 (120 in 5+ unit buildings).
• Madison County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.7% vs local median 3.2% in Plain City — 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.

Questions for listing agent

• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.