623 S Pleasant St

Montpelier, OH 43543

$89,900C+

2 bd · 1.0 ba · 1,008 sqft · Built 1977 · SingleFamily · Active · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $937/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$197
• Net cashflow: $160/mo
• Annual: $1,918/yr
• Cap rate: 8.43%
• Cash-on-cash: 7.62%
• DSCR: 1.34
• 1% rule: 1.04%
• Cash to close: $25,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $160 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($937 rent vs $90k).
• It's been on market 78 days — a 6% lower offer ($85k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $85k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#703 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Montpelier Exempted Village (rural): math 53% / reading 59% proficiency, ranked #364 of 656 in OH (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Montpelier High School (math 47% / reading 67%, grade C, #275 of 781 statewide, top 37%, 325 students, 0% FRL) — zoned schools average 0% FRL vs 37% district-wide (37 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 60 active listings in the ZIP; 40 units permitted in Williams County in 2024 (0 in 5+ unit buildings).
• Williams County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 10y ago; this cycle's ask has dropped $10k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $90k implies a 260% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.