1324 Center St

Portsmouth, OH 45662

$45,900B+

3 bd · 1.0 ba · 1,360 sqft · Built 1900 · SingleFamily · Active · 218 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,468/mo
• Mortgage (P&I): −$241
• Tax + insurance: −$73
• HOA: −$0
• Vac / Maint / Mgmt: −$308
• Net cashflow: $846/mo
• Annual: $10,158/yr
• Cap rate: 28.42%
• Cash-on-cash: 79.04%
• DSCR: 4.52
• 1% rule: 3.20%
• Cash to close: $12,852

Investor read

• This is a 3-bed/1.0-bath single-family listed at $46k.
• At list price, monthly cash flow is $846 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $46k).
• It's been on market 218 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $317 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#327 in OH) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, health & safety A+; Watch: crime F, commute F, employment F.
• Portsmouth City (town): math 23% / reading 31% proficiency, ranked #601 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 8 units permitted in Scioto County in 2024 (0 in 5+ unit buildings).
• Scioto County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $14k (24%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~2 years — after that, you're playing with house money.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $1,468/mo this rent would consume 47% of the median local household income ($37k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 218 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.