230 W Decatur St

Eaton, OH 45320

$149,900D-

3 bd · 1.0 ba · 1,369 sqft · Built 1900 · SingleFamily · Active · 101 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $941/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$198
• Net cashflow: $-188/mo
• Annual: $-2,260/yr
• Cap rate: 4.79%
• Cash-on-cash: -5.38%
• DSCR: 0.76
• 1% rule: 0.63%
• Cash to close: $41,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $-188 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (22.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $94k (37.2% below list).
• It's been on market 101 days — a 9% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $94k (37.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#180 in OH, #2,768 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Eaton Community City (town): math 67% / reading 68% proficiency, ranked #184 of 656 in OH (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 88 active listings in the ZIP; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).
• Preble County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 3y ago 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.
• Current owner paid $108k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 4.8% vs local median 2.2% in Eaton — 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.
• This rent is only 16% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 101 days. Have you received any prior offers? Is the seller open to a 37% 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.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.