2446 Sulphur Spring Rd

Kingston, OH 45601

$50,000F

3 bd · 1.5 ba · 1,430 sqft · Built 1971 · SingleFamily · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,421/mo
• Mortgage (P&I): −$1,816
• Tax + insurance: −$296
• HOA: −$0
• Vac / Maint / Mgmt: −$298
• Net cashflow: $-989/mo
• Annual: $-11,872/yr
• Cap rate: 2.86%
• Cash-on-cash: -12.25%
• DSCR: 0.46
• 1% rule: 0.41%
• Cash to close: $96,940

Investor read

• This is a 3-bed/1.5-bath single-family listed at $50k.
• At list price, monthly cash flow is $-989 ($-12k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• It's been on market 24 days — a 2% lower offer ($49k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $49k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#850 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime C-, amenities F, commute F.
• Zane Trace Local (rural): math 54% / reading 61% proficiency, ranked #317 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Zane Trace High School (math 47% / reading 52%, grade D, #390 of 781 statewide, top 54%, 411 students, 99% FRL) — zoned schools average 99% FRL vs 35% district-wide (64 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: property tax is 3.6% of price.
• Market conditions: 180 active listings in the ZIP; 24 units permitted in Ross County in 2024 (0 in 5+ unit buildings).
• Ross County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

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?
• Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.
• 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.