302 E Cross St

Columbus Grove, OH 45830

$139,900C-

3 bd · 1.0 ba · 1,295 sqft · Built 1900 · SingleFamily · Active · 94 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,154/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$242
• Net cashflow: $72/mo
• Annual: $861/yr
• Cap rate: 6.91%
• Cash-on-cash: 2.20%
• DSCR: 1.10
• 1% rule: 0.82%
• Cash to close: $39,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $72 ($861/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $115k (17.5% below list).
• It's been on market 94 days — a 9% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $115k (17.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#126 in OH, #1,838 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: employment C-, amenities F, commute F.
• Columbus Grove Local (rural): math 76% / reading 74% proficiency, ranked #97 of 656 in OH (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 9 active listings in the ZIP; solid renter incomes; 41 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $25k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• This rent is only 18% of the median local income ($78k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 94 days. Have you received any prior offers? Is the seller open to a 18% 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?
• 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.