412 Union St

Felicity, OH 45120

$129,900B

2 bd · 1.0 ba · 1,048 sqft · Built 1870 · SingleFamily · Contingency Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,295/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$123
• HOA: −$0
• Vac / Maint / Mgmt: −$272
• Net cashflow: $219/mo
• Annual: $2,623/yr
• Cap rate: 8.31%
• Cash-on-cash: 7.21%
• DSCR: 1.32
• 1% rule: 1.00%
• Cash to close: $36,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $219 ($3k/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 $129k (0.3% below list).
• It's been on market 45 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $126k (3.0% below list) — sets the bar for market timing.
• In year one you build about $14k of equity ($898 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#989 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime D, amenities F, commute F.
• Felicity-Franklin Local (rural): math 53% / reading 55% proficiency, ranked #388 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 996 units permitted in Clermont County in 2024 (210 in 5+ unit buildings).
• 7 sale attempts since 22y ago; this cycle's ask has dropped $10k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $130k implies a 86% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D 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.