218 E Raymond St

Van Wert, OH 45891

$145,900D+

2 bd · 1.0 ba · 1,066 sqft · Built 1900 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,222/mo
• Mortgage (P&I): −$765
• Tax + insurance: −$174
• HOA: −$0
• Vac / Maint / Mgmt: −$257
• Net cashflow: $26/mo
• Annual: $318/yr
• Cap rate: 6.97%
• Cash-on-cash: 2.41%
• DSCR: 1.11
• 1% rule: 0.84%
• Cash to close: $40,852

Investor read

• This is a 2-bed/1.0-bath single-family listed at $146k.
• At list price, monthly cash flow is $26 ($318/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 $122k (16.2% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $122k (16.2% 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 72/100 on livability (#392 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D+, amenities F, commute F.
• Van Wert City (rural): math 46% / reading 50% proficiency, ranked #476 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Wert Elementary School (math 57% / reading 55%, grade C+, #766 of 1,584 statewide, top 49%, 647 students, 54% FRL); Van Wert Middle School (math 38% / reading 44%, grade F, #505 of 654 statewide, top 78%, 396 students, 0% FRL); Van Wert High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 593 students, 79% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 46 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 44 units permitted in Van Wert County in 2024 (0 in 5+ unit buildings).
• Van Wert County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 7.0% vs local median 4.6% in Van Wert — 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.

Questions for listing agent

• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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?
• 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.