284 Forest Ave

West Milton, OH 45383

$157,900D

3 bd · 1.0 ba · 1,040 sqft · Built 1958 · SingleFamily · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,200/mo
• Mortgage (P&I): −$828
• Tax + insurance: −$170
• HOA: −$0
• Vac / Maint / Mgmt: −$252
• Net cashflow: $-50/mo
• Annual: $-600/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.36%
• DSCR: 0.94
• 1% rule: 0.76%
• Cash to close: $44,212

Investor read

• This is a 3-bed/1.0-bath single-family listed at $158k.
• At list price, monthly cash flow is $-50 ($-600/yr) — negative.
• To cash-flow at today's rent, offer at most $149k (5.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $120k (24.0% below list).
• It's been on market 107 days — a 9% lower offer ($144k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $120k (24.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#777 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: employment D+, amenities F, commute F.
• Milton-Union Exempted Village (rural): math 54% / reading 61% proficiency, ranked #324 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Milton-Union Elementary School (math 61% / reading 61%, grade B, #652 of 1,584 statewide, top 41%, 609 students, 0% FRL); Milton-Union Middle School (math 56% / reading 58%, grade B, #305 of 654 statewide, top 48%, 349 students, 0% FRL); Milton-Union High School (math 27% / reading 72%, grade D, #390 of 781 statewide, top 54%, 383 students, 99% FRL) — zoned schools average 33% FRL vs 62% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $22k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $83k; list at $158k implies a 90% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 4.2% in West Milton — 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

• 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 107 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1958 — 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 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.