416 1/2 Summit St

Kenton, OH 43326

$115,000D

2 bd · 1.0 ba · 864 sqft · Built 1986 · SingleFamily · Pending · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $868/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$192
• HOA: −$0
• Vac / Maint / Mgmt: −$182
• Net cashflow: $-109/mo
• Annual: $-1,308/yr
• Cap rate: 5.16%
• Cash-on-cash: -4.06%
• DSCR: 0.82
• 1% rule: 0.75%
• Cash to close: $32,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $-109 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (13.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $87k (24.5% below list).
• It's been on market 57 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (24.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#339 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Kenton City (town): math 46% / reading 50% proficiency, ranked #479 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kenton Elementary School (math 47% / reading 46%, grade D-, #973 of 1,584 statewide, top 62%, 1,028 students, 55% FRL); Kenton Middle School (math 47% / reading 53%, grade C, #416 of 654 statewide, top 64%, 267 students, 52% FRL); Kenton High School (math 37% / reading 62%, grade D, #390 of 781 statewide, top 54%, 541 students, 46% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: 53 active listings in the ZIP; 18 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).
• Hardin County population projected at -18% 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?
• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 25% concession, seller financing, or rate buy-down credit?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.