717 N Sandusky St #14

Mount Vernon, OH 43050

$27,500D+

3 bd · 2.0 ba · 980 sqft · Built 1992 · SingleFamily · Pending · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,300/mo
• Mortgage (P&I): −$144
• Tax + insurance: −$46
• HOA: −$0
• Vac / Maint / Mgmt: −$273
• Net cashflow: $837/mo
• Annual: $10,043/yr
• Cap rate: 42.81%
• Cash-on-cash: 130.43%
• DSCR: 6.80
• 1% rule: 4.73%
• Cash to close: $7,700

Investor read

• This is a 3-bed/2.0-bath single-family listed at $28k. Condition is rated fair.
• At list price, monthly cash flow is $837 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $28k).
• It's been on market 80 days — a 6% lower offer ($26k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $26k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $190 of loan paydown is wiped out by about $825 of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#227 in OH, #3,542 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Mount Vernon City (town): math 55% / reading 62% proficiency, ranked #321 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 163 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 195 units permitted in Knox County in 2024 (0 in 5+ unit buildings).
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 42.8% vs local median 3.0% in Mount Vernon — 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

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Major: bathroom fixtures — old and in poor condition
• Major: flooring — carpeted and in poor condition
• Major: interior walls — dated wallpaper and paint
• Moderate: exterior siding — moderate wear