302 S Johnson St

Ada, OH 45810

$165,000D

4 bd · 1.0 ba · 2,264 sqft · Built 1930 · SingleFamily · Pending · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,159/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $-101/mo
• Annual: $-1,213/yr
• Cap rate: 5.56%
• Cash-on-cash: -2.63%
• DSCR: 0.88
• 1% rule: 0.70%
• Cash to close: $46,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $-101 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $147k (10.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $116k (29.8% below list).
• It's been on market 25 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (29.8% 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 80/100 on livability (#119 in OH, #1,750 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Ada Exempted Village (rural): math 65% / reading 70% proficiency, ranked #190 of 656 in OH (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ada Elementary School (math 69% / reading 71%, grade A-, #380 of 1,584 statewide, top 25%, 464 students, 0% FRL); Ada High School (math 60% / reading 69%, grade B-, #164 of 781 statewide, top 24%, 389 students, 67% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 23 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.
• 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.
• Cap rate 5.6% vs local median 3.4% in Ada — 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?
• Built in 1930 — 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.
• 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.
• 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.