19 Olde Orchard Dr

Perrysburg, OH 43551

$220,000D

2 bd · 1.5 ba · 1,488 sqft · Built 1976 · Condo · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,789/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$342
• HOA: −$250
• Vac / Maint / Mgmt: −$376
• Net cashflow: $-332/mo
• Annual: $-3,986/yr
• Cap rate: 4.48%
• Cash-on-cash: -6.47%
• DSCR: 0.71
• 1% rule: 0.81%
• Cash to close: $61,600

Investor read

• This is a 2-bed/1.5-bath condo listed at $220k.
• At list price, monthly cash flow is $-332 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $161k (26.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $179k (18.7% below list).
• It's been on market 45 days — a 3% lower offer ($213k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (26.7% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#6 in OH, #52 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, amenities A+; Watch: commute F.
• Perrysburg Exempted Village (suburban): math 79% / reading 83% proficiency, ranked #41 of 656 in OH (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.3%/yr); 235 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 18y ago 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.
• Current owner paid $140k; list at $220k implies a 57% gain — meaningful room to come down on a strong offer.
• Cap rate 4.5% vs local median 2.3% in Perrysburg — 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 45 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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?