518 High St

Pleasant City, OH 43772

$34,900B+

2 bd · 1.0 ba · 1,148 sqft · Built 1928 · SingleFamily · Active · 216 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $993/mo
• Mortgage (P&I): −$183
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $511/mo
• Annual: $6,136/yr
• Cap rate: 23.88%
• Cash-on-cash: 62.79%
• DSCR: 3.79
• 1% rule: 2.85%
• Cash to close: $9,772

Investor read

• This is a 2-bed/1.0-bath single-family listed at $35k.
• At list price, monthly cash flow is $511 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($993 rent vs $35k).
• It's been on market 216 days — a 12% lower offer ($31k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $31k (12.0% below list) — sets the bar for market timing.
• In year one you build about $1k of equity ($241 loan paydown + $1k appreciation (3.4% local appreciation)).
• Location reads 60/100 on livability (#965 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A; Watch: crime D, health & safety D, schools F.
• Rolling Hills Local (rural): math 44% / reading 54% proficiency, ranked #463 of 656 in OH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 2.6% of price; built in 1928 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 37 units permitted in Guernsey County in 2024 (0 in 5+ unit buildings).
• Guernsey County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 19y ago; this cycle's ask has dropped $65k (65%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $30k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (3.4% appreciation + 3.0% rent growth), your $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.