Erie Plan

Commercial Point, OH 43116

$413,900F

3 bd · 2.5 ba · 2,161 sqft · Built — · SingleFamily · Active · 960 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,650/mo
• Mortgage (P&I): −$2,534
• Tax + insurance: −$805
• HOA: −$0
• Vac / Maint / Mgmt: −$556
• Net cashflow: $-1,246/mo
• Annual: $-14,955/yr
• Cap rate: 3.20%
• Cash-on-cash: -11.05%
• DSCR: 0.51
• 1% rule: 0.55%
• Cash to close: $135,314

Investor read

• This is a 3-bed/2.5-bath single-family listed at $414k.
• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $303k (26.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $265k (36.0% below list).
• It's been on market 960 days — a 12% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $265k (36.0% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($3k loan paydown + $3k appreciation (0.6% local appreciation)).
• Location reads 72/100 on livability (#388 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, employment A+; Watch: amenities F, commute F, health & safety F.
• Teays Valley Local (town): math 66% / reading 68% proficiency, ranked #166 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 76 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 312 units permitted in Pickaway County in 2024 (0 in 5+ unit buildings).
• Pickaway County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• By year 5, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 960 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• 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.