120 W 5th St

Port Clinton, OH 43452

$125,000D+

2 bd · 1.0 ba · 816 sqft · Built 1930 · SingleFamily · Active · 59 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $958/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$122
• HOA: −$0
• Vac / Maint / Mgmt: −$201
• Net cashflow: $-21/mo
• Annual: $-247/yr
• Cap rate: 6.10%
• Cash-on-cash: -0.70%
• DSCR: 0.97
• 1% rule: 0.77%
• Cash to close: $35,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $125k. Condition is rated fair.
• At list price, monthly cash flow is $-21 ($-247/yr) — negative.
• To cash-flow at today's rent, offer at most $121k (2.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $96k (23.4% below list).
• It's been on market 59 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $96k (23.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#359 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, amenities F, commute F.
• Port Clinton City (town): math 55% / reading 59% proficiency, ranked #342 of 656 in OH (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bataan Memorial Primary School (352 students, 79% FRL); Port Clinton Middle School (math 59% / reading 64%, grade B+, #248 of 654 statewide, top 38%, 350 students, 45% FRL); Port Clinton High School (math 37% / reading 62%, grade D, #390 of 781 statewide, top 54%, 509 students, 38% FRL).
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 346 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 6y ago; this cycle's ask is 99900% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $29k; list at $125k implies a 331% gain — meaningful room to come down on a strong offer.
• Cap rate 6.1% vs local median 0.9% in Port Clinton — 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 59 days. Have you received any prior offers? Is the seller open to a 23% 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: Siding — Weathered and faded, indicating wear and tear.
• Moderate: Landscaping — Overgrown and unkempt, detracting from curb appeal.