1866 County Rd 31

Chesapeake, OH 45619

$105,000B

3 bd · 1.0 ba · 912 sqft · Built 1963 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,597/mo
• Mortgage (P&I): −$551
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$335
• Net cashflow: $554/mo
• Annual: $6,651/yr
• Cap rate: 13.39%
• Cash-on-cash: 25.34%
• DSCR: 2.13
• 1% rule: 1.52%
• Cash to close: $29,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $726 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 86/100 on livability (#39 in OH, #392 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment C-.
• Chesapeake Union Exempted Village (suburban): math 40% / reading 57% proficiency, ranked #461 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Chesapeake High School (math 22% / reading 57%, grade F, #528 of 781 statewide, top 71%, 310 students, 70% FRL) — zoned schools average 70% FRL vs 50% district-wide (21 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 32 active listings in the ZIP; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• Lawrence County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; moderate wildfire risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 33% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.