146 Habant Rd

Amherst, OH 44001

$250,000B-

3 bd · 1.5 ba · 1,802 sqft · Built 1960 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,881/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$402
• HOA: −$0
• Vac / Maint / Mgmt: −$605
• Net cashflow: $563/mo
• Annual: $6,750/yr
• Cap rate: 8.99%
• Cash-on-cash: 9.64%
• DSCR: 1.43
• 1% rule: 1.15%
• Cash to close: $70,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $250k.
• At list price, monthly cash flow is $563 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#100 in OH, #1,523 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Amherst Exempted Village (suburban): math 66% / reading 69% proficiency, ranked #160 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Market conditions: 116 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 2 sale attempts since 7y 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 $215k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 9.0% vs local median 3.9% in Amherst — 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.
• This rent runs 38% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1960 — 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?
• 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.