61 Greentree Cir

Cridersville, OH 45806

$102,900B

3 bd · 1.5 ba · 1,258 sqft · Built 1977 · Condo · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,950/mo
• Mortgage (P&I): −$540
• Tax + insurance: −$172
• HOA: −$235
• Vac / Maint / Mgmt: −$410
• Net cashflow: $594/mo
• Annual: $7,133/yr
• Cap rate: 13.22%
• Cash-on-cash: 24.76%
• DSCR: 2.10
• 1% rule: 1.90%
• Cash to close: $28,812

Investor read

• This is a 3-bed/1.5-bath condo listed at $103k.
• At list price, monthly cash flow is $594 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $103k).
• It's been on market 18 days — a 2% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $711 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#391 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Wapakoneta City (town): math 66% / reading 63% proficiency, ranked #218 of 656 in OH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 49 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 121 units permitted in Auglaize County in 2024 (0 in 5+ unit buildings).
• Auglaize County population projected at -12% 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 ~5 years — after that, you're playing with house money.

Questions for listing agent

• Built in 1977 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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 apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.