11875 Township Road 406 Lot 22

Harbor Hills, OH 43076

$69,999B

3 bd · 2.0 ba · 1,178 sqft · Built 1999 · SingleFamily · Pending · 234 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,915/mo
• Mortgage (P&I): −$367
• Tax + insurance: −$117
• HOA: −$485
• Vac / Maint / Mgmt: −$402
• Net cashflow: $544/mo
• Annual: $6,526/yr
• Cap rate: 15.62%
• Cash-on-cash: 33.30%
• DSCR: 2.48
• 1% rule: 2.74%
• Cash to close: $19,600

Investor read

• This is a 3-bed/2.0-bath single-family listed at $70k. Condition is rated average.
• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $70k).
• It's been on market 234 days — a 12% lower offer ($62k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $62k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $484 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#633 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, housing A+; Watch: schools F, amenities F, commute F.
• Northern Local (rural): math 56% / reading 64% proficiency, ranked #284 of 656 in OH (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 80 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 35 units permitted in Perry County in 2024 (0 in 5+ unit buildings).
• Perry County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $20k (22%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~4 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 234 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: kitchen cabinets — existing cabinets need updating
• Minor: bathroom fixtures — existing fixtures need updating
• Moderate: HVAC system — existing system may need replacement