6029 Clay St · Madison, OH 44057

$199,000

3 bd · 1.0 ba · 1,090 sqft · SingleFamily public records · 6 Days on market

Built 1955 5.00 ac lot

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.9/10.0
• Schools +4.9/10.0
• 1% rule +4.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Looking for 5 acres of country paradise?? Here is your chance. .. .a liveable, fixer upper house with a workshop/garage, concrete block shed/outbuilding (with electric), and an existing shooting range with a back drop. The big barn is a tear down, maybe you have the skills to rehab it, but the seller will not. This is an AS IS sale. However, roof is 12-15 years old, NEW electric tankless hot water system, and functioning electric furnace PLUS a wood burner system in the dry basement. Enjoy the walnut trees, peach trees, blueberry bushes and grapes plus whatever else you wish to add. 200 amp electrical and the garage has 220 line. Attic is insulated. So, come on out and explore the endl

Key facts

• Big barn
• Concrete block shed
• 5 acres

Tags

• 5 ACRES
• WORKSHOP GARAGE
• CONCRETE BLOCK SHED
• SHOOTING RANGE
• BIG BARN
• FUNCTIONING ELECTRIC FURNACE

Property features AI

Exterior

• Parking: Driveway; Detached garage; 2 garage spaces
• Utilities: Well water; Septic tank
• Home design: Single-story home; Property listed as fixer
• Construction: Aluminum and wood siding; Asphalt fiberglass roof; Block foundation; Built year per public records
• Exterior features: 5‑acre lot

Interior

• Bedrooms: 3 main-level bedrooms
• Bathrooms: 1 full bathroom on the main level
• Heating & cooling: Electric heating; Wood heating
• Interior features: 5 total rooms; Common full basement with interior entry and sump pump; Basement finished area reported

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $194 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $184k (7.5% below list).
• Recommended offer: $184k (7.5% below list) — sets the bar for 1% rule.
• Cap rate 7.5% vs local median 5.5% in Madison — 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.

Location & tenants

• Location reads 75/100 on livability (#250 in OH, #3,982 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: health & safety D, amenities F, commute F.
• Berkshire Local (town): math 52% / reading 60% proficiency, ranked #335 of 656 in OH (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 19% free/reduced lunch — higher-income household profile.
• Market conditions: 96 active listings in the ZIP; 220 units permitted in Geauga County in 2024 (0 in 5+ unit buildings).
• This rent runs 31% of the median local income ($70k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Geauga County population projected to shrink 7% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $184,134 (7.5% below list)

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are B-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?
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.93% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.19%
• DSCR: 1.19
• GRM: 9.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.8%
• Equity multiple: 0.64×
• Total profit: $-19,913
• Equity at exit: $29,672

10-year hold

• IRR: -0.4%
• Equity multiple: 0.97×
• Total profit: $-1,577
• Equity at exit: $17,206

Cash invested: $55,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44057

• Active inventory: 96
• Price-to-rent: 9.0×

Monthly cashflow live

• Estimated rent: $1,841 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$134 /mo · $1,606/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$387
• Net cashflow: $194

Break-even live

Break-even rent $1,595

Max offer price $199,000

Occupancy floor 84%

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-18
   days on market $199,000 Active 6 DOM
2. 2026-06-17
   days on market $199,000 Active 5 DOM
3. 2026-06-16
   days on market $199,000 Active 4 DOM
4. 2026-06-15
   days on market $199,000 Active 3 DOM
5. 2026-06-13
   remarks 699-char remark
6. 2026-06-13
   listed $199,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,606 · $134/mo
• Projected year-2 tax: $2,355 · $196/mo
• Expected delta: +$749/yr (+$62/mo · 46.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 2/10 Low 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,096
• − Mortgage interest: −$11,147
• − Property taxes: −$1,606
• − Insurance: −$995
• − Repairs & maintenance: −$1,768
• − Management: −$1,768
• − Depreciation: −$5,789
• Taxable loss: −$977
• Est. tax savings @ 24.0%: +$234
• After-tax cash flow: $2,566/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Berkshire Local
• NCES district ID: 3904716
• Math proficiency: 52% ▼ -17.00%
• Reading proficiency: 60% ▼ -6.00%
• Median HH income: $58,347
• Composite: 48.53/100
• National rank: #2117
• State rank: #335 of 656 in OH

Livability — Madison

• Score: 75/100
• State rank: #250
• US rank: #3982

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety D User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lake · 224,932 people
• City population: 19,491
• Metro: Cleveland, OH
• Population (ZIP): 19,491
• Household income: $70,212
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 8.5

Population outlook (Geauga County) Hauer SSP2

• Today (2025): 94,919 people
• By 2030: 94,804 · -0.1%
• By 2040: 92,641 · -2.4%
• By 2050: 88,198 · -7.1%
• By 2075: 79,080 · -16.7%
• By 2100: 60,856 · -35.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Romanian 6% Scotch-Irish 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Geauga

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.7%
• 2008→2024 swing: -8.8pp toward R · 2008: -15.4pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.1 2016: R+25.5 2012: R+21.6 2008: R+15.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -241.42%
• Current HPI: 187.8978
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

1 event — show timeline

• 2026-06-12 Listed $199,000 MLSNOW

Property tax history

+3.8%/yr

Latest (2025): $1,606 · -0.3% YoY. Source: county tax records.