4198 State Route 378 · Chesapeake, OH 45696

$100,000

3 bd · 2.0 ba · 1,216 sqft · Other · 27 Days on market

Built 2007 4.00 ac lot

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Why this score? — see what drove the B- 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 +24.8/30.0
• Appreciation +8.8/10.0
• DSCR +8.0/10.0
• ARV discount +7.5/15.0
• 1% rule +6.4/10.0
• Livability +4.3/5.0
• Schools +4.2/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Looking for space, privacy, and beautiful countryside views? This property offers the perfect blend of comfort and rural living, situated on approximately 4 scenic acres with plenty of room to enjoy the outdoors. Recent updates provide added peace of mind, including a new roof, new HVAC system, new metal underpinning, and a brand-new metal gazebo-perfect for relaxing and taking in the surrounding views. The property also includes a 10 x 20 shed, ideal for extra storage, hobbies, or a small workshop. One of the standout features is the additional homesite that has already been cleared and prepared, offering breathtaking views of the surrounding countryside. Whether you're looking to build another home, add a shop, or simply enjoy the extra space and privacy with family and friends, this property offers endless possibilities. Land in this area is becoming increasingly desirable, with many buyers purchasing property nearby to build new homes. This could be a great opportunity if you're looking for space now with the potential to build in the future.

Key facts

• Countryside views
• Metal gazebo
• New roof

Tags

• COUNTRYSIDE VIEWS
• NEW ROOF
• NEW HVAC SYSTEM
• NEW METAL UNDERPINNING
• METAL GAZEBO
• 10 X 20 SHED

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $100k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.

Location & tenants

• 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-.
• Symmes Valley Local (rural): math 50% / reading 50% proficiency, ranked #442 of 656 in OH (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 7 active listings in the ZIP; lower-income renter base — watch delinquency; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• This rent runs 44% of the median local income ($31k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $8k of equity ($691 loan paydown + $8k appreciation (7.7% local appreciation)).
• Lawrence County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $32k; list at $100k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major wildfire risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $98,500 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. 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.
3. 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.
4. 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: 1.14% ✓
• Cap rate: 8.84%
• Cash-on-cash: 9.09%
• DSCR: 1.40
• GRM: 7.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.7% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.4%
• Equity multiple: 2.89×
• Total profit: $52,794
• Equity at exit: $73,931

10-year hold

• IRR: 23.9%
• Equity multiple: 6.11×
• Total profit: $143,146
• Equity at exit: $144,846

Cash invested: $28,000 (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 45696

• Home prices YoY: 4.2%
• Active inventory: 7
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,143 medium
• Mortgage (P&I): −$524
• Tax est. 1.5%: −$125 /mo · $1,500/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$240
• Net cashflow: $212

Break-even live

Break-even rent $875

Max offer price $100,000

Occupancy floor 76%

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: $25,000
• Closing costs: $3,000
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-12
   status Pending 1062-char remark

   Show marketing remark (1062 chars)

   Looking for space, privacy, and beautiful countryside views? This property offers the perfect blend of comfort and rural living, situated on approximately 4 scenic acres with plenty of room to enjoy the outdoors. Recent updates provide added peace of mind, including a new roof, new HVAC system, new metal underpinning, and a brand-new metal gazebo-perfect for relaxing and taking in the surrounding views. The property also includes a 10 x 20 shed, ideal for extra storage, hobbies, or a small workshop. One of the standout features is the additional homesite that has already been cleared and prepared, offering breathtaking views of the surrounding countryside. Whether you're looking to build another home, add a shop, or simply enjoy the extra space and privacy with family and friends, this property offers endless possibilities. Land in this area is becoming increasingly desirable, with many buyers purchasing property nearby to build new homes. This could be a great opportunity if you're looking for space now with the potential to build in the future.

2. 2026-04-24
   status Active 1062-char remark

   Show marketing remark (1062 chars)

   Looking for space, privacy, and beautiful countryside views? This property offers the perfect blend of comfort and rural living, situated on approximately 4 scenic acres with plenty of room to enjoy the outdoors. Recent updates provide added peace of mind, including a new roof, new HVAC system, new metal underpinning, and a brand-new metal gazebo-perfect for relaxing and taking in the surrounding views. The property also includes a 10 x 20 shed, ideal for extra storage, hobbies, or a small workshop. One of the standout features is the additional homesite that has already been cleared and prepared, offering breathtaking views of the surrounding countryside. Whether you're looking to build another home, add a shop, or simply enjoy the extra space and privacy with family and friends, this property offers endless possibilities. Land in this area is becoming increasingly desirable, with many buyers purchasing property nearby to build new homes. This could be a great opportunity if you're looking for space now with the potential to build in the future.

3. 2026-04-03
   status Pending 1062-char remark

   Show marketing remark (1062 chars)

   Looking for space, privacy, and beautiful countryside views? This property offers the perfect blend of comfort and rural living, situated on approximately 4 scenic acres with plenty of room to enjoy the outdoors. Recent updates provide added peace of mind, including a new roof, new HVAC system, new metal underpinning, and a brand-new metal gazebo-perfect for relaxing and taking in the surrounding views. The property also includes a 10 x 20 shed, ideal for extra storage, hobbies, or a small workshop. One of the standout features is the additional homesite that has already been cleared and prepared, offering breathtaking views of the surrounding countryside. Whether you're looking to build another home, add a shop, or simply enjoy the extra space and privacy with family and friends, this property offers endless possibilities. Land in this area is becoming increasingly desirable, with many buyers purchasing property nearby to build new homes. This could be a great opportunity if you're looking for space now with the potential to build in the future.

4. 2026-03-25
   listed $100,000 Active 1062-char remark

   Show marketing remark (1062 chars)

   Looking for space, privacy, and beautiful countryside views? This property offers the perfect blend of comfort and rural living, situated on approximately 4 scenic acres with plenty of room to enjoy the outdoors. Recent updates provide added peace of mind, including a new roof, new HVAC system, new metal underpinning, and a brand-new metal gazebo-perfect for relaxing and taking in the surrounding views. The property also includes a 10 x 20 shed, ideal for extra storage, hobbies, or a small workshop. One of the standout features is the additional homesite that has already been cleared and prepared, offering breathtaking views of the surrounding countryside. Whether you're looking to build another home, add a shop, or simply enjoy the extra space and privacy with family and friends, this property offers endless possibilities. Land in this area is becoming increasingly desirable, with many buyers purchasing property nearby to build new homes. This could be a great opportunity if you're looking for space now with the potential to build in the future.

5. 2022-02-23
   soldstatus $32,000

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 7/10 Severe
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 1/10 Low 0 unhealthy d/yr today · 0 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,718
• − Mortgage interest: −$5,602
• − Property taxes: −$1,500
• − Insurance: −$500
• − Repairs & maintenance: −$1,097
• − Management: −$1,097
• − Depreciation: −$2,909
• Taxable income: $1,012
• Est. tax owed @ 24.0%: −$243
• After-tax cash flow: $2,301/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: Symmes Valley Local
• NCES district ID: 3904796
• Math proficiency: 50% ▼ -15.00%
• Reading proficiency: 50% ▼ -9.00%
• Median HH income: $44,780
• Composite: 42.29/100
• National rank: #3265
• State rank: #442 of 656 in OH

Livability — Chesapeake

• Score: 86/100
• State rank: #39
• US rank: #392

Category grades

Amenities A+ Commute A+ Cost of living A+ Crime A+ Employment C- Housing A Health & safety A+ User ratings C-

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Lawrence · 57,020 people
• Metro: Huntington-Ashland, WV-KY-OH
• Population (ZIP): 951
• Household income: $31,016
• Rent vs Own: 38.2% rent · 61.8% own

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 57,915 people
• By 2030: 55,650 · -3.9%
• By 2040: 50,523 · -12.8%
• By 2050: 45,103 · -22.1%
• By 2075: 32,441 · -44.0%
• By 2100: 21,754 · -62.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 3%
• Common ancestry: Lithuanian 7% Serbian 3% Scottish 3%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+50.5) · D 24.4% · R 74.9%
• 2008→2024 swing: -35.2pp toward R · 2008: -15.3pp · 2024: -50.5pp
• All cycles: 2024: R+50.5 2020: R+45.6 2016: R+43.9 2012: R+15.5 2008: R+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.70%
• Current HPI: 191.0829
• 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

+212.5% since first listed

5 events — show timeline

• 2026-05-12 Pending — HBRMLS
• 2026-04-24 Relisted — HBRMLS
• 2026-04-03 Pending — HBRMLS
• 2026-03-25 Listed $100,000 HBRMLS
• 2022-02-23 Sold (Public Records) $32,000 Public Records

Property tax history

+1.0%/yr

Latest (2021): $59 · +0.1% YoY. Source: county tax records.