174 Crabapple Dr

Apple Valley, OH 43028

$155,000C-

3 bd · 2.0 ba · 1,232 sqft · Built 1996 · SingleFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,450/mo
• Mortgage (P&I): −$813
• Tax + insurance: −$292
• HOA: −$31
• Vac / Maint / Mgmt: −$304
• Net cashflow: $10/mo
• Annual: $119/yr
• Cap rate: 6.37%
• Cash-on-cash: 0.27%
• DSCR: 1.01
• 1% rule: 0.94%
• Cash to close: $43,400

Investor read

• This is a 3-bed/2.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $10 ($119/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 $145k (6.5% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $145k (6.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#700 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools D-, amenities F, commute F.
• East Knox Local (rural): math 55% / reading 62% proficiency, ranked #302 of 656 in OH (top 46%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 115 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 195 units permitted in Knox County in 2024 (0 in 5+ unit buildings).
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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 $129k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.4% vs local median 2.0% in Apple Valley — 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.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-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.