3583 Austin Rd #20

Geneva, OH 44041

$45,400B-

3 bd · 1.0 ba · 896 sqft · Built 1972 · SingleFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,089/mo
• Mortgage (P&I): −$238
• Tax + insurance: −$76
• HOA: −$0
• Vac / Maint / Mgmt: −$229
• Net cashflow: $547/mo
• Annual: $6,562/yr
• Cap rate: 20.75%
• Cash-on-cash: 51.62%
• DSCR: 3.30
• 1% rule: 2.40%
• Cash to close: $12,712

Investor read

• This is a 3-bed/1.0-bath single-family listed at $45k. Condition is rated good.
• At list price, monthly cash flow is $547 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $45k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $314 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#291 in OH, #4,770 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F, employment F.
• Geneva Area City (town): math 52% / reading 60% proficiency, ranked #362 of 656 in OH (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Geneva Platt R. Spencer Elementary School (math 43% / reading 41%, grade F, #1,030 of 1,584 statewide, top 66%, 402 students, 0% FRL); Geneva Middle School (math 49% / reading 61%, grade B-, #335 of 654 statewide, top 52%, 511 students, 62% FRL); Geneva High School (math 47% / reading 62%, grade C-, #303 of 781 statewide, top 42%, 658 students, 63% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: 88 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• Ashtabula County population projected at -22% 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 $13k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.7% vs local median 4.5% in Geneva — 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

• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 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.