9800 Williams Rd

Lake Milton, OH 44412

$118,000C-

3 bd · 1.5 ba · 2,112 sqft · Built 1975 · SingleFamily · Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,236/mo
• Mortgage (P&I): −$619
• Tax + insurance: −$204
• HOA: −$0
• Vac / Maint / Mgmt: −$260
• Net cashflow: $154/mo
• Annual: $1,848/yr
• Cap rate: 7.86%
• Cash-on-cash: 5.59%
• DSCR: 1.25
• 1% rule: 1.05%
• Cash to close: $33,040

Investor read

• This is a 3-bed/1.5-bath single-family listed at $118k.
• At list price, monthly cash flow is $154 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $118k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $816 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#1,045 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: amenities F, commute F, employment D-.
• Southeast Local (rural): math 54% / reading 58% proficiency, ranked #334 of 656 in OH (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Southeast Intermediate Elementary School (math 62% / reading 54%, grade C+, #714 of 1,584 statewide, top 45%, 336 students, 0% FRL); Southeast Junior High School (math 53% / reading 59%, grade B-, #316 of 654 statewide, top 49%, 353 students, 43% FRL); Southeast High School (math 37% / reading 67%, grade D+, #343 of 781 statewide, top 47%, 386 students, 32% FRL).
• Market conditions: 13 active listings in the ZIP; solid renter incomes; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• Cap rate 7.9% vs local median 1.8% in Lake Milton — 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.
• This rent is only 15% of the median local income ($102k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1975 — 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.
• 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.