204 Warren St

Botkins, OH 45306

$100F

3 bd · 1.5 ba · 1,230 sqft · Built 1975 · SingleFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,157/mo
• Mortgage (P&I): −$1,058
• Tax + insurance: −$336
• HOA: −$0
• Vac / Maint / Mgmt: −$243
• Net cashflow: $-480/mo
• Annual: $-5,763/yr
• Cap rate: 3.44%
• Cash-on-cash: -10.20%
• DSCR: 0.55
• 1% rule: 0.57%
• Cash to close: $56,482

Investor read

• This is a 3-bed/1.5-bath single-family listed at $100.
• At list price, monthly cash flow is $-480 ($-6k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $100).
• It's been on market 25 days — a 2% lower offer ($98) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $98 (2.0% below list) — sets the bar for market timing.
• Local home prices are declining (-2.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#454 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Botkins Local (rural): math 83% / reading 81% proficiency, ranked #46 of 656 in OH (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3025.8% of price.
• Market conditions: 4 active listings in the ZIP; solid renter incomes; 337 units permitted in Shelby County in 2024 (216 in 5+ unit buildings).
• Shelby County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• This rent is only 16% of the median local income ($86k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?
• 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.