246 S Lawn Ave

Bluffton, OH 45817

$199,000C

3 bd · 1.0 ba · 1,257 sqft · Built 1920 · SingleFamily · Contingent · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,902/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$194
• HOA: −$0
• Vac / Maint / Mgmt: −$399
• Net cashflow: $265/mo
• Annual: $3,181/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.71%
• DSCR: 1.25
• 1% rule: 0.96%
• Cash to close: $55,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $265 ($3k/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 $190k (4.4% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $190k (4.4% 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 $6k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#7 in OH, #68 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F.
• Bluffton Exempted Village (town): math 79% / reading 77% proficiency, ranked #63 of 656 in OH (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Bluffton Elementary School (math 90% / reading 84%, grade A+, #44 of 1,584 statewide, top 3%, 542 students, 0% FRL); Bluffton Middle School (math 70% / reading 70%, grade A, #136 of 654 statewide, top 22%, 283 students, 58% FRL); Bluffton High School (math 72% / reading 82%, grade A-, #56 of 781 statewide, top 8%, 379 students, 16% FRL) — zoned schools at 25% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 22 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y ago 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 $28k; list at $199k implies a 623% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1920 — 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 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?
• 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.