1489 Hillgrove Woodington Rd

Union City, OH 45390

$220,000D

3 bd · 1.5 ba · 1,323 sqft · Built 1977 · SingleFamily · Pending · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$216
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $-440/mo
• Annual: $-5,286/yr
• Cap rate: 3.89%
• Cash-on-cash: -8.58%
• DSCR: 0.62
• 1% rule: 0.53%
• Cash to close: $61,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $220k.
• At list price, monthly cash flow is $-440 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $142k (35.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (46.6% below list).
• It's been on market 23 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (46.6% below list) — sets the bar for 1% rule.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#854 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: schools C-, health & safety C-, amenities F.
• Mississinawa Valley Local (rural): math 56% / reading 51% proficiency, ranked #405 of 656 in OH (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 15 active listings in the ZIP; 43 units permitted in Darke County in 2024 (0 in 5+ unit buildings).
• Darke County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 9y 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 $130k; list at $220k implies a 69% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 30% of the median local income ($47k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1977 — 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.
• 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.
• 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.