274 N 8th St

McConnelsville, OH 43756

$72,000B+

2 bd · 1.5 ba · 1,488 sqft · Built 1902 · SingleFamily · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,074/mo
• Mortgage (P&I): −$378
• Tax + insurance: −$547
• HOA: −$0
• Vac / Maint / Mgmt: −$226
• Net cashflow: $-76/mo
• Annual: $-912/yr
• Cap rate: 12.13%
• Cash-on-cash: 20.86%
• DSCR: 1.93
• 1% rule: 1.49%
• Cash to close: $20,160

Investor read

• This is a 2-bed/1.5-bath single-family listed at $72k.
• At list price, monthly cash flow is $-76 ($-912/yr) — negative.
• To cash-flow at today's rent, offer at most $59k (18.7% below list).
• Meets the 1% rule at list price ($1k rent vs $72k).
• It's been on market 97 days — a 9% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (18.7% below list) — sets the bar for cash-flow.
• In year one you build about $4k of equity ($498 loan paydown + $3k appreciation (4.4% local appreciation)).
• Location reads 66/100 on livability (#648 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, schools B; Watch: health & safety C-, amenities F, commute F.
• Morgan Local (rural): math 46% / reading 60% proficiency, ranked #420 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo; built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 34 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $18k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $72k implies a 71% gain — meaningful room to come down on a strong offer.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

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?
• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1902 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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.