385 Grant St

Harveysburg, OH 45032

$125,000B-

3 bd · 2.0 ba · 1,344 sqft · Built 2000 · SingleFamily · Pending · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,252/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$166
• HOA: −$0
• Vac / Maint / Mgmt: −$263
• Net cashflow: $167/mo
• Annual: $2,004/yr
• Cap rate: 7.90%
• Cash-on-cash: 5.72%
• DSCR: 1.25
• 1% rule: 1.00%
• Cash to close: $35,000

Investor read

• This is a 3-bed/2.0-bath single-family listed at $125k.
• At list price, monthly cash flow is $167 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 118 days — a 9% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $114k (9.0% below list) — sets the bar for market timing.
• In year one you build about $10k of equity ($864 loan paydown + $9k appreciation (7.0% local appreciation)).
• Location reads 65/100 on livability (#723 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D-, amenities F, commute F.
• Clinton-Massie Local (rural): math 57% / reading 63% proficiency, ranked #257 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 1 active listings in the ZIP; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 8y ago; this cycle's ask has dropped $45k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (7.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• 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 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.