221 N Madriver St

Bellefontaine, OH 43311

$184,900C-

4 bd · 1.5 ba · 2,200 sqft · Built 1920 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,700/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$312
• HOA: −$0
• Vac / Maint / Mgmt: −$357
• Net cashflow: $61/mo
• Annual: $736/yr
• Cap rate: 6.69%
• Cash-on-cash: 1.42%
• DSCR: 1.06
• 1% rule: 0.92%
• Cash to close: $51,772

Investor read

• This is a 4-bed/1.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $61 ($736/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 $170k (8.1% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $170k (8.1% 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 76/100 on livability (#213 in OH, #3,316 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bellefontaine City (town): math 55% / reading 59% proficiency, ranked #348 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bellefontaine Elementary School (557 students, 50% FRL); Bellefontaine Middle School (math 55% / reading 54%, grade B-, #342 of 654 statewide, top 54%, 494 students, 45% FRL); Bellefontaine High School (math 42% / reading 67%, grade C-, #303 of 781 statewide, top 42%, 692 students, 41% FRL) — zoned schools at 45% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 152 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 6.7% vs local median 3.7% in Bellefontaine — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 32% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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.