941 E Elm St

Union City, OH 45390

$39,900A-

2 bd · 2.5 ba · 1,120 sqft · Built 1930 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $841/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$78
• HOA: −$0
• Vac / Maint / Mgmt: −$177
• Net cashflow: $377/mo
• Annual: $4,521/yr
• Cap rate: 17.62%
• Cash-on-cash: 40.47%
• DSCR: 2.80
• 1% rule: 2.11%
• Cash to close: $11,172

Investor read

• This is a 2-bed/2.5-bath single-family listed at $40k.
• At list price, monthly cash flow is $377 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($841 rent vs $40k).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $4k of equity ($276 loan paydown + $4k 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: health & safety C-, amenities F, commute 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.
• Zoned schools: Mississinawa Valley Elementary School (math 56% / reading 49%, grade C-, #846 of 1,584 statewide, top 54%, 316 students, 99% FRL); Mississinawa Valley Jr/Sr High School (math 57% / reading 57%, grade C, #275 of 781 statewide, top 37%, 280 students, 0% FRL) — zoned schools average 50% FRL vs 70% district-wide (20 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1930 — 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.