5123 4th Ave

Andover, OH 44003

$165,000D-

2 bd · 1.0 ba · 1,344 sqft · Built 1965 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,111/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $-178/mo
• Annual: $-2,140/yr
• Cap rate: 5.00%
• Cash-on-cash: -4.63%
• DSCR: 0.79
• 1% rule: 0.67%
• Cash to close: $46,200

Investor read

• This is a 2-bed/1.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $133k (19.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (32.7% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $111k (32.7% 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 $5k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#714 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, health & safety D, amenities F.
• Pymatuning Valley Local (rural): math 53% / reading 52% proficiency, ranked #418 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Pymatuning Valley Primary Elementary School (math 77% / reading 47%, grade B, #590 of 1,584 statewide, top 41%, 431 students, 0% FRL); Pymatuning Valley Middle School (math 53% / reading 54%, grade C+, #362 of 654 statewide, top 57%, 331 students, 63% FRL); Pymatuning Valley High School (math 17% / reading 52%, grade F, #582 of 781 statewide, top 76%, 351 students, 53% FRL).
• Market conditions: 24 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 2y 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 $131k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 1965 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.