73 Cherry St

Vincent, OH 45784

$119,900C

4 bd · 1.0 ba · 1,152 sqft · Built 1951 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,109/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $83/mo
• Annual: $993/yr
• Cap rate: 7.12%
• Cash-on-cash: 2.96%
• DSCR: 1.13
• 1% rule: 0.92%
• Cash to close: $33,572

Investor read

• This is a 4-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $83 ($993/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 $111k (7.5% below list).
• It's been on market 20 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (7.5% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($829 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#456 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A; Watch: crime C-, health & safety D, amenities F.
• Warren Local (rural): math 57% / reading 67% proficiency, ranked #253 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Warren Elementary School (math 69% / reading 65%, grade B+, #456 of 1,584 statewide, top 31%, 781 students, 37% FRL); Warren Middle School (math 56% / reading 69%, grade B+, #238 of 654 statewide, top 37%, 651 students, 35% FRL); Warren High School (math 37% / reading 67%, grade D+, #343 of 781 statewide, top 47%, 577 students, 33% FRL) — zoned schools at 35% FRL track the district average.
• Watch-outs: built in 1951 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; solid renter incomes; 3 units permitted in Washington County in 2024 (0 in 5+ unit buildings).
• Washington County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 12y 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 $89k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent is only 17% of the median local income ($80k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1951 — 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.
• 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.
• 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.