437 Warwick Ave

Zanesville, OH 43701

$49,000B+

2 bd · 1.5 ba · 702 sqft · Built 1901 · SingleFamily · Active · 63 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $897/mo
• Mortgage (P&I): −$257
• Tax + insurance: −$79
• HOA: −$0
• Vac / Maint / Mgmt: −$188
• Net cashflow: $373/mo
• Annual: $4,474/yr
• Cap rate: 15.42%
• Cash-on-cash: 32.61%
• DSCR: 2.45
• 1% rule: 1.83%
• Cash to close: $13,720

Investor read

• This is a 2-bed/1.5-bath single-family listed at $49k.
• At list price, monthly cash flow is $373 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($897 rent vs $49k).
• It's been on market 63 days — a 6% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $46k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#290 in OH, #4,764 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D, commute F, employment F.
• Zanesville City (town): math 29% / reading 38% proficiency, ranked #570 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: National Road (math 47% / reading 42%, grade F, #991 of 1,584 statewide, top 64%, 335 students, 0% FRL); Zanesville Middle School (math 21% / reading 30%, grade F, #588 of 654 statewide, top 90%, 464 students, 0% FRL); Zanesville High School (math 17% / reading 32%, grade F, #644 of 781 statewide, top 85%, 691 students, 0% FRL) — zoned schools average 0% FRL vs 73% district-wide (73 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 300 active listings in the ZIP; 140 units permitted in Muskingum County in 2024 (100 in 5+ unit buildings).
• Muskingum County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $16k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $14k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.4% vs local median 3.2% in Zanesville — 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.

Questions for listing agent

• It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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?
• 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.