208 Olive St

Greenville, OH 45331

$103,500D-

2 bd · 1.0 ba · 1,440 sqft · Built 1900 · SingleFamily · Pending · 412 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $688/mo
• Mortgage (P&I): −$543
• Tax + insurance: −$137
• HOA: −$0
• Vac / Maint / Mgmt: −$144
• Net cashflow: $-137/mo
• Annual: $-1,641/yr
• Cap rate: 4.71%
• Cash-on-cash: -5.66%
• DSCR: 0.75
• 1% rule: 0.66%
• Cash to close: $28,980

Investor read

• This is a 2-bed/1.0-bath single-family listed at $104k.
• At list price, monthly cash flow is $-137 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $79k (23.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $69k (33.6% below list).
• It's been on market 412 days — a 12% lower offer ($91k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $69k (33.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $716 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#514 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Greenville City (town): math 49% / reading 50% proficiency, ranked #456 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 73 active listings in the ZIP; 2 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.
• 7 sale attempts since 10y ago; this cycle's ask has dropped $36k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $61k; list at $104k implies a 70% gain — meaningful room to come down on a strong offer.
• Cap rate 4.7% vs local median 3.9% in Greenville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• This rent is only 15% of the median local income ($54k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• It's been on market 412 days. Have you received any prior offers? Is the seller open to a 34% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.