866 North St

Greenfield, OH 45123

$109,000C

2 bd · 1.5 ba · 1,218 sqft · Built 1953 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,029/mo
• Mortgage (P&I): −$572
• Tax + insurance: −$132
• HOA: −$0
• Vac / Maint / Mgmt: −$216
• Net cashflow: $109/mo
• Annual: $1,306/yr
• Cap rate: 7.49%
• Cash-on-cash: 4.28%
• DSCR: 1.19
• 1% rule: 0.94%
• Cash to close: $30,520

Investor read

• This is a 2-bed/1.5-bath single-family listed at $109k.
• At list price, monthly cash flow is $109 ($1k/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 $103k (5.6% below list).
• It's been on market 45 days — a 3% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $103k (5.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $754 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#364 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Greenfield Exempted Village (town): math 56% / reading 56% proficiency, ranked #375 of 656 in OH (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenfield Middle School (math 53% / reading 53%, grade C+, #372 of 654 statewide, top 58%, 402 students, 59% FRL); Mcclain High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 537 students, 46% FRL) — zoned schools at 52% FRL track the district average.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 20 units permitted in Highland County in 2024 (0 in 5+ unit buildings).
• Highland County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts; this cycle's ask has dropped $11k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $109k implies a 56% gain — meaningful room to come down on a strong offer.
• Cap rate 7.5% vs local median 3.6% in Greenfield — 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 45 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1953 — 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.