47797 Cadiz Harrisville Rd

Adena, OH 43907

$27,000B-

3 bd · 2.0 ba · 1,784 sqft · Built 1930 · SingleFamily · Pending · 92 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,022/mo
• Mortgage (P&I): −$142
• Tax + insurance: −$62
• HOA: −$0
• Vac / Maint / Mgmt: −$215
• Net cashflow: $604/mo
• Annual: $7,245/yr
• Cap rate: 33.13%
• Cash-on-cash: 95.83%
• DSCR: 5.26
• 1% rule: 3.78%
• Cash to close: $7,560

Investor read

• This is a 3-bed/2.0-bath single-family listed at $27k.
• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $27k).
• It's been on market 92 days — a 9% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $25k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $187 of loan paydown is wiped out by about $810 of value loss. Plan a longer hold.
• Location reads 60/100 on livability (#978 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D, amenities F, commute F.
• Harrison Hills City (rural): math 35% / reading 51% proficiency, ranked #522 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrison Central Elementary School (math 37% / reading 54%, grade D-, #980 of 1,584 statewide, top 62%, 807 students, 51% FRL); Harrison Central Jr./Sr. High School (math 32% / reading 48%, grade F, #522 of 781 statewide, top 67%, 599 students, 41% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 1 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).
• Harrison County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $5k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~2 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.
• 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?
• 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.