5850 Road 24

Continental, OH 45831

$79,900B

3 bd · 1.0 ba · 1,257 sqft · Built 1956 · SingleFamily · Active · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,058/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$127
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $289/mo
• Annual: $3,472/yr
• Cap rate: 10.64%
• Cash-on-cash: 15.52%
• DSCR: 1.69
• 1% rule: 1.32%
• Cash to close: $22,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $289 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 24 days — a 2% lower offer ($79k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $79k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#307 in OH, #4,964 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Continental Local (rural): math 78% / reading 78% proficiency, ranked #73 of 656 in OH (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Continental Local Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 265 students, 34% FRL); Continental Local High School (math 67% / reading 82%, grade B+, #69 of 781 statewide, top 10%, 185 students, 40% FRL) — zoned schools at 37% FRL track the district average.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 41 units permitted in Putnam County in 2024 (0 in 5+ unit buildings).
• Putnam County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.
• This rent is only 17% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1956 — 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 A-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.