33436 Township Road 518

Nellie, OH 43843

$199,000D

5 bd · 1.0 ba · 1,560 sqft · Built 1910 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,389/mo
• Mortgage (P&I): −$1,044
• Tax + insurance: −$161
• HOA: −$0
• Vac / Maint / Mgmt: −$292
• Net cashflow: $-108/mo
• Annual: $-1,295/yr
• Cap rate: 5.64%
• Cash-on-cash: -2.32%
• DSCR: 0.90
• 1% rule: 0.70%
• Cash to close: $55,720

Investor read

• This is a 5-bed/1.0-bath single-family listed at $199k.
• At list price, monthly cash flow is $-108 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $180k (9.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (30.2% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $139k (30.2% below list) — sets the bar for 1% rule.
• In year one you build about $20k of equity ($1k loan paydown + $19k appreciation (9.5% local appreciation)).
• Location reads 54/100 on livability (#1,143 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, employment F.
• River View Local (rural): math 52% / reading 56% proficiency, ranked #389 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Warsaw Elementary School (math 71% / reading 61%, grade B+, #505 of 1,584 statewide, top 32%, 447 students, 56% FRL); River View Middle School (math 47% / reading 51%, grade D, #422 of 781 statewide, top 54%, 258 students, 56% FRL); River View High School (math 27% / reading 52%, grade F, #528 of 781 statewide, top 71%, 485 students, 62% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 7 units permitted in Coshocton County in 2024 (0 in 5+ unit buildings).
• Coshocton County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 24y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $74k; list at $199k implies a 167% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 37% of the median local income ($45k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1910 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.