456 N 8th St

McConnelsville, OH 43756

$124,900C+

2 bd · 1.5 ba · 1,344 sqft · Built 1900 · SingleFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,110/mo
• Mortgage (P&I): −$655
• Tax + insurance: −$105
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $117/mo
• Annual: $1,402/yr
• Cap rate: 7.42%
• Cash-on-cash: 4.01%
• DSCR: 1.18
• 1% rule: 0.89%
• Cash to close: $34,972

Investor read

• This is a 2-bed/1.5-bath single-family listed at $125k.
• At list price, monthly cash flow is $117 ($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 $111k (11.2% below list).
• It's been on market 76 days — a 6% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (11.2% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($864 loan paydown + $5k appreciation (4.4% local appreciation)).
• Location reads 66/100 on livability (#648 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, schools B; Watch: health & safety C-, amenities F, commute F.
• Morgan Local (rural): math 46% / reading 60% proficiency, ranked #420 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; 34 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (4.4% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 11% 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.
• 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?
• 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.