311 S Walnut St

New Bremen, OH 45869

$135,000D

3 bd · 1.0 ba · 1,701 sqft · Built 1926 · SingleFamily · Under Contract · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,126/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$225
• HOA: −$0
• Vac / Maint / Mgmt: −$236
• Net cashflow: $-43/mo
• Annual: $-521/yr
• Cap rate: 5.91%
• Cash-on-cash: -1.38%
• DSCR: 0.94
• 1% rule: 0.83%
• Cash to close: $37,800

Investor read

• This is a 3-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $-43 ($-521/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (5.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $113k (16.6% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $113k (16.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#123 in OH, #1,806 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• New Bremen Local (town): math 91% / reading 82% proficiency, ranked #25 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: New Bremen Elementary School (math 94% / reading 90%, grade A+, #13 of 1,584 statewide, top 1%, 428 students, 0% FRL); New Bremen High School (math 87% / reading 72%, grade A-, #35 of 781 statewide, top 6%, 398 students, 11% FRL) — zoned schools at 6% FRL track the district average.
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 51 active listings in the ZIP; solid renter incomes; 121 units permitted in Auglaize County in 2024 (0 in 5+ unit buildings).
• Auglaize County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $44k; list at $135k implies a 210% gain — meaningful room to come down on a strong offer.
• This rent is only 15% of the median local income ($89k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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 1926 — 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?
• 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.