1033 Revere Dr

Bowling Green, OH 43402

$150,000C-

3 bd · 1.0 ba · 1,200 sqft · Built 1980 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,379/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$290
• Net cashflow: $37/mo
• Annual: $443/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.06%
• DSCR: 1.05
• 1% rule: 0.92%
• Cash to close: $42,000

Investor read

• This is a 3-bed/1.0-bath single-family listed at $150k.
• At list price, monthly cash flow is $37 ($443/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 $138k (8.0% below list).
• It's been on market 21 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $138k (8.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 90/100 on livability (#8 in OH, #71 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment F.
• Bowling Green City School District (town): math 40% / reading 58% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Conneaut Elementary School (math 43% / reading 65%, grade C, #829 of 1,584 statewide, top 53%, 419 students, 24% FRL); Bowling Green Middle School (math 41% / reading 53%, grade D+, #451 of 654 statewide, top 70%, 630 students, 32% FRL); Bowling Green High School (math 29% / reading 65%, grade D-, #435 of 781 statewide, top 59%, 807 students, 23% FRL) — zoned schools at 26% FRL track the district average.
• Market conditions: 105 active listings in the ZIP; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 4 sale attempts since 27y 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 $120k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 6.6% vs local median 2.6% in Bowling Green — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent runs 32% of the median local income ($52k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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.