1218 S Main St

Washington Court House, OH 43160

$79,900D+

2 bd · 1.0 ba · 1,056 sqft · Built 1945 · SingleFamily · Active · 447 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $906/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$240
• HOA: −$0
• Vac / Maint / Mgmt: −$190
• Net cashflow: $56/mo
• Annual: $675/yr
• Cap rate: 7.14%
• Cash-on-cash: 3.02%
• DSCR: 1.13
• 1% rule: 1.13%
• Cash to close: $22,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $56 ($675/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($906 rent vs $80k).
• It's been on market 447 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% 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 77/100 on livability (#191 in OH, #2,912 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment D-.
• Washington Court House City (town): math 54% / reading 54% proficiency, ranked #409 of 656 in OH (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: property tax is 3.1% of price; built in 1945 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 118 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 71 units permitted in Fayette County in 2024 (0 in 5+ unit buildings).
• Fayette County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts; this cycle's ask has dropped $70k (47%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 7.1% vs local median 2.6% in Washington Court House — 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.

Questions for listing agent

• It's been on market 447 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1945 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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?
• 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.