106 W Gay St

Somerset, OH 43783

$1D+

3 bd · 2.0 ba · 2,218 sqft · Built 1900 · SingleFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,266/mo
• Mortgage (P&I): −$0
• Tax + insurance: −$0
• HOA: −$0
• Vac / Maint / Mgmt: −$266
• Net cashflow: $1,000/mo
• Annual: $12,000/yr
• Cap rate: 1200042.76%
• Cash-on-cash: 4285844.53%
• DSCR: 190696.96
• 1% rule: 126587.00%
• Cash to close: $0

Investor read

• This is a 3-bed/2.0-bath single-family listed at $1.
• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• It's been on market 21 days — a 2% lower offer ($0) is reasonable based on typical stale-listing flexibility.
• Local home prices are declining (-3.0%/yr); year-one equity from $0 of loan paydown is wiped out by about $0 of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#415 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities F.
• Northern Local (rural): math 56% / reading 64% proficiency, ranked #284 of 656 in OH (top 43%) — 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: 29 active listings in the ZIP; 35 units permitted in Perry County in 2024 (0 in 5+ unit buildings).
• Perry County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $0 cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• Built in 1900 — 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.