E477 County Road 16

Holgate, OH 43527

$139,900D+

2 bd · 1.0 ba · 1,102 sqft · Built 1900 · SingleFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $978/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$155
• HOA: −$0
• Vac / Maint / Mgmt: −$205
• Net cashflow: $-116/mo
• Annual: $-1,392/yr
• Cap rate: 5.30%
• Cash-on-cash: -3.55%
• DSCR: 0.84
• 1% rule: 0.70%
• Cash to close: $39,172

Investor read

• This is a 2-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-116 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (14.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $98k (30.1% below list).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $98k (30.1% below list) — sets the bar for 1% rule.
• In year one you build about $15k of equity ($967 loan paydown + $14k appreciation (10.0% local appreciation)).
• Location reads 72/100 on livability (#394 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Holgate Local (rural): math 76% / reading 73% proficiency, ranked #106 of 656 in OH (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Holgate Elementary School (math 82% / reading 77%, grade A, #173 of 1,584 statewide, top 12%, 165 students, 0% FRL); Holgate High School (math 72% / reading 72%, grade B+, #89 of 781 statewide, top 12%, 235 students, 46% FRL) — zoned schools average 23% FRL vs 42% district-wide (19 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 18 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• Henry County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 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 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.
• 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.