2288 W High St NE Lot 40

Hanover, OH 43055

$77,800C

3 bd · 2.0 ba · 1,056 sqft · Built 2025 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,417/mo
• Mortgage (P&I): −$408
• Tax + insurance: −$130
• HOA: −$500
• Vac / Maint / Mgmt: −$298
• Net cashflow: $82/mo
• Annual: $985/yr
• Cap rate: 7.56%
• Cash-on-cash: 4.52%
• DSCR: 1.20
• 1% rule: 1.82%
• Cash to close: $21,784

Investor read

• This is a 3-bed/2.0-bath single-family listed at $78k. Condition is rated good.
• At list price, monthly cash flow is $82 ($985/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $78k).
• It's been on market 28 days — a 2% lower offer ($77k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $77k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $538 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#402 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: schools C-, amenities F, commute F.
• Licking Valley Local (rural): math 56% / reading 54% proficiency, ranked #360 of 656 in OH (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: HOA is 35% of rent.
• Market conditions: Rents rising (+1.6%/yr); 204 active listings in the ZIP; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.