5085 State Route 590

Rocky Ridge, OH 43449

$120,000C

3 bd · 1.5 ba · 2,016 sqft · Built 1971 · SingleFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,242/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$251
• HOA: −$0
• Vac / Maint / Mgmt: −$261
• Net cashflow: $102/mo
• Annual: $1,219/yr
• Cap rate: 7.31%
• Cash-on-cash: 3.63%
• DSCR: 1.16
• 1% rule: 1.04%
• Cash to close: $33,600

Investor read

• This is a 3-bed/1.5-bath single-family listed at $120k.
• At list price, monthly cash flow is $102 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• It's been on market 17 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $830 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 58/100 on livability (#1,040 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: crime D+, amenities F, commute F.
• Benton Carroll Salem Local (town): math 79% / reading 76% proficiency, ranked #74 of 656 in OH (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: R C Waters Elementary School (math 82% / reading 67%, grade A, #272 of 1,584 statewide, top 19%, 374 students, 32% FRL); Oak Harbor Middle School (math 81% / reading 75%, grade A+, #61 of 654 statewide, top 10%, 326 students, 32% FRL); Oak Harbor High School (math 75% / reading 80%, grade A-, #52 of 781 statewide, top 7%, 673 students, 25% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: 43 active listings in the ZIP; 128 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• Built in 1971 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.