24719 Stony Ridge Rd

Stony Ridge, OH 43551

$265,000D+

5 bd · 1.5 ba · 2,088 sqft · Built 1907 · SingleFamily · Pending · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,186/mo
• Mortgage (P&I): −$1,390
• Tax + insurance: −$298
• HOA: −$0
• Vac / Maint / Mgmt: −$459
• Net cashflow: $39/mo
• Annual: $472/yr
• Cap rate: 6.47%
• Cash-on-cash: 0.64%
• DSCR: 1.03
• 1% rule: 0.82%
• Cash to close: $74,200

Investor read

• This is a 5-bed/1.5-bath single-family listed at $265k.
• At list price, monthly cash flow is $39 ($472/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $219k (17.5% below list).
• It's been on market 32 days — a 3% lower offer ($257k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $219k (17.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#934 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, employment B; Watch: crime C-, amenities F, commute F.
• Eastwood Local (rural): math 74% / reading 81% proficiency, ranked #69 of 656 in OH (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 19% free/reduced lunch — higher-income household profile.
• Zoned schools: Eastwood Elementary School (math 82% / reading 83%, grade A+, #106 of 1,584 statewide, top 7%, 698 students, 26% FRL); Eastwood Middle School (math 65% / reading 76%, grade A, #131 of 654 statewide, top 21%, 345 students, 26% FRL); Eastwood I High School (math 77% / reading 87%, grade A, #23 of 781 statewide, top 3%, 412 students, 14% FRL) — zoned schools at 22% FRL track the district average.
• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.3%/yr); 231 active listings in the ZIP; solid renter incomes; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 19y 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.

Questions for listing agent

• It's been on market 32 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1907 — 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?
• 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.