4711 Walnut Rd Lot J7

Buckeye Lake, OH 43008

$88,000A

3 bd · 2.0 ba · 1,216 sqft · Built 2022 · Other · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$461
• Tax + insurance: −$147
• HOA: −$495
• Vac / Maint / Mgmt: −$420
• Net cashflow: $477/mo
• Annual: $5,722/yr
• Cap rate: 12.80%
• Cash-on-cash: 23.22%
• DSCR: 2.03
• 1% rule: 2.27%
• Cash to close: $24,640

Investor read

• This is a 3-bed/2.0-bath other listed at $88k. Condition is rated good.
• At list price, monthly cash flow is $477 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• It's been on market 79 days — a 6% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $83k (6.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($608 loan paydown + $4k appreciation (4.1% local appreciation)).
• Location reads 66/100 on livability (#671 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, schools F, amenities F.
• Lakewood Local (rural): math 44% / reading 49% proficiency, ranked #481 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: HOA is 25% of rent.
• Market conditions: 31 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).
• At projected returns (4.1% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 12.8% vs local median 1.1% in Buckeye Lake — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• It's been on market 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?
• 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.