2354 Chestnut St

Steubenville, OH 43952

$104,900D+

2 bd · 1.0 ba · 768 sqft · Built 1949 · SingleFamily · Active · 318 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $871/mo
• Mortgage (P&I): −$550
• Tax + insurance: −$174
• HOA: −$0
• Vac / Maint / Mgmt: −$183
• Net cashflow: $-36/mo
• Annual: $-434/yr
• Cap rate: 6.51%
• Cash-on-cash: 0.79%
• DSCR: 1.04
• 1% rule: 0.83%
• Cash to close: $29,372

Investor read

• This is a 2-bed/1.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $-36 ($-434/yr) — negative.
• To cash-flow at today's rent, offer at most $99k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $87k (17.0% below list).
• It's been on market 318 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (17.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#214 in OH, #3,318 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities F, employment F.
• Steubenville City (urban): math 74% / reading 71% proficiency, ranked #150 of 656 in OH (top 23%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Pugliese Elementary West (math 92% / reading 92%, grade A+, #13 of 1,584 statewide, top 1%, 480 students, 0% FRL); Harding Middle School (math 68% / reading 61%, grade A-, #205 of 654 statewide, top 34%, 752 students, 0% FRL); Steubenville High School (math 72% / reading 77%, grade B+, #69 of 781 statewide, top 10%, 699 students, 0% FRL) — zoned schools average 0% FRL vs 54% district-wide (54 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 103 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 2 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts 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.
• Current owner paid $30k; list at $105k implies a 250% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.5% vs local median 5.2% in Steubenville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• It's been on market 318 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 A-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?