904 S Walnut St

Bucyrus, OH 44820

$112,900D+

3 bd · 1.0 ba · 1,232 sqft · Built 1904 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $935/mo
• Mortgage (P&I): −$592
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$196
• Net cashflow: $-7/mo
• Annual: $-83/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• 1% rule: 0.83%
• Cash to close: $31,612

Investor read

• This is a 3-bed/1.0-bath single-family listed at $113k.
• At list price, monthly cash flow is $-7 ($-83/yr) — negative.
• To cash-flow at today's rent, offer at most $112k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $93k (17.2% below list).
• It's been on market 64 days — a 6% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $93k (17.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $781 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#158 in OH, #2,388 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment D, amenities F, commute F.
• Bucyrus City (town): math 37% / reading 46% proficiency, ranked #537 of 656 in OH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 81 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 8 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 5y ago; this cycle's ask has dropped $10k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $113k implies a 57% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 4.4% in Bucyrus — 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

• 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 64 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
• Built in 1904 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• 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.