430 S Sandusky Ave

Upper Sandusky, OH 43351

$135,000C

4 bd · 1.5 ba · 2,188 sqft · Built 1900 · SingleFamily · Active · 426 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,112/mo
• Mortgage (P&I): −$708
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$233
• Net cashflow: $-14/mo
• Annual: $-172/yr
• Cap rate: 6.17%
• Cash-on-cash: -0.45%
• DSCR: 0.98
• 1% rule: 0.82%
• Cash to close: $37,800

Investor read

• This is a 4-bed/1.5-bath single-family listed at $135k.
• At list price, monthly cash flow is $-14 ($-172/yr) — negative.
• To cash-flow at today's rent, offer at most $132k (1.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $111k (17.6% below list).
• It's been on market 426 days — a 12% lower offer ($119k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $111k (17.6% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($933 loan paydown + $4k appreciation (2.9% local appreciation)).
• Location reads 75/100 on livability (#248 in OH, #3,965 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.
• Upper Sandusky Exempted Village (town): math 60% / reading 64% proficiency, ranked #268 of 656 in OH (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 20 units permitted in Wyandot County in 2024 (0 in 5+ unit buildings).
• Wyandot County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 15y 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.
• Current owner paid $34k; list at $135k implies a 297% gain — meaningful room to come down on a strong offer.
• At projected returns (2.9% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.2% vs local median 3.6% in Upper Sandusky — 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 426 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• Schools are B-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?
• 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.