9971 Greathouse Rd

Winchester, OH 45697

$129,999D+

3 bd · 2.0 ba · 1,216 sqft · Built 2000 · Land · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,093/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$217
• HOA: −$0
• Vac / Maint / Mgmt: −$230
• Net cashflow: $-35/mo
• Annual: $-416/yr
• Cap rate: 5.97%
• Cash-on-cash: -1.14%
• DSCR: 0.95
• 1% rule: 0.84%
• Cash to close: $36,400

Investor read

• This is a 3-bed/2.0-bath land listed at $130k.
• At list price, monthly cash flow is $-35 ($-416/yr) — negative.
• To cash-flow at today's rent, offer at most $125k (3.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $109k (15.9% below list).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $109k (15.9% below list) — sets the bar for 1% rule.
• In year one you build about $14k of equity ($899 loan paydown + $13k appreciation (10.0% local appreciation)).
• Location reads 74/100 on livability (#289 in OH, #4,753 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Eastern Local (rural): math 51% / reading 61% proficiency, ranked #350 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 16 active listings in the ZIP; solid renter incomes; 147 units permitted in Brown County in 2024 (0 in 5+ unit buildings).
• Brown County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y 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 $59k; list at $130k implies a 120% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent is only 17% of the median local income ($75k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• 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.
• 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.