201 E South St

Anna, OH 45302

$184,000C-

3 bd · 1.0 ba · 1,667 sqft · Built 1949 · SingleFamily · Active · 23 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,525/mo
• Mortgage (P&I): −$965
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $81/mo
• Annual: $970/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.88%
• DSCR: 1.08
• 1% rule: 0.83%
• Cash to close: $51,520

Investor read

• This is a 3-bed/1.0-bath single-family listed at $184k.
• At list price, monthly cash flow is $81 ($970/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (17.1% below list).
• It's been on market 23 days — a 2% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $152k (17.1% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#276 in OH, #4,538 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Anna Local (rural): math 78% / reading 84% proficiency, ranked #44 of 656 in OH (top 7%) — strong family-tenant draw, lease renewals of 3-5y typical; only 12% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 337 units permitted in Shelby County in 2024 (216 in 5+ unit buildings).
• Shelby County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 8y 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 $130k; 42% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Questions for listing agent

• Built in 1949 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.