12152 Third Ave

Highpoint, OH 45249

$145,000B

2 bd · 1.0 ba · 939 sqft · Built 1920 · SingleFamily · Active · 438 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,840/mo
• Mortgage (P&I): −$760
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$386
• Net cashflow: $465/mo
• Annual: $5,574/yr
• Cap rate: 10.14%
• Cash-on-cash: 13.73%
• DSCR: 1.61
• 1% rule: 1.27%
• Cash to close: $40,600

Investor read

• This is a 2-bed/1.0-bath single-family listed at $145k.
• At list price, monthly cash flow is $465 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• It's been on market 438 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#303 in OH, #4,872 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Princeton City (suburban): math 34% / reading 43% proficiency, ranked #542 of 656 in OH (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Princeton Community Middle School (math 28% / reading 38%, grade F, #553 of 654 statewide, top 85%, 1,290 students, 62% FRL) — zoned schools at 62% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-2.2%/yr); 37 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 10 sale attempts since 19y 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 $75k; list at $145k implies a 93% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 438 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.