1060 Little Creek Dr

Perrysburg, OH 43551

$279,900D-

3 bd · 2.5 ba · 1,190 sqft · Built 1994 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,170/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$487
• HOA: −$0
• Vac / Maint / Mgmt: −$456
• Net cashflow: $-240/mo
• Annual: $-2,882/yr
• Cap rate: 5.26%
• Cash-on-cash: -3.68%
• DSCR: 0.84
• 1% rule: 0.78%
• Cash to close: $78,372

Investor read

• This is a 3-bed/2.5-bath single-family listed at $280k.
• At list price, monthly cash flow is $-240 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $237k (15.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (22.5% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $217k (22.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 91/100 on livability (#6 in OH, #52 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, employment A+; Watch: commute F.
• Perrysburg Exempted Village (suburban): math 79% / reading 83% proficiency, ranked #41 of 656 in OH (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 8% free/reduced lunch — higher-income household profile.
• Zoned schools: Fort Meigs Elementary School (math 86% / reading 83%, grade A+, #68 of 1,584 statewide, top 6%, 596 students, 6% FRL); Perrysburg High School (math 69% / reading 83%, grade A-, #63 of 781 statewide, top 8%, 1,636 students, 9% FRL) — zoned schools at 7% FRL track the district average.
• Market conditions: Rents rising fast (+7.3%/yr); 235 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 6 sale attempts since 11y ago; this cycle's ask is 17% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $240k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 5.3% vs local median 2.3% in Perrysburg — 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?
• 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?
• 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.