210 W State St

Athens, OH 45701

$185,000C-

5 bd · 2.0 ba · 1,840 sqft · Built 1900 · SingleFamily · Pending · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,707/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$344
• HOA: −$0
• Vac / Maint / Mgmt: −$358
• Net cashflow: $34/mo
• Annual: $412/yr
• Cap rate: 6.52%
• Cash-on-cash: 0.80%
• DSCR: 1.04
• 1% rule: 0.92%
• Cash to close: $51,800

Investor read

• This is a 5-bed/2.0-bath single-family listed at $185k.
• At list price, monthly cash flow is $34 ($412/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 $171k (7.8% below list).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $171k (7.8% 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 86/100 on livability (#37 in OH, #350 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment F.
• Athens City (town): math 50% / reading 61% proficiency, ranked #393 of 656 in OH (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Athens Middle School (math 62% / reading 67%, grade A-, #205 of 654 statewide, top 34%, 385 students, 46% FRL); Athens High School (math 52% / reading 72%, grade B-, #202 of 781 statewide, top 29%, 692 students, 40% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 112 active listings in the ZIP; 5 units permitted in Athens County in 2024 (0 in 5+ unit buildings).
• Athens County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts since 5y 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.
• Cap rate 6.5% vs local median 2.8% in Athens — 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.
• This rent runs 39% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1900 — 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.