2444 S 10th

Ironton, OH 45638

$139,900D

3 bd · 1.0 ba · 1,164 sqft · Built 1930 · SingleFamily · Active · 41 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,069/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$224
• Net cashflow: $-3/mo
• Annual: $-38/yr
• Cap rate: 6.27%
• Cash-on-cash: -0.10%
• DSCR: 1.00
• 1% rule: 0.76%
• Cash to close: $39,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $140k.
• At list price, monthly cash flow is $-3 ($-38/yr) — negative.
• To cash-flow at today's rent, offer at most $139k (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $107k (23.6% below list).
• It's been on market 41 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $107k (23.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#354 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment D-.
• Ironton City School District (suburban): math 54% / reading 58% proficiency, ranked #382 of 656 in OH (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 84 active listings in the ZIP; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• Lawrence County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $139.76M (100%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $25k; list at $140k implies a 460% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 5.1% in Ironton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• It's been on market 41 days. Have you received any prior offers? Is the seller open to a 24% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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 B-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.