178 E South St

Lithopolis, OH 43136

$269,900C+

4 bd · 2.0 ba · 1,560 sqft · Built 1914 · SingleFamily · Active · 13 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,511/mo
• Mortgage (P&I): −$1,415
• Tax + insurance: −$374
• HOA: −$0
• Vac / Maint / Mgmt: −$527
• Net cashflow: $194/mo
• Annual: $2,331/yr
• Cap rate: 7.16%
• Cash-on-cash: 3.08%
• DSCR: 1.14
• 1% rule: 0.93%
• Cash to close: $75,572

Investor read

• This is a 4-bed/2.0-bath single-family listed at $270k.
• At list price, monthly cash flow is $194 ($2k/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 $251k (7.0% below list).
• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $251k (7.0% below list) — sets the bar for 1% rule.
• In year one you build about $980 of equity ($2k loan paydown + $-886 appreciation (-0.3% local appreciation)).
• Location reads 76/100 on livability (#232 in OH, #3,655 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Bloom-Carroll Local (rural): math 58% / reading 71% proficiency, ranked #179 of 656 in OH (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 16% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 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 $145k; list at $270k implies a 86% gain — meaningful room to come down on a strong offer.
• Cap rate 7.2% vs local median 3.6% in Lithopolis — 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

• Built in 1914 — 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.