301 E Spring St

Fayette, OH 43521

$92,000B+

3 bd · 1.0 ba · 1,706 sqft · Built 1900 · SingleFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,206/mo
• Mortgage (P&I): −$482
• Tax + insurance: −$117
• HOA: −$0
• Vac / Maint / Mgmt: −$253
• Net cashflow: $353/mo
• Annual: $4,240/yr
• Cap rate: 10.90%
• Cash-on-cash: 16.46%
• DSCR: 1.73
• 1% rule: 1.31%
• Cash to close: $25,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $353 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $92k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $636 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#879 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: employment D+, amenities F, commute F.
• Fayette Local (rural): math 60% / reading 65% proficiency, ranked #452 of 802 in OH (top 56%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fayette Elementary School (math 67% / reading 62%, grade B, #522 of 1,584 statewide, top 36%, 220 students, 0% FRL); Fayette Jr/Sr High School (math 54% / reading 44%, grade D, #390 of 781 statewide, top 54%, 141 students, 98% FRL) — zoned schools at 49% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; 24 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Current owner paid $52k; list at $92k implies a 75% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $26k cash investment doubles in ~8 years — after that, you're playing with house money.

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 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?
• 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.