404 N Main St

Bloomdale, OH 44817

$95,000C

2 bd · 1.0 ba · 784 sqft · Built 2017 · Other · Pending · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $864/mo
• Mortgage (P&I): −$498
• Tax + insurance: −$56
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $128/mo
• Annual: $1,537/yr
• Cap rate: 7.91%
• Cash-on-cash: 5.78%
• DSCR: 1.26
• 1% rule: 0.91%
• Cash to close: $26,600

Investor read

• This is a 2-bed/1.0-bath other listed at $95k.
• At list price, monthly cash flow is $128 ($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 $86k (9.1% below list).
• It's been on market 61 days — a 6% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $86k (9.1% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($657 loan paydown + $1k appreciation (1.1% local appreciation)).
• Location reads 66/100 on livability (#649 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• Elmwood Local (rural): math 67% / reading 71% proficiency, ranked #154 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 3 active listings in the ZIP; 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.
• At projected returns (1.1% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~7 years — after that, you're playing with house money.
• This rent is only 15% of the median local income ($70k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.