32717 Water St

Richwood, OH 43344

$14,900D+

3 bd · 1.0 ba · 1,630 sqft · Built 1900 · SingleFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,019/mo
• Mortgage (P&I): −$78
• Tax + insurance: −$25
• HOA: −$0
• Vac / Maint / Mgmt: −$214
• Net cashflow: $702/mo
• Annual: $8,421/yr
• Cap rate: 62.81%
• Cash-on-cash: 201.84%
• DSCR: 9.98
• 1% rule: 6.84%
• Cash to close: $4,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $15k.
• At list price, monthly cash flow is $702 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $15k).
• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $103 of loan paydown is wiped out by about $447 of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#695 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• North Union Local School District (rural): math 58% / reading 64% proficiency, ranked #267 of 656 in OH (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; solid renter incomes; 1,498 units permitted in Union County in 2024 (831 in 5+ unit buildings).
• Union County population projected at +10% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $4k cash investment doubles in ~1 year — after that, you're playing with house money.
• This rent is only 15% of the median local income ($80k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

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?
• 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.
• 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.