468 Faulkner Dr

Lithopolis, OH 43136

$409,900D-

4 bd · 2.5 ba · 2,193 sqft · Built 2023 · SingleFamily · Active · 44 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,531/mo
• Mortgage (P&I): −$2,150
• Tax + insurance: −$571
• HOA: −$30
• Vac / Maint / Mgmt: −$532
• Net cashflow: $-751/mo
• Annual: $-9,010/yr
• Cap rate: 4.09%
• Cash-on-cash: -7.85%
• DSCR: 0.65
• 1% rule: 0.62%
• Cash to close: $114,772

Investor read

• This is a 4-bed/2.5-bath single-family listed at $410k.
• At list price, monthly cash flow is $-751 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $277k (32.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $253k (38.2% below list).
• It's been on market 44 days — a 3% lower offer ($398k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $253k (38.2% below list) — sets the bar for 1% rule.
• In year one you build about $1k of equity ($3k loan paydown + $-1k 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.
• Zoned schools: Bloom Carroll Intermediate School (math 66% / reading 69%, grade B+, #446 of 1,584 statewide, top 29%, 551 students, 17% FRL); Bloom-Carroll Middle School (math 58% / reading 70%, grade B+, #221 of 654 statewide, top 35%, 545 students, 17% FRL); Bloom-Carroll High School (math 37% / reading 77%, grade C, #275 of 781 statewide, top 37%, 670 students, 17% FRL) — zoned schools at 17% FRL track the district average.
• Market conditions: 25 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 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.
• By year 10, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 44 days. Have you received any prior offers? Is the seller open to a 38% concession, seller financing, or rate buy-down credit?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.