219 High St

Senecaville, OH 43780

$174,500C-

3 bd · 2.0 ba · 2,267 sqft · Built 1850 · SingleFamily · Pending · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,309/mo
• Mortgage (P&I): −$915
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$275
• Net cashflow: $-35/mo
• Annual: $-417/yr
• Cap rate: 6.05%
• Cash-on-cash: -0.85%
• DSCR: 0.96
• 1% rule: 0.75%
• Cash to close: $48,860

Investor read

• This is a 3-bed/2.0-bath single-family listed at $174k.
• At list price, monthly cash flow is $-35 ($-417/yr) — negative.
• To cash-flow at today's rent, offer at most $168k (3.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $131k (25.0% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $131k (25.0% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($1k loan paydown + $8k appreciation (4.6% local appreciation)).
• Location reads 58/100 on livability (#1,079 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B; Watch: crime D+, schools F, amenities F.
• Rolling Hills Local (rural): math 44% / reading 54% proficiency, ranked #463 of 656 in OH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 30 active listings in the ZIP; 37 units permitted in Guernsey County in 2024 (0 in 5+ unit buildings).
• Guernsey County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 13y 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 $60k; list at $174k implies a 191% gain — meaningful room to come down on a strong offer.
• At projected returns (4.6% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 4, 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?
• Built in 1850 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.