206 W Perry St

Grover Hill, OH 45849

$143,750D

3 bd · 1.0 ba · 1,274 sqft · Built 1901 · SingleFamily · Active · 48 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,176/mo
• Mortgage (P&I): −$754
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$247
• Net cashflow: $19/mo
• Annual: $232/yr
• Cap rate: 6.45%
• Cash-on-cash: 0.58%
• DSCR: 1.03
• 1% rule: 0.82%
• Cash to close: $40,250

Investor read

• This is a 3-bed/1.0-bath single-family listed at $144k.
• At list price, monthly cash flow is $19 ($232/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 $118k (18.2% below list).
• It's been on market 48 days — a 3% lower offer ($139k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $118k (18.2% below list) — sets the bar for 1% rule.
• In year one you build about $9k of equity ($994 loan paydown + $8k appreciation (5.2% local appreciation)).
• Location reads 62/100 on livability (#876 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D-, amenities F, commute F.
• Wayne Trace Local (rural): math 64% / reading 70% proficiency, ranked #188 of 656 in OH (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Grover Hill Elementary School (math 67% / reading 67%, grade B+, #456 of 1,584 statewide, top 31%, 225 students, 46% FRL); Wayne Trace High School (math 60% / reading 72%, grade B, #155 of 781 statewide, top 20%, 431 students, 34% FRL).
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; solid renter incomes; 22 units permitted in Paulding County in 2024 (0 in 5+ unit buildings).
• Paulding County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• Current owner paid $15k; list at $144k implies a 858% gain — meaningful room to come down on a strong offer.
• At projected returns (5.2% appreciation + 3.0% rent growth), your $40k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent is only 15% of the median local income ($93k/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 48 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1901 — 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?
• 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?
• 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.