235 S Main St

New Bloomington, OH 43341

$80,000A-

2 bd · 1.0 ba · 1,492 sqft · Built 1940 · SingleFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,071/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$225
• Net cashflow: $313/mo
• Annual: $3,759/yr
• Cap rate: 10.99%
• Cash-on-cash: 16.78%
• DSCR: 1.75
• 1% rule: 1.34%
• Cash to close: $22,400

Investor read

• This is a 2-bed/1.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $313 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $7k of equity ($553 loan paydown + $6k appreciation (7.7% local appreciation)).
• Location reads 52/100 on livability (#1,165 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: crime D, schools F, amenities F.
• Elgin Local (rural): math 47% / reading 52% proficiency, ranked #444 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -18% 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 $58k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• Built in 1940 — 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.