203 Belmont St · Alger, OH 45812

$75,000

2 bd · 1.0 ba · 720 sqft · SingleFamily public records · 116 Days on market

Built 1953 9,583 sqft lot $104/sqft · 13% above area Est $66k · 13% over

---

Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +25.6/30.0
• DSCR +8.5/10.0
• Appreciation +8.5/10.0
• 1% rule +6.2/10.0
• Schools +3.4/10.0
• Livability +2.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +1.7/15.0

Listing remarks MLS

AVAILABLE FOR LAND CONTRACT. Functional and affordable stick-built home! Basic details can be made available. This home is situated on 2 parcels and located in the Upper Scioto School District. Convenient public utilities, secure attached garage, steel roof, spacious lot and a 10x14 storage shed to accommodate extra household items or lawn equipment. All Buyers must provide proof of funds prior to showing.

Key facts

• 10x14 storage shed
• Steel roof
• Spacious lot

Tags

• UPPER SCIOTO SCHOOL DISTRICT
• SECURE ATTACHED GARAGE
• STEEL ROOF
• SPACIOUS LOT
• 10X14 STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $75k.

Deal economics

• At list price, monthly cash flow is $178 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($837 rent vs $75k).
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 57/100 on livability (#1,099 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: schools F, crime D-, amenities F.
• Upper Scioto Valley Local (rural): math 35% / reading 46% proficiency, ranked #538 of 656 in OH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 4 active listings in the ZIP; lower-income renter base — watch delinquency; 18 units permitted in Hardin County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $6k of equity ($519 loan paydown + $5k appreciation (7.1% local appreciation)).
• Hardin County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.1% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 116 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $68,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 116 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 1.12% ✓
• Cap rate: 9.14%
• Cash-on-cash: 10.15%
• DSCR: 1.45
• GRM: 7.5

CMA / ARV

• ARV (median comp): $66,470
• List price: $75,000
• Delta: 12.83%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
206 N Mcconnell St	0.29mi	2/1.0	792 (+10%)	11mo	$119,000	$150	60

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

7.09% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.0%
• Equity multiple: 2.80×
• Total profit: $37,902
• Equity at exit: $52,406

10-year hold

• IRR: 23.8%
• Equity multiple: 5.84×
• Total profit: $101,645
• Equity at exit: $99,942

Cash invested: $21,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45812

• Home prices YoY: 3.1%
• Active inventory: 4
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $837 medium
• Mortgage (P&I): −$393
• Tax from tax record: −$59 /mo · $708/yr
• Insurance: −$31
• HOA: −$0
• Vacancy / Maint / Mgmt: −$176
• Net cashflow: $178

Break-even live

Break-even rent $612

Max offer price $75,000

Occupancy floor 74%

Sensitivity live

Price	-10% $220	-5% $199	+0% $178	+5% $156	+10% $135
Rent	-10% $112	-5% $145	+0% $178	+5% $211	+10% $244
Rate	-1.0pp $215	-0.5pp $197	base $178	+0.5pp $158	+1.0pp $138

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $18,750
• Closing costs: $2,250
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-21
   days on market $75,000 Active 116 DOM
2. 2026-06-18
   days on market $75,000 Active 114 DOM
3. 2026-06-17
   days on market $75,000 Active 113 DOM
4. 2026-06-16
   days on market $75,000 Active 112 DOM
5. 2026-06-15
   days on market $75,000 Active 111 DOM
6. 2026-06-13
   days on market $75,000 Active 109 DOM
7. 2026-06-12
   days on market $75,000 Active 108 DOM
8. 2026-06-09
   days on market $75,000 Active 105 DOM
9. 2026-06-08
   days on market $75,000 Active 104 DOM
10. 2026-06-08
    days on market $75,000 Active 103 DOM
11. 2026-06-05
    days on market $75,000 Active 101 DOM
12. 2026-06-04
    days on market $75,000 Active 99 DOM
13. 2026-06-02
    days on market $75,000 Active 98 DOM
14. 2026-06-01
    days on market $75,000 Active 97 DOM
15. 2026-05-31
    days on market $75,000 Active 96 DOM
16. 2026-04-10
    price $75,000 409-char remark

    Show marketing remark (409 chars)

    AVAILABLE FOR LAND CONTRACT. Functional and affordable stick-built home! Basic details can be made available. This home is situated on 2 parcels and located in the Upper Scioto School District. Convenient public utilities, secure attached garage, steel roof, spacious lot and a 10x14 storage shed to accommodate extra household items or lawn equipment. All Buyers must provide proof of funds prior to showing.

17. 2026-02-24
    listed $77,500 Active 409-char remark

    Show marketing remark (409 chars)

    AVAILABLE FOR LAND CONTRACT. Functional and affordable stick-built home! Basic details can be made available. This home is situated on 2 parcels and located in the Upper Scioto School District. Convenient public utilities, secure attached garage, steel roof, spacious lot and a 10x14 storage shed to accommodate extra household items or lawn equipment. All Buyers must provide proof of funds prior to showing.

18. 2026-01-11
    price $75,000
19. 2025-12-09
    listed $80,000 Active
20. 2025-11-22
    price $80,000
21. 2025-11-19
    historical
22. 2022-07-29
    historical
23. 2022-06-24
    historical Contingency - Finance and Inspections
24. 2022-06-15
    listed $56,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $708 · $59/mo
• Projected year-2 tax: $939 · $78/mo
• Expected delta: +$231/yr (+$19/mo · 32.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,043
• − Mortgage interest: −$4,201
• − Property taxes: −$708
• − Insurance: −$375
• − Repairs & maintenance: −$803
• − Management: −$803
• − Depreciation: −$2,182
• Taxable income: $971
• Est. tax owed @ 24.0%: −$233
• After-tax cash flow: $1,899/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Upper Scioto Valley Local
• NCES district ID: 3904752
• Math proficiency: 35% ▼ -14.00%
• Reading proficiency: 46% ▼ -4.00%
• Median HH income: $44,040
• Composite: 34.3/100
• National rank: #5243
• State rank: #538 of 656 in OH

Livability — Alger

• Score: 57/100
• State rank: #1099
• US rank: #22220

Category grades

Amenities F Commute F Cost of living A+ Crime D- Employment F Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Alger, OH
• County: Hardin · 33,287 people
• Population (ZIP): 1,938
• Household income: $41,230
• Rent vs Own: 30.2% rent · 69.8% own

Population outlook (Hardin County) Hauer SSP2

• Today (2025): 31,000 people
• By 2030: 30,031 · -3.1%
• By 2040: 27,500 · -11.3%
• By 2050: 25,265 · -18.5%
• By 2075: 20,485 · -33.9%
• By 2100: 16,031 · -48.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 5% Hispanic / Latino 5%
• Common ancestry: Slovak 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 93% English-only · Spanish 6% German/W. Germanic 1% French/Haitian/Cajun 1%

Political lean MEDSL · Hardin

• 2024 margin: Solid R (+54.7) · D 22.2% · R 76.9%
• 2008→2024 swing: -33.8pp toward R · 2008: -20.9pp · 2024: -54.7pp
• All cycles: 2024: R+54.7 2020: R+52.0 2016: R+47.2 2012: R+23.5 2008: R+20.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.09%
• Current HPI: 232.0944
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+33.9% since first listed

9 events — show timeline

• 2026-04-10 Price Changed $75,000 CBRMLS
• 2026-02-24 Listed $77,500 CBRMLS
• 2026-01-11 Price Changed $75,000 WCARE
• 2025-12-09 Listed $80,000 WCARE
• 2025-11-22 Price Changed $80,000 WCARE
• 2025-11-19 Coming Soon — WCARE
• 2022-07-29 Listing Removed — WRIST
• 2022-06-24 Contingent — WRIST
• 2022-06-15 Listed $56,000 WRIST

Property tax history

+9.9%/yr

Latest (2025): $708 · -1.6% YoY. Source: county tax records.