203 Belmont St

Alger, OH 45812

$75,000C+

2 bd · 1.0 ba · 720 sqft · Built 1953 · SingleFamily · Active · 117 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $837/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$90
• HOA: −$0
• Vac / Maint / Mgmt: −$176
• Net cashflow: $178/mo
• Annual: $2,132/yr
• Cap rate: 9.14%
• Cash-on-cash: 10.15%
• DSCR: 1.45
• 1% rule: 1.12%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• 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).
• It's been on market 117 days — a 9% lower offer ($68k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $68k (9.0% below list) — sets the bar for market timing.
• In year one you build about $6k of equity ($519 loan paydown + $5k appreciation (7.1% local appreciation)).
• 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.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• Hardin County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

Questions for listing agent

• It's been on market 117 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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.