300 W Stevenson St

Gibsonburg, OH 43431

$119,000C

4 bd · 1.0 ba · 1,384 sqft · Built 1900 · SingleFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,043/mo
• Mortgage (P&I): −$624
• Tax + insurance: −$96
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $104/mo
• Annual: $1,250/yr
• Cap rate: 7.34%
• Cash-on-cash: 3.75%
• DSCR: 1.17
• 1% rule: 0.88%
• Cash to close: $33,320

Investor read

• This is a 4-bed/1.0-bath single-family listed at $119k.
• At list price, monthly cash flow is $104 ($1k/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 $104k (12.4% below list).
• It's been on market 95 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $104k (12.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#483 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Gibsonburg Exempted Village (rural): math 52% / reading 61% proficiency, ranked #347 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; solid renter incomes; 23 units permitted in Sandusky County in 2024 (0 in 5+ unit buildings).
• Sandusky County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 11y ago; this cycle's ask has dropped $16k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $119k implies a 100% gain — meaningful room to come down on a strong offer.
• This rent is only 15% of the median local income ($83k/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 95 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.
• 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.