20231 St Rt 41

Peebles, OH 45660

$122,500D

2 bd · 1.0 ba · 576 sqft · Built 2022 · SingleFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $803/mo
• Mortgage (P&I): −$642
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$169
• Net cashflow: $-138/mo
• Annual: $-1,656/yr
• Cap rate: 4.94%
• Cash-on-cash: -4.83%
• DSCR: 0.79
• 1% rule: 0.66%
• Cash to close: $34,300

Investor read

• This is a 2-bed/1.0-bath single-family listed at $122k.
• At list price, monthly cash flow is $-138 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $98k (19.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $80k (34.5% below list).
• It's been on market 20 days — a 2% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (34.5% below list) — sets the bar for 1% rule.
• In year one you build about $13k of equity ($847 loan paydown + $12k appreciation (10.0% local appreciation)).
• Location reads 58/100 on livability (#1,052 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Adams County Ohio Valley Local (rural): math 48% / reading 51% proficiency, ranked #463 of 656 in OH (top 71%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Peebles Elementary School (math 56% / reading 52%, grade C, #829 of 1,584 statewide, top 53%, 568 students, 57% FRL); Peebles High School (math 44% / reading 49%, grade D-, #460 of 781 statewide, top 59%, 401 students, 50% FRL) — zoned schools at 53% FRL track the district average.
• Market conditions: 36 active listings in the ZIP; 42 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 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.
• By year 3, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 4.9% vs local median 3.0% in Peebles — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.
• This rent is only 18% of the median local income ($55k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.