528 Grove Ave

Galion, OH 44833

$159,900D-

3 bd · 2.0 ba · 1,682 sqft · Built 1930 · SingleFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,306/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$154
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $39/mo
• Annual: $470/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.05%
• DSCR: 1.05
• 1% rule: 0.82%
• Cash to close: $44,772

Investor read

• This is a 3-bed/2.0-bath single-family listed at $160k.
• At list price, monthly cash flow is $39 ($470/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 $131k (18.3% below list).
• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $131k (18.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#833 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, amenities F, commute F.
• Galion City (town): math 36% / reading 56% proficiency, ranked #499 of 656 in OH (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 76 active listings in the ZIP; 8 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• Crawford County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 15y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; list at $160k implies a 102% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 4.8% in Galion — 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.

Questions for listing agent

• Built in 1930 — 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.
• 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.