7280 E Main St

South Solon, OH 43153

$39,900A-

3 bd · 1.0 ba · 2,138 sqft · Built 1930 · SingleFamily · Pending · 118 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,365/mo
• Mortgage (P&I): −$209
• Tax + insurance: −$99
• HOA: −$0
• Vac / Maint / Mgmt: −$287
• Net cashflow: $770/mo
• Annual: $9,245/yr
• Cap rate: 29.46%
• Cash-on-cash: 82.76%
• DSCR: 4.68
• 1% rule: 3.42%
• Cash to close: $11,172

Investor read

• This is a 3-bed/1.0-bath single-family listed at $40k.
• At list price, monthly cash flow is $770 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $40k).
• It's been on market 118 days — a 9% lower offer ($36k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $36k (9.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($276 loan paydown + $4k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#832 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, schools F, amenities F.
• Madison-Plains Local (rural): math 62% / reading 64% proficiency, ranked #232 of 656 in OH (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 8 active listings in the ZIP; 530 units permitted in Madison County in 2024 (120 in 5+ unit buildings).
• Madison County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 3 sale attempts; this cycle's ask has dropped $10k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• It's been on market 118 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1930 — 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.