451 N State St

Marion, OH 43302

$175,900D-

3 bd · 2.0 ba · 1,342 sqft · Built 1902 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,531/mo
• Mortgage (P&I): −$922
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$321
• Net cashflow: $131/mo
• Annual: $1,571/yr
• Cap rate: 7.19%
• Cash-on-cash: 3.19%
• DSCR: 1.14
• 1% rule: 0.87%
• Cash to close: $49,252

Investor read

• This is a 3-bed/2.0-bath single-family listed at $176k.
• At list price, monthly cash flow is $131 ($2k/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 $153k (13.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $153k (13.0% 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Marion City (town): math 22% / reading 31% proficiency, ranked #600 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: William H. Taft Elementary School (math 17% / reading 31%, grade F, #1,231 of 1,584 statewide, top 78%, 394 students, 0% FRL); Ulysses S. Grant Middle School (math 22% / reading 25%, grade F, #597 of 654 statewide, top 92%, 998 students, 0% FRL); Harding High School (math 16% / reading 36%, grade F, #636 of 781 statewide, top 82%, 1,050 students, 0% FRL) — zoned schools average 0% FRL vs 67% district-wide (67 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1902 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 212 active listings in the ZIP; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• This rent runs 33% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1902 — 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.
• Schools are D-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?
• 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.