123 Pike St

Sidney, OH 45365

$149,000C+

3 bd · 1.5 ba · 1,932 sqft · Built 1900 · SingleFamily · Active · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,484/mo
• Mortgage (P&I): −$781
• Tax + insurance: −$159
• HOA: −$0
• Vac / Maint / Mgmt: −$312
• Net cashflow: $232/mo
• Annual: $2,786/yr
• Cap rate: 8.16%
• Cash-on-cash: 6.68%
• DSCR: 1.30
• 1% rule: 1.00%
• Cash to close: $41,720

Investor read

• This is a 3-bed/1.5-bath single-family listed at $149k.
• At list price, monthly cash flow is $232 ($3k/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 $148k (0.4% below list).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $148k (0.4% 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 $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#220 in OH, #3,412 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, employment C-, amenities D.
• Sidney City (town): math 46% / reading 52% proficiency, ranked #454 of 656 in OH (top 69%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 145 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 337 units permitted in Shelby County in 2024 (216 in 5+ unit buildings).
• Shelby County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 15y 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.
• Current owner paid $9k; list at $149k implies a 1556% gain — meaningful room to come down on a strong offer.
• Cap rate 8.2% vs local median 4.1% in Sidney — 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 1900 — 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.
• 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.