22417 Road 128

Oakwood, OH 45873

$85,000B+

4 bd · 1.0 ba · 1,560 sqft · Built 1901 · SingleFamily · Active · 61 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,270/mo
• Mortgage (P&I): −$446
• Tax + insurance: −$89
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $468/mo
• Annual: $5,620/yr
• Cap rate: 12.91%
• Cash-on-cash: 23.62%
• DSCR: 2.05
• 1% rule: 1.49%
• Cash to close: $23,800

Investor read

• This is a 4-bed/1.0-bath single-family listed at $85k.
• At list price, monthly cash flow is $468 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• It's been on market 61 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $588 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Paulding Exempted Village (town): math 57% / reading 60% proficiency, ranked #319 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; 22 units permitted in Paulding County in 2024 (0 in 5+ unit buildings).
• Paulding County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y ago; this cycle's ask has dropped $30k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $24k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.9% vs local median 2.0% in Oakwood — 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

• It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1901 — 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.
• 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.