9819 State Route 249

Bryan, OH 43520

$126,500C-

3 bd · 1.0 ba · 1,188 sqft · Built 1900 · SingleFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,082/mo
• Mortgage (P&I): −$663
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$227
• Net cashflow: $97/mo
• Annual: $1,170/yr
• Cap rate: 7.22%
• Cash-on-cash: 3.30%
• DSCR: 1.15
• 1% rule: 0.86%
• Cash to close: $35,420

Investor read

• This is a 3-bed/1.0-bath single-family listed at $126k.
• At list price, monthly cash flow is $97 ($1k/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 $108k (14.5% below list).
• It's been on market 115 days — a 9% lower offer ($115k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (14.5% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($875 loan paydown + $4k appreciation (3.0% local appreciation)).
• Location reads 78/100 on livability (#170 in OH, #2,623 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Central Local (rural): math 66% / reading 66% proficiency, ranked #195 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 41 units permitted in Defiance County in 2024 (0 in 5+ unit buildings).
• Defiance County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 2y 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 $40k; list at $126k implies a 216% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.2% vs local median 4.1% in Bryan — 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 115 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.