209 S Main St

Hicksville, OH 43526

$129,900D

3 bd · 2.0 ba · 1,023 sqft · Built 1900 · SingleFamily · Active · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,015/mo
• Mortgage (P&I): −$681
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$213
• Net cashflow: $-64/mo
• Annual: $-772/yr
• Cap rate: 5.70%
• Cash-on-cash: -2.12%
• DSCR: 0.91
• 1% rule: 0.78%
• Cash to close: $36,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $-64 ($-772/yr) — negative.
• To cash-flow at today's rent, offer at most $119k (8.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $101k (21.9% below list).
• It's been on market 39 days — a 3% lower offer ($126k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (21.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#335 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Hicksville Exempted Village (rural): math 78% / reading 75% proficiency, ranked #91 of 656 in OH (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Hicksville Elementary School (math 76% / reading 73%, grade A, #272 of 1,584 statewide, top 19%, 360 students, 86% FRL); Hicksville Middle School (264 students, 0% FRL); Hicksville High School (math 80% / reading 78%, grade A-, #46 of 781 statewide, top 6%, 230 students, 0% FRL) — zoned schools average 29% FRL vs 44% district-wide (16 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 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 17y 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.
• Cap rate 5.7% vs local median 4.5% in Hicksville — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 39 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• 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.
• 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?
• 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.