3415 Hanover Dr

Brimfield, OH 44240

$235,900D

3 bd · 2.5 ba · 1,568 sqft · Built 1960 · SingleFamily · Pending · 24 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,046/mo
• Mortgage (P&I): −$1,237
• Tax + insurance: −$386
• HOA: −$0
• Vac / Maint / Mgmt: −$430
• Net cashflow: $-7/mo
• Annual: $-84/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $66,052

Investor read

• This is a 3-bed/2.5-bath single-family listed at $236k.
• At list price, monthly cash flow is $-7 ($-84/yr) — negative.
• To cash-flow at today's rent, offer at most $235k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $205k (13.3% below list).
• It's been on market 24 days — a 2% lower offer ($232k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $205k (13.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#584 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.
• Field Local (rural): math 65% / reading 66% proficiency, ranked #198 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Brimfield Elementary School (math 69% / reading 62%, grade B+, #510 of 1,584 statewide, top 32%, 528 students, 38% FRL); Field Middle School (math 66% / reading 63%, grade A-, #205 of 654 statewide, top 34%, 444 students, 31% FRL); Field High School (math 52% / reading 72%, grade B-, #202 of 781 statewide, top 29%, 524 students, 24% FRL) — zoned schools at 31% FRL track the district average.
• Market conditions: Rents rising fast (+6.8%/yr); 143 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• 4 sale attempts since 22y ago; this cycle's ask has dropped $2.12M (90%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $236k implies a 82% gain — meaningful room to come down on a strong offer.
• This rent runs 43% of the median local income ($58k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1960 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.