6659 Bellefontaine Rd

Westminster, OH 45850

$89,900C

1 bd · 1.0 ba · 917 sqft · Built 1920 · SingleFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $863/mo
• Mortgage (P&I): −$471
• Tax + insurance: −$106
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $104/mo
• Annual: $1,251/yr
• Cap rate: 7.68%
• Cash-on-cash: 4.97%
• DSCR: 1.22
• 1% rule: 0.96%
• Cash to close: $25,172

Investor read

• This is a 1-bed/1.0-bath single-family listed at $90k.
• At list price, monthly cash flow is $104 ($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 $86k (4.0% below list).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $86k (4.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#781 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, employment D+, amenities F.
• Allen East Local (rural): math 63% / reading 64% proficiency, ranked #229 of 656 in OH (top 35%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Allen East Elementary School (math 67% / reading 57%, grade B, #590 of 1,584 statewide, top 41%, 459 students, 0% FRL); Allen East Middle School (math 63% / reading 65%, grade B+, #221 of 654 statewide, top 35%, 330 students, 0% FRL); Allen East High School (math 57% / reading 67%, grade B-, #202 of 781 statewide, top 29%, 276 students, 99% FRL) — zoned schools at 33% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; solid renter incomes; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $31k; list at $90k implies a 190% gain — meaningful room to come down on a strong offer.
• This rent is only 13% of the median local income ($82k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1920 — 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.