641 Blake Ave

Marion, OH 43302

$38,000B-

3 bd · 1.0 ba · 780 sqft · Built 1915 · SingleFamily · Active · 303 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,273/mo
• Mortgage (P&I): −$199
• Tax + insurance: −$45
• HOA: −$0
• Vac / Maint / Mgmt: −$267
• Net cashflow: $762/mo
• Annual: $9,139/yr
• Cap rate: 30.34%
• Cash-on-cash: 85.89%
• DSCR: 4.82
• 1% rule: 3.35%
• Cash to close: $10,640

Investor read

• This is a 3-bed/1.0-bath single-family listed at $38k.
• At list price, monthly cash flow is $762 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $38k).
• It's been on market 303 days — a 12% lower offer ($33k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $33k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $263 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Marion City (town): math 22% / reading 31% proficiency, ranked #600 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rutherford B. Hayes Elementary School (math 17% / reading 22%, grade F, #1,293 of 1,584 statewide, top 83%, 226 students, 0% FRL); Ulysses S. Grant Middle School (math 22% / reading 25%, grade F, #597 of 654 statewide, top 92%, 998 students, 0% FRL); Harding High School (math 16% / reading 36%, grade F, #636 of 781 statewide, top 82%, 1,050 students, 0% FRL) — zoned schools average 0% FRL vs 67% district-wide (67 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 208 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• Marion County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 30.3% vs local median 6.8% in Marion — 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 303 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1915 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.