222 9th St

Malta, OH 43758

$24,900C-

3 bd · 1.0 ba · 1,260 sqft · Built 1900 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,137/mo
• Mortgage (P&I): −$131
• Tax + insurance: −$49
• HOA: −$0
• Vac / Maint / Mgmt: −$239
• Net cashflow: $718/mo
• Annual: $8,621/yr
• Cap rate: 40.91%
• Cash-on-cash: 123.65%
• DSCR: 6.50
• 1% rule: 4.57%
• Cash to close: $6,972

Investor read

• This is a 3-bed/1.0-bath single-family listed at $25k.
• At list price, monthly cash flow is $718 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $25k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $2k of equity ($172 loan paydown + $2k appreciation (7.6% local appreciation)).
• Location reads 63/100 on livability (#835 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, amenities F.
• Morgan Local (rural): math 46% / reading 60% proficiency, ranked #420 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Elementary School (math 47% / reading 57%, grade C-, #851 of 1,584 statewide, top 56%, 278 students, 43% FRL); Morgan Junior High School (math 37% / reading 61%, grade C-, #426 of 654 statewide, top 66%, 257 students, 58% FRL); Morgan High School (math 32% / reading 52%, grade F, #497 of 781 statewide, top 66%, 519 students, 30% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 34 units permitted in Morgan County in 2024 (0 in 5+ unit buildings).
• Morgan County population projected at -22% 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.
• Current owner paid $15k; list at $25k implies a 66% gain — meaningful room to come down on a strong offer.
• At projected returns (7.6% appreciation + 3.0% rent growth), your $7k cash investment doubles in ~1 year — after that, you're playing with house money.

Questions for listing agent

• 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 B-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?
• 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.
• 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.