948 Joliet Dr

Maumee, OH 43537

$194,900C-

4 bd · 1.5 ba · 1,742 sqft · Built 1961 · SingleFamily · Pending · 71 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,944/mo
• Mortgage (P&I): −$1,022
• Tax + insurance: −$532
• HOA: −$0
• Vac / Maint / Mgmt: −$408
• Net cashflow: $-18/mo
• Annual: $-214/yr
• Cap rate: 6.18%
• Cash-on-cash: -0.39%
• DSCR: 0.98
• 1% rule: 1.00%
• Cash to close: $54,572

Investor read

• This is a 4-bed/1.5-bath single-family listed at $195k.
• At list price, monthly cash flow is $-18 ($-214/yr) — negative.
• To cash-flow at today's rent, offer at most $192k (1.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $194k (0.3% below list).
• It's been on market 71 days — a 6% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $183k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#221 in OH, #3,442 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: amenities F, commute F, health & safety F.
• Maumee City (suburban): math 65% / reading 67% proficiency, ranked #194 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairfield Elementary School (math 82% / reading 82%, grade A+, #116 of 1,584 statewide, top 9%, 345 students, 32% FRL); Gateway Middle School (math 63% / reading 66%, grade A-, #205 of 654 statewide, top 34%, 522 students, 34% FRL); Maumee High School (math 67% / reading 76%, grade B+, #98 of 781 statewide, top 13%, 648 students, 26% FRL) — zoned schools at 31% FRL track the district average.
• Watch-outs: property tax is 2.8% of price.
• Market conditions: 114 active listings in the ZIP; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $18k; list at $195k implies a 1014% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 2.6% in Maumee — 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

• 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 71 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 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?
• 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.