2867 County Road 10

Bellefontaine, OH 43311

$129,000C-

2 bd · 1.5 ba · 1,800 sqft · Built 1986 · SingleFamily · Pending · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,264/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$215
• HOA: −$0
• Vac / Maint / Mgmt: −$265
• Net cashflow: $107/mo
• Annual: $1,281/yr
• Cap rate: 7.29%
• Cash-on-cash: 3.55%
• DSCR: 1.16
• 1% rule: 0.98%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.5-bath single-family listed at $129k. Condition is rated average.
• At list price, monthly cash flow is $107 ($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 $126k (2.0% below list).
• It's been on market 74 days — a 6% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $121k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $892 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#213 in OH, #3,316 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Benjamin Logan Local (rural): math 64% / reading 66% proficiency, ranked #197 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Benjamin Logan Elementary School (math 64% / reading 69%, grade B+, #500 of 1,584 statewide, top 32%, 644 students, 28% FRL); Benjamin Logan Middle School (math 68% / reading 63%, grade A-, #186 of 654 statewide, top 29%, 503 students, 22% FRL); Benjamin Logan High School (math 47% / reading 72%, grade C+, #243 of 781 statewide, top 33%, 518 students, 18% FRL) — zoned schools at 23% FRL track the district average.
• Market conditions: 152 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.3% vs local median 3.7% in Bellefontaine — 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 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Slight wear
• Minor: Bathroom fixtures — Slight wear