5133 Vigo Rd

Richmond Dale, OH 45647

$97,500C-

2 bd · 1.0 ba · 840 sqft · Built 1953 · SingleFamily · Active Under Contract · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $860/mo
• Mortgage (P&I): −$511
• Tax + insurance: −$93
• HOA: −$0
• Vac / Maint / Mgmt: −$181
• Net cashflow: $75/mo
• Annual: $902/yr
• Cap rate: 7.22%
• Cash-on-cash: 3.30%
• DSCR: 1.15
• 1% rule: 0.88%
• Cash to close: $27,300

Investor read

• This is a 2-bed/1.0-bath single-family listed at $98k.
• At list price, monthly cash flow is $75 ($902/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 (11.7% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $86k (11.7% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($674 loan paydown + $5k appreciation (5.3% local appreciation)).
• Location reads 57/100 on livability (#1,091 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+, crime A; Watch: health & safety C-, amenities F, commute F.
• Southeastern Local (rural): math 57% / reading 63% proficiency, ranked #294 of 656 in OH (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Southeastern Middle School (math 57% / reading 65%, grade B+, #252 of 654 statewide, top 39%, 297 students, 99% FRL); Southeastern High School (math 37% / reading 57%, grade D-, #435 of 781 statewide, top 59%, 263 students, 0% FRL) — zoned schools average 50% FRL vs 73% district-wide (23 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 24 units permitted in Ross County in 2024 (0 in 5+ unit buildings).
• Ross County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $54k; list at $98k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (5.3% appreciation + 3.0% rent growth), your $27k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent is only 16% of the median local income ($64k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1953 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.