158 Montana Dr

Lake Waynoka, OH 45171

$229,900C-

3 bd · 2.0 ba · 1,062 sqft · Built 2001 · SingleFamily · Active · 25 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,340/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$210
• HOA: −$92
• Vac / Maint / Mgmt: −$491
• Net cashflow: $341/mo
• Annual: $4,096/yr
• Cap rate: 8.07%
• Cash-on-cash: 6.36%
• DSCR: 1.28
• 1% rule: 1.02%
• Cash to close: $64,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $230k.
• At list price, monthly cash flow is $341 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• It's been on market 25 days — a 2% lower offer ($226k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $226k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#1,010 in OH) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Eastern Local (rural): math 51% / reading 61% proficiency, ranked #350 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sardinia Elementary School (math 62% / reading 67%, grade B, #522 of 1,584 statewide, top 36%, 286 students, 54% FRL); Eastern Ms (math 52% / reading 59%, grade B-, #321 of 654 statewide, top 51%, 264 students, 50% FRL); Eastern High School (math 32% / reading 72%, grade D+, #343 of 781 statewide, top 47%, 331 students, 39% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 86 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 147 units permitted in Brown County in 2024 (0 in 5+ unit buildings).
• Brown County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 2y ago 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 $180k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• This rent runs 44% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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.