300 W Water St

Greenville, OH 45331

$165,000D+

3 bd · 2.0 ba · 1,717 sqft · Built 1900 · SingleFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,316/mo
• Mortgage (P&I): −$865
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$276
• Net cashflow: $41/mo
• Annual: $496/yr
• Cap rate: 6.59%
• Cash-on-cash: 1.07%
• DSCR: 1.05
• 1% rule: 0.80%
• Cash to close: $46,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $165k.
• At list price, monthly cash flow is $41 ($496/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 $132k (20.2% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $132k (20.2% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#514 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Greenville City (town): math 49% / reading 50% proficiency, ranked #456 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Greenville Elementary School (math 60% / reading 52%, grade C+, #766 of 1,584 statewide, top 49%, 823 students, 48% FRL); Greenville Middle School (math 48% / reading 46%, grade D+, #451 of 654 statewide, top 70%, 717 students, 44% FRL); Greenville Senior High School (math 37% / reading 56%, grade D-, #460 of 781 statewide, top 59%, 808 students, 31% FRL) — zoned schools at 41% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 76 active listings in the ZIP; 43 units permitted in Darke County in 2024 (0 in 5+ unit buildings).
• Darke County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $82k; list at $165k implies a 101% gain — meaningful room to come down on a strong offer.
• Cap rate 6.6% vs local median 3.9% in Greenville — 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

• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?
• What's the documented flood / surge / shoreline-erosion history here (FEMA AND non-FEMA — e.g., storm surge, creek backup, septic-field saturation)?
• Any water-quality or seasonal algae-bloom issues that affect tenant satisfaction or short-term-rental demand?
• 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.