1388 Sherman St

Geneva, OH 44041

$134,900C-

3 bd · 1.0 ba · 2,032 sqft · Built 1830 · SingleFamily · Active · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,330/mo
• Mortgage (P&I): −$707
• Tax + insurance: −$195
• HOA: −$0
• Vac / Maint / Mgmt: −$279
• Net cashflow: $149/mo
• Annual: $1,786/yr
• Cap rate: 7.62%
• Cash-on-cash: 4.73%
• DSCR: 1.21
• 1% rule: 0.99%
• Cash to close: $37,772

Investor read

• This is a 3-bed/1.0-bath single-family listed at $135k.
• At list price, monthly cash flow is $149 ($2k/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 $133k (1.4% below list).
• It's been on market 21 days — a 2% lower offer ($133k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $133k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#291 in OH, #4,770 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F, employment F.
• Geneva Area City (town): math 52% / reading 60% proficiency, ranked #362 of 656 in OH (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1830 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 86 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.6% vs local median 4.6% in Geneva — 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 1830 — 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.
• 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.