8565 Smith-calhoun Rd #22

Plain City, OH 43064

$90,000B-

3 bd · 2.0 ba · 1,056 sqft · Built 2024 · SingleFamily · Active · 43 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,251/mo
• Mortgage (P&I): −$472
• Tax + insurance: −$150
• HOA: −$625
• Vac / Maint / Mgmt: −$473
• Net cashflow: $531/mo
• Annual: $6,376/yr
• Cap rate: 13.38%
• Cash-on-cash: 25.30%
• DSCR: 2.13
• 1% rule: 2.50%
• Cash to close: $25,200

Investor read

• This is a 3-bed/2.0-bath single-family listed at $90k. Condition is rated good.
• At list price, monthly cash flow is $531 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• It's been on market 43 days — a 3% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#146 in OH, #2,254 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Jonathan Alder Local (rural): math 68% / reading 74% proficiency, ranked #121 of 656 in OH (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: HOA is 28% of rent.
• Market conditions: 414 active listings in the ZIP; high-income renter base; 530 units permitted in Madison County in 2024 (120 in 5+ unit buildings).
• Madison County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 2 sale attempts since 2y ago; this cycle's ask has dropped $5k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~5 years — after that, you're playing with house money.
• Cap rate 13.4% vs local median 3.2% in Plain City — 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 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.