503 S Broadway St

Blanchester, OH 45107

$130,000D+

3 bd · 1.0 ba · 1,024 sqft · Built 1900 · SingleFamily · Active · 171 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,059/mo
• Mortgage (P&I): −$682
• Tax + insurance: −$156
• HOA: −$0
• Vac / Maint / Mgmt: −$222
• Net cashflow: $-1/mo
• Annual: $-13/yr
• Cap rate: 6.28%
• Cash-on-cash: -0.03%
• DSCR: 1.00
• 1% rule: 0.81%
• Cash to close: $36,400

Investor read

• This is a 3-bed/1.0-bath single-family listed at $130k.
• At list price, monthly cash flow is $-1 ($-13/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (0.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $106k (18.6% below list).
• It's been on market 171 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (18.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $899 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 64/100 on livability (#773 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Blanchester Local (town): math 44% / reading 56% proficiency, ranked #441 of 656 in OH (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 119 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• Clinton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 28y 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 $65k; list at $130k implies a 100% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 2.9% in Blanchester — 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 171 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-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?
• 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?
• 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.