10555 Farmer Mark Rd

Cecil, OH 43536

$119,900C-

3 bd · 1.0 ba · 936 sqft · Built 1930 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $966/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$85
• HOA: −$0
• Vac / Maint / Mgmt: −$203
• Net cashflow: $50/mo
• Annual: $595/yr
• Cap rate: 6.79%
• Cash-on-cash: 1.77%
• DSCR: 1.08
• 1% rule: 0.81%
• Cash to close: $33,572

Investor read

• This is a 3-bed/1.0-bath single-family listed at $120k.
• At list price, monthly cash flow is $50 ($595/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 $97k (19.4% below list).
• It's been on market 28 days — a 2% lower offer ($118k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $97k (19.4% below list) — sets the bar for 1% rule.
• In year one you build about $6k of equity ($829 loan paydown + $5k appreciation (4.5% local appreciation)).
• Location reads 60/100 on livability (#984 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, employment B+; Watch: crime D+, amenities F, commute F.
• Central Local (rural): math 66% / reading 66% proficiency, ranked #195 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Fairview Elementary School (math 69% / reading 63%, grade B+, #505 of 1,584 statewide, top 32%, 432 students, 39% FRL); Fairview Middle School (math 68% / reading 67%, grade A-, #161 of 654 statewide, top 25%, 222 students, 0% FRL); Fairview High School (math 52% / reading 67%, grade C+, #243 of 781 statewide, top 33%, 261 students, 64% FRL) — zoned schools at 34% FRL track the district average.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 2 active listings in the ZIP; solid renter incomes; 41 units permitted in Defiance County in 2024 (0 in 5+ unit buildings).
• Defiance County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 21y 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 $38k; list at $120k implies a 220% gain — meaningful room to come down on a strong offer.
• At projected returns (4.5% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent is only 12% of the median local income ($98k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1930 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.