116 Highland Ave

Circleville, OH 43113

$179,900D+

3 bd · 1.0 ba · 1,440 sqft · Built 1940 · SingleFamily · Active · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,508/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$219
• HOA: −$0
• Vac / Maint / Mgmt: −$317
• Net cashflow: $29/mo
• Annual: $347/yr
• Cap rate: 6.49%
• Cash-on-cash: 0.69%
• DSCR: 1.03
• 1% rule: 0.84%
• Cash to close: $50,372

Investor read

• This is a 3-bed/1.0-bath single-family listed at $180k.
• At list price, monthly cash flow is $29 ($347/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 $151k (16.2% below list).
• It's been on market 151 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (16.2% 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 71/100 on livability (#437 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: amenities F, commute F, employment F.
• Circleville City (town): math 37% / reading 47% proficiency, ranked #533 of 656 in OH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Circleville Elementary School (math 38% / reading 47%, grade F, #1,027 of 1,584 statewide, top 65%, 1,075 students, 0% FRL); Circleville Middle School (math 36% / reading 45%, grade F, #509 of 654 statewide, top 78%, 481 students, 0% FRL); Circleville High School (math 42% / reading 52%, grade D-, #435 of 781 statewide, top 59%, 615 students, 0% FRL) — zoned schools average 0% FRL vs 52% district-wide (52 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 117 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 312 units permitted in Pickaway County in 2024 (0 in 5+ unit buildings).
• Pickaway County population projected at +3% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 5 sale attempts since 17y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 6.5% vs local median 2.9% in Circleville — 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 151 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.
• 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.
• 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.