3771 S Turkeyfoot Rd

New Franklin, OH 44319

$217,500C+

2 bd · 1.0 ba · 1,054 sqft · Built 1940 · SingleFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,199/mo
• Mortgage (P&I): −$1,141
• Tax + insurance: −$320
• HOA: −$0
• Vac / Maint / Mgmt: −$882
• Net cashflow: $1,857/mo
• Annual: $22,282/yr
• Cap rate: 16.54%
• Cash-on-cash: 36.59%
• DSCR: 2.63
• 1% rule: 1.93%
• Cash to close: $60,900

Investor read

• This is a 2-bed/1.0-bath single-family listed at $218k.
• At list price, monthly cash flow is $2k ($22k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $218k).
• It's been on market 46 days — a 3% lower offer ($211k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $211k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#424 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Coventry Local (suburban): math 52% / reading 64% proficiency, ranked #315 of 656 in OH (top 48%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Coventry Elementary School (math 72% / reading 67%, grade A-, #391 of 1,584 statewide, top 27%, 461 students, 50% FRL); Coventry Middle School (math 49% / reading 66%, grade B, #302 of 654 statewide, top 46%, 479 students, 0% FRL); Coventry High School (math 37% / reading 52%, grade F, #470 of 781 statewide, top 62%, 557 students, 43% FRL).
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 90 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 6 sale attempts since 35y 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $61k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.5% vs local median 4.3% in New Franklin — 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.
• At $4,199/mo this rent would consume 67% of the median local household income ($75k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1940 — 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.