15 Garfield Ave

Gallipolis, OH 45631

$32,872F

3 bd · 2.0 ba · 1,500 sqft · Built 1900 · SingleFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,306/mo
• Mortgage (P&I): −$853
• Tax + insurance: −$327
• HOA: −$0
• Vac / Maint / Mgmt: −$274
• Net cashflow: $-148/mo
• Annual: $-1,780/yr
• Cap rate: 5.61%
• Cash-on-cash: -2.44%
• DSCR: 0.89
• 1% rule: 0.80%
• Cash to close: $45,550

Investor read

• This is a 3-bed/2.0-bath single-family listed at $33k. Condition is rated poor.
• At list price, monthly cash flow is $-148 ($-2k/yr) — negative.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $33k).
• It's been on market 55 days — a 3% lower offer ($32k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $32k (3.0% below list) — sets the bar for market timing.
• 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 62/100 on livability (#910 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing B; Watch: employment C-, crime F, amenities F.
• Gallipolis City (rural): math 39% / reading 56% proficiency, ranked #488 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 7.4% of price; flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 68 active listings in the ZIP; 10 units permitted in Gallia County in 2024 (0 in 5+ unit buildings).
• Gallia County population projected at -24% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 5.6% vs local median 4.5% in Gallipolis — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is F 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?

Repairs flagged (vision-AI assessment)

• Major: roof — Missing or damaged shingles, visible wear
• Major: siding — Weathered siding
• Major: landscaping — Overgrown vegetation, unkempt landscaping
• Major: fencing — Damaged or missing