9611 Township Road 390a SE

Hemlock, OH 43730

$75,000B

2 bd · 1.0 ba · 1,248 sqft · Built 1900 · SingleFamily · Pending · 34 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,042/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$97
• HOA: −$0
• Vac / Maint / Mgmt: −$219
• Net cashflow: $333/mo
• Annual: $3,998/yr
• Cap rate: 11.62%
• Cash-on-cash: 19.04%
• DSCR: 1.85
• 1% rule: 1.39%
• Cash to close: $21,000

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $333 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $75k).
• It's been on market 34 days — a 3% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (3.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($519 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 61/100 on livability (#936 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, crime D, schools F.
• Southern Local (rural): math 34% / reading 46% proficiency, ranked #545 of 656 in OH (top 83%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 61% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; 35 units permitted in Perry County in 2024 (0 in 5+ unit buildings).
• Perry County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 17y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $6k; list at $75k implies a 1150% gain — meaningful room to come down on a strong offer.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $21k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1900 — 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.