40989 Greer Rd

Lower Salem, OH 45745

$79,900B+

2 bd · 2.0 ba · 2,016 sqft · Built 1998 · SingleFamily · Active · 252 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,187/mo
• Mortgage (P&I): −$419
• Tax + insurance: −$220
• HOA: −$0
• Vac / Maint / Mgmt: −$249
• Net cashflow: $299/mo
• Annual: $3,582/yr
• Cap rate: 11.61%
• Cash-on-cash: 18.99%
• DSCR: 1.84
• 1% rule: 1.49%
• Cash to close: $22,372

Investor read

• This is a 2-bed/2.0-bath single-family listed at $80k.
• At list price, monthly cash flow is $299 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $80k).
• It's been on market 252 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• In year one you build about $4k of equity ($552 loan paydown + $4k appreciation (4.8% local appreciation)).
• Location reads 67/100 on livability (#604 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: crime D+, health & safety D, amenities F.
• Switzerland Of Ohio Local (rural): math 39% / reading 51% proficiency, ranked #503 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $56/mo.
• Market conditions: 8 active listings in the ZIP; 19 units permitted in Noble County in 2024 (0 in 5+ unit buildings).
• Noble County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 5y ago; this cycle's ask has dropped $65k (45%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (4.8% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 8, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Questions for listing agent

• It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.