23991 Lightner Rd

Stewart, OH 45735

$39,596B+

2 bd · 1.5 ba · 1,120 sqft · Built 1983 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,538/mo
• Mortgage (P&I): −$208
• Tax + insurance: −$124
• HOA: −$0
• Vac / Maint / Mgmt: −$323
• Net cashflow: $884/mo
• Annual: $10,602/yr
• Cap rate: 33.07%
• Cash-on-cash: 95.63%
• DSCR: 5.26
• 1% rule: 3.89%
• Cash to close: $11,087

Investor read

• This is a 2-bed/1.5-bath single-family listed at $40k.
• At list price, monthly cash flow is $884 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $40k).
• It's been on market 65 days — a 6% lower offer ($37k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $37k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($274 loan paydown + $2k appreciation (5.1% local appreciation)).
• Location reads 66/100 on livability (#666 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: health & safety C-, crime D, amenities F.
• Federal Hocking Local (rural): math 31% / reading 43% proficiency, ranked #552 of 656 in OH (top 84%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: property tax is 3.3% of price.
• Market conditions: 7 active listings in the ZIP; 5 units permitted in Athens County in 2024 (0 in 5+ unit buildings).
• Athens County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (5.1% appreciation + 3.0% rent growth), your $11k cash investment doubles in ~1 year — after that, you're playing with house money.
• This rent runs 35% of the median local income ($53k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• 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 A-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.