305 Mckinley St

Delta, OH 43515

$104,900B

4 bd · 3.0 ba · 1,322 sqft · Built 1900 · SingleFamily · Pending · 155 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,401/mo
• Mortgage (P&I): −$550
• Tax + insurance: −$256
• HOA: −$0
• Vac / Maint / Mgmt: −$294
• Net cashflow: $301/mo
• Annual: $3,606/yr
• Cap rate: 9.73%
• Cash-on-cash: 12.28%
• DSCR: 1.55
• 1% rule: 1.34%
• Cash to close: $29,372

Investor read

• This is a 4-bed/3.0-bath single-family listed at $105k.
• At list price, monthly cash flow is $301 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $105k).
• It's been on market 155 days — a 12% lower offer ($92k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $92k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#192 in OH, #2,924 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Pike-Delta-York Local (town): math 71% / reading 70% proficiency, ranked #142 of 656 in OH (top 22%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Delta Elementary School (math 67% / reading 52%, grade B-, #670 of 1,584 statewide, top 45%, 399 students, 32% FRL); Pike-Delta-York Middle School (math 75% / reading 76%, grade A, #78 of 654 statewide, top 12%, 348 students, 32% FRL); Pike-Delta-York High School (math 62% / reading 82%, grade B+, #89 of 781 statewide, top 12%, 373 students, 24% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 26 active listings in the ZIP; solid renter incomes; 24 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• Fulton County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 23y ago; this cycle's ask has dropped $25k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 4.5% in Delta — 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.

Questions for listing agent

• It's been on market 155 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.