2145 Co. Rd. 62

Crown City, OH 45696

$189,000D+

4 bd · 1.5 ba · 2,898 sqft · Built 1930 · SingleFamily · Pending · 58 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,371/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$288
• Net cashflow: $-83/mo
• Annual: $-990/yr
• Cap rate: 6.12%
• Cash-on-cash: -0.61%
• DSCR: 0.97
• 1% rule: 0.73%
• Cash to close: $52,920

Investor read

• This is a 4-bed/1.5-bath single-family listed at $189k.
• At list price, monthly cash flow is $-83 ($-990/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (7.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $137k (27.4% below list).
• It's been on market 58 days — a 3% lower offer ($183k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $137k (27.4% below list) — sets the bar for 1% rule.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (7.7% local appreciation)).
• Location reads 58/100 on livability (#1,041 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment C-, crime D+, amenities F.
• Symmes Valley Local (rural): math 50% / reading 50% proficiency, ranked #442 of 656 in OH (top 67%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Symmes Valley Elementary School (math 53% / reading 51%, 572 students, 0% FRL); Symmes Valley High School (math 24% / reading 44%, grade F, #582 of 781 statewide, top 76%, 169 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $56/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; lower-income renter base — watch delinquency; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• Lawrence County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.7% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: severe flood risk; severe wildfire risk — expect insurance premiums to compound above CPI over the hold.
• At $1,371/mo this rent would consume 53% of the median local household income ($31k/yr) — very limited rent-growth headroom before tenants either downsize or default.

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 58 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
• Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are D-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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?