100 Sprague St

Willshire, OH 45898

$74,900A-

2 bd · 1.0 ba · 984 sqft · Built 1862 · SingleFamily · Active · 225 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $920/mo
• Mortgage (P&I): −$393
• Tax + insurance: −$428
• HOA: −$0
• Vac / Maint / Mgmt: −$193
• Net cashflow: $-94/mo
• Annual: $-1,131/yr
• Cap rate: 9.81%
• Cash-on-cash: 12.56%
• DSCR: 1.56
• 1% rule: 1.23%
• Cash to close: $20,972

Investor read

• This is a 2-bed/1.0-bath single-family listed at $75k.
• At list price, monthly cash flow is $-94 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $58k (22.2% below list).
• Meets the 1% rule at list price ($920 rent vs $75k).
• It's been on market 225 days — a 12% lower offer ($66k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $58k (22.2% below list) — sets the bar for cash-flow.
• In year one you build about $5k of equity ($518 loan paydown + $5k appreciation (6.2% local appreciation)).
• Location reads 56/100 on livability (#1,110 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: employment D+, schools F, crime D-.
• Parkway Local (rural): math 76% / reading 76% proficiency, ranked #96 of 656 in OH (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: flood insurance adds $314/mo; built in 1862 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 44 units permitted in Van Wert County in 2024 (0 in 5+ unit buildings).
• Van Wert County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 7, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

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 225 days. Have you received any prior offers? Is the seller open to a 22% concession, seller financing, or rate buy-down credit?
• Built in 1862 — 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?
• 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 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?