15711 Main St SE

Brownsville, OH 43721

$60,000B

2 bd · 1.0 ba · 1,209 sqft · Built 1885 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,049/mo
• Mortgage (P&I): −$315
• Tax + insurance: −$115
• HOA: −$0
• Vac / Maint / Mgmt: −$220
• Net cashflow: $399/mo
• Annual: $4,790/yr
• Cap rate: 14.28%
• Cash-on-cash: 28.51%
• DSCR: 2.27
• 1% rule: 1.75%
• Cash to close: $16,800

Investor read

• This is a 2-bed/1.0-bath single-family listed at $60k.
• At list price, monthly cash flow is $399 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• It's been on market 29 days — a 2% lower offer ($59k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $59k (1.5% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($415 loan paydown + $2k appreciation (3.0% local appreciation)).
• Location reads 30/100 on livability (#1,208 in OH) — a limited-amenity area; tenant pool skews transient or value-seeking. Strengths: cost of living A+, crime A; Watch: schools F, amenities F, commute F.
• Northern Local (rural): math 56% / reading 64% proficiency, ranked #284 of 656 in OH (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 1 active listings in the ZIP; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $50k (45%) 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 $17k cash investment doubles in ~3 years — after that, you're playing with house money.
• This rent is only 17% of the median local income ($74k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.