2065 W Buckhorn Dr

Lake Buckhorn, OH 44654

$299,000D

3 bd · 1.0 ba · 1,584 sqft · Built 1972 · SingleFamily · Active · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,241/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$270
• HOA: −$99
• Vac / Maint / Mgmt: −$261
• Net cashflow: $-957/mo
• Annual: $-11,479/yr
• Cap rate: 2.45%
• Cash-on-cash: -13.71%
• DSCR: 0.39
• 1% rule: 0.42%
• Cash to close: $83,720

Investor read

• This is a 3-bed/1.0-bath single-family listed at $299k.
• At list price, monthly cash flow is $-957 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $130k (56.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (58.5% below list).
• It's been on market 45 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $124k (58.5% below list) — sets the bar for 1% rule.
• In year one you build about $32k of equity ($2k loan paydown + $30k appreciation (10.0% local appreciation)).
• Location reads 63/100 on livability (#834 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, housing A+, cost of living B; Watch: amenities F, commute F, health & safety F.
• West Holmes Local (rural): math 60% / reading 62% proficiency, ranked #283 of 656 in OH (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: West Holmes Middle School (math 59% / reading 61%, grade B, #266 of 654 statewide, top 41%, 409 students, 35% FRL); West Holmes High School (math 42% / reading 62%, grade D+, #343 of 781 statewide, top 47%, 540 students, 28% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 61 active listings in the ZIP; solid renter incomes; 8 units permitted in Holmes County in 2024 (0 in 5+ unit buildings).
• Holmes County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 9 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $155k; list at $299k implies a 93% gain — meaningful room to come down on a strong offer.
• By year 2, paydown + projected appreciation supports a ~$51k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

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 45 days. Have you received any prior offers? Is the seller open to a 58% concession, seller financing, or rate buy-down credit?
• Built in 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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?
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?