707 E Second St

Manchester, OH 45144

$115,000D+

4 bd · 1.0 ba · 1,069 sqft · Built 1901 · SingleFamily · Active · 55 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $912/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$164
• HOA: −$0
• Vac / Maint / Mgmt: −$192
• Net cashflow: $-46/mo
• Annual: $-552/yr
• Cap rate: 6.51%
• Cash-on-cash: 0.76%
• DSCR: 1.03
• 1% rule: 0.79%
• Cash to close: $32,200

Investor read

• This is a 4-bed/1.0-bath single-family listed at $115k.
• At list price, monthly cash flow is $-46 ($-552/yr) — negative.
• To cash-flow at today's rent, offer at most $107k (7.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $91k (20.7% below list).
• It's been on market 55 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $91k (20.7% below list) — sets the bar for 1% rule.
• In year one you build about $2k of equity ($795 loan paydown + $1k appreciation (1.0% local appreciation)).
• Location reads 61/100 on livability (#957 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing B+; Watch: schools C-, health & safety C-, amenities F.
• Manchester Local (rural): math 38% / reading 55% proficiency, ranked #497 of 656 in OH (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $66/mo; built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 37 active listings in the ZIP; lower-income renter base — watch delinquency; 42 units permitted in Adams County in 2024 (0 in 5+ unit buildings).
• Adams County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — 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 55 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1901 — 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.
• 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?
• 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.