204 S Erie St

Antwerp, OH 45813

$92,500B-

3 bd · 1.0 ba · 1,172 sqft · Built 1910 · SingleFamily · Pending · 62 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $970/mo
• Mortgage (P&I): −$485
• Tax + insurance: −$94
• HOA: −$0
• Vac / Maint / Mgmt: −$204
• Net cashflow: $187/mo
• Annual: $2,249/yr
• Cap rate: 8.72%
• Cash-on-cash: 8.68%
• DSCR: 1.39
• 1% rule: 1.05%
• Cash to close: $25,900

Investor read

• This is a 3-bed/1.0-bath single-family listed at $92k.
• At list price, monthly cash flow is $187 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($970 rent vs $92k).
• It's been on market 62 days — a 6% lower offer ($87k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $87k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $640 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#566 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Antwerp Local (rural): math 70% / reading 69% proficiency, ranked #158 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Antwerp Local Elementary School (math 77% / reading 72%, grade A, #272 of 1,584 statewide, top 19%, 348 students, 0% FRL); Antwerp Local Middle School (math 67% / reading 62%, grade A-, #205 of 654 statewide, top 34%, 155 students, 0% FRL); Antwerp Local High School (math 54% / reading 77%, grade B, #158 of 781 statewide, top 20%, 169 students, 98% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 15 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 22 units permitted in Paulding County in 2024 (0 in 5+ unit buildings).
• Paulding County population projected at -27% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• This rent is only 17% of the median local income ($68k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Questions for listing agent

• It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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 A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.