116 Yeager St

Napoleon, OH 43545

$125,000C+

3 bd · 1.5 ba · 1,624 sqft · Built 1926 · SingleFamily · Pending · 29 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,289/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$140
• HOA: −$0
• Vac / Maint / Mgmt: −$271
• Net cashflow: $222/mo
• Annual: $2,665/yr
• Cap rate: 8.43%
• Cash-on-cash: 7.61%
• DSCR: 1.34
• 1% rule: 1.03%
• Cash to close: $35,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $125k.
• At list price, monthly cash flow is $222 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $125k).
• It's been on market 29 days — a 2% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $123k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#484 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Napoleon Area City (town): math 62% / reading 69% proficiency, ranked #208 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Napoleon Elementary School (math 75% / reading 74%, grade A, #272 of 1,584 statewide, top 19%, 975 students, 37% FRL); Napoleon Junior/Senior High School (math 49% / reading 64%, grade C, #291 of 781 statewide, top 37%, 787 students, 30% FRL).
• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 49 active listings in the ZIP; solid renter incomes; 18 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• Henry County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.4% vs local median 3.8% in Napoleon — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Questions for listing agent

• Built in 1926 — 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 B-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.