2568 Susan Ann Dr

Elida, OH 45804

$175,000D+

3 bd · 1.5 ba · 1,810 sqft · Built 1967 · SingleFamily · Pending · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,440/mo
• Mortgage (P&I): −$918
• Tax + insurance: −$270
• HOA: −$0
• Vac / Maint / Mgmt: −$302
• Net cashflow: $-51/mo
• Annual: $-607/yr
• Cap rate: 5.95%
• Cash-on-cash: -1.24%
• DSCR: 0.94
• 1% rule: 0.82%
• Cash to close: $49,000

Investor read

• This is a 3-bed/1.5-bath single-family listed at $175k.
• At list price, monthly cash flow is $-51 ($-607/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (5.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $144k (17.7% below list).
• It's been on market 40 days — a 3% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $144k (17.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#297 in OH, #4,816 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Elida Local (rural): math 59% / reading 59% proficiency, ranked #311 of 656 in OH (top 47%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 79 active listings in the ZIP; lower-income renter base — watch delinquency; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $78k; list at $175k implies a 124% gain — meaningful room to come down on a strong offer.
• Cap rate 5.9% vs local median 3.1% in Elida — 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.
• This rent runs 41% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 40 days. Have you received any prior offers? Is the seller open to a 18% concession, seller financing, or rate buy-down credit?
• Built in 1967 — 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 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?
• 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.