24936 Canal St

East Rochester, OH 44625

$129,000C-

2 bd · 1.0 ba · 944 sqft · Built 1900 · SingleFamily · Pending · 26 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $997/mo
• Mortgage (P&I): −$676
• Tax + insurance: −$119
• HOA: −$0
• Vac / Maint / Mgmt: −$209
• Net cashflow: $-8/mo
• Annual: $-95/yr
• Cap rate: 6.22%
• Cash-on-cash: -0.26%
• DSCR: 0.99
• 1% rule: 0.77%
• Cash to close: $36,120

Investor read

• This is a 2-bed/1.0-bath single-family listed at $129k.
• At list price, monthly cash flow is $-8 ($-95/yr) — negative.
• To cash-flow at today's rent, offer at most $128k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (22.7% below list).
• It's been on market 26 days — a 2% lower offer ($127k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $100k (22.7% below list) — sets the bar for 1% rule.
• In year one you build about $10k of equity ($892 loan paydown + $9k appreciation (6.7% local appreciation)).
• Location reads 44/100 on livability (#1,187 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, crime A; Watch: amenities F, commute F, employment F.
• Minerva Local (town): math 55% / reading 57% proficiency, ranked #352 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Minerva Elementary School (math 66% / reading 60%, grade B, #573 of 1,584 statewide, top 37%, 814 students, 45% FRL); Minerva Middle School (math 49% / reading 53%, grade C, #405 of 654 statewide, top 63%, 443 students, 43% FRL); Minerva High School (math 42% / reading 62%, grade D+, #343 of 781 statewide, top 47%, 430 students, 57% FRL) — zoned schools at 48% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 6 active listings in the ZIP; 49 units permitted in Columbiana County in 2024 (0 in 5+ unit buildings).
• Columbiana County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 18y 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 $41k; list at $129k implies a 217% gain — meaningful room to come down on a strong offer.
• At projected returns (6.7% appreciation + 3.0% rent growth), your $36k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$33k 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?
• Built in 1900 — 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 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?
• 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.