240 E Merrin St

Payne, OH 45880

$179,000D+

5 bd · 1.5 ba · 2,182 sqft · Built 1901 · SingleFamily · Active · 11 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,459/mo
• Mortgage (P&I): −$939
• Tax + insurance: −$196
• HOA: −$0
• Vac / Maint / Mgmt: −$306
• Net cashflow: $18/mo
• Annual: $218/yr
• Cap rate: 6.41%
• Cash-on-cash: 0.43%
• DSCR: 1.02
• 1% rule: 0.82%
• Cash to close: $50,120

Investor read

• This is a 5-bed/1.5-bath single-family listed at $179k.
• At list price, monthly cash flow is $18 ($218/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $146k (18.5% below list).
• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $146k (18.5% 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 73/100 on livability (#352 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Wayne Trace Local (rural): math 64% / reading 70% proficiency, ranked #188 of 656 in OH (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Payne Elementary School (math 67% / reading 72%, grade A-, #391 of 1,584 statewide, top 27%, 234 students, 47% FRL); Wayne Trace High School (math 60% / reading 72%, grade B, #155 of 781 statewide, top 20%, 431 students, 34% FRL).
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 7 active listings in the ZIP; 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.
• Current owner paid $60k; list at $179k implies a 198% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• Built in 1901 — 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?
• 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.
• 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.