3015 Boos Rd

Huron, OH 44839

$267,000D+

3 bd · 1.0 ba · 1,976 sqft · Built 1959 · SingleFamily · Active · 64 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,122/mo
• Mortgage (P&I): −$1,400
• Tax + insurance: −$289
• HOA: −$0
• Vac / Maint / Mgmt: −$446
• Net cashflow: $-13/mo
• Annual: $-160/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.21%
• DSCR: 0.99
• 1% rule: 0.79%
• Cash to close: $74,760

Investor read

• This is a 3-bed/1.0-bath single-family listed at $267k.
• At list price, monthly cash flow is $-13 ($-160/yr) — negative.
• To cash-flow at today's rent, offer at most $265k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $212k (20.5% below list).
• It's been on market 64 days — a 6% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $212k (20.5% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#137 in OH, #2,149 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities D-, commute F.
• Huron City Schools (town): math 60% / reading 76% proficiency, ranked #164 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Woodlands Intermediate School (math 68% / reading 76%, grade A-, #323 of 1,584 statewide, top 23%, 340 students, 31% FRL); Mccormick Junior High (math 47% / reading 72%, grade B, #271 of 654 statewide, top 43%, 197 students, 30% FRL); Huron High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 401 students, 20% FRL) — zoned schools at 27% FRL track the district average.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 92 active listings in the ZIP; solid renter incomes; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• Erie County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $124k; list at $267k implies a 116% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% vs local median 2.9% in Huron — 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 33% of the median local income ($77k/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 64 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
• Built in 1959 — 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?
• 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.