6967 Sennett

Vandalia, OH 45414

$102,000B+

3 bd · 1.0 ba · 979 sqft · Built 1950 · SingleFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,457/mo
• Mortgage (P&I): −$535
• Tax + insurance: −$152
• HOA: −$0
• Vac / Maint / Mgmt: −$306
• Net cashflow: $464/mo
• Annual: $5,564/yr
• Cap rate: 11.75%
• Cash-on-cash: 19.48%
• DSCR: 1.87
• 1% rule: 1.43%
• Cash to close: $28,560

Investor read

• This is a 3-bed/1.0-bath single-family listed at $102k.
• At list price, monthly cash flow is $464 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $102k).
• It's been on market 54 days — a 3% lower offer ($99k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $99k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $705 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#463 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, health & safety F.
• Zoned schools: Northridge Elementary School (math 14% / reading 23%, grade F, #1,323 of 1,584 statewide, top 84%, 734 students, 0% FRL); Northridge Middle School (math 9% / reading 18%, grade F, #639 of 654 statewide, top 98%, 354 students, 0% FRL); Northridge High School (math 8% / reading 27%, grade F, #689 of 781 statewide, top 90%, 422 students, 0% FRL).
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.4%/yr); 52 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 9y ago; this cycle's ask has dropped $13k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; 28% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 7.4% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 11.7% vs local median 2.8% in Vandalia — 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 32% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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.