3594 Hanover Dr

Brimfield, OH 44240

$210,000B-

3 bd · 1.5 ba · 1,384 sqft · Built 1960 · SingleFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,490/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$311
• HOA: −$0
• Vac / Maint / Mgmt: −$523
• Net cashflow: $554/mo
• Annual: $6,649/yr
• Cap rate: 9.46%
• Cash-on-cash: 11.31%
• DSCR: 1.50
• 1% rule: 1.19%
• Cash to close: $58,800

Investor read

• This is a 3-bed/1.5-bath single-family listed at $210k.
• At list price, monthly cash flow is $554 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#584 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Field Local (rural): math 65% / reading 66% proficiency, ranked #198 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+6.8%/yr); 139 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• 5 sale attempts since 9y 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 $114k; list at $210k implies a 85% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $59k cash investment doubles in ~8 years — after that, you're playing with house money.
• At $2,490/mo this rent would consume 52% of the median local household income ($58k/yr) (locally 2634% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1960 — 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 F-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.