Clark County

Clark County, Ohio sits at a gross rent-to-price ratio of 7.2%, which places it squarely in the middle ground between pure cash-flow market and appreciation play. The 4.68% cap rate at a $199,692 median price tells you the income is there in theory, but the financing math is punishing at 6.85%: the model underwrite produces negative $268 per month in cash flow and a -7% cash-on-cash return on a 20% down payment. That gap between cap rate and borrowing cost is the entire story right now. The 3.22% year-over-year price appreciation is real but not spectacular, and the affordability index of 87 signals the market is accessible by most benchmarks. The overall score of 72 out of 100 with a 86th national percentile ranking is respectable, but the stability score of 50 is the number that demands the most attention before committing capital.

The negative cash-on-cash return means Clark County, as modeled, is not a market for an investor who needs day-one cash flow from a conventionally financed single acquisition. It suits either a cash buyer, who eliminates the mortgage drag and can work with the underlying 4.68% cap rate as a starting yield, or a value-add operator who can acquire below median, force appreciation through renovation, and push rents meaningfully above the $1,198.68 median. The appreciation score of 81 is the most compelling number in the scorecard, which makes Clark more interesting to a buyer willing to hold five-plus years and accept compressed near-term returns in exchange for price growth. An all-cash investor achieving the cap rate at purchase price clears roughly $9,340 annually before capital expenditures, which is a serviceable starting yield on a $200K asset in a market ranked 25th out of 88 Ohio counties.

Clark County's stability score of 50 is the flag that needs unpacking before any capital is deployed. No economic anchor data was provided for this county, so the drivers behind that score, whether employer concentration, population trajectory, or income trends, cannot be assessed here. An investor doing final diligence should independently verify the county's largest employers, whether the Springfield metro area is gaining or losing working-age population, and what the vacancy trend looks like for B- and C-class rentals. A stability score at the 50th percentile means roughly half the comparable markets in the model present lower volatility risk, and in a market where the cash-flow margin is already negative, an unexpected occupancy disruption has outsized consequences on returns.

The tax and insurance carry costs deserve explicit attention in any underwrite. The combined monthly tax and insurance burden is $298, which is a material component of the $420 in estimated total monthly expenses. The state-average effective property tax rate is 1.56%, a figure sourced from Tax Foundation 2024 data, and the model flags it as high. At that rate on a $199,692 purchase, annual property taxes run approximately $3,115. That is high enough to deserve its own line on the underwrite rather than being buried in an expense ratio, and investors should verify actual Clark County and township-level rates before closing, since the 1.56% is a state average and local assessments can differ materially in either direction. The insurance component at 0.23% adds another $459 annually, which is modest by Midwest standards and not a major swing factor.

Comparing Clark to its neighboring counties sharpens the picture. Montgomery County, at a $195,315 median and a 7.64% rent-to-price ratio, offers a better gross yield on a nearly identical price point and carries an overall score of 73. For an investor choosing between these two, Montgomery's higher rent-to-price ratio meaningfully narrows the cash-flow gap under the same financing assumptions. Cuyahoga County shows a 7.83% rent-to-price ratio and $1,378.83 median rent but carries a $211,436 median price and a score of 73, making it a better income market at the cost of higher entry. Ashtabula County at $174,003 and a 7.06% ratio is cheaper but produces lower absolute rent and scores identically to Clark at 72. Belmont County at $130,448 is the outlier on price, but its $786.67 median rent and 7.24% ratio produce lower absolute income dollars despite a comparable yield percentage. Clark makes the most sense over these neighbors specifically for the investor prioritizing the appreciation score of 81 combined with a sub-$200K entry price, a combination none of the listed neighbors match exactly. If income yield is the primary screen, Montgomery is the stronger choice at comparable pricing.