331 Locke Ave NW · Perry Heights, OH 44646

$399,900

8 bd · 4.0 ba · 1,440 sqft · MultiFamily public records · 14 Days on market

Built 1981 9,844 sqft lot

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Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +5.0/10.0
• Rent growth +4.0/5.0
• 1% rule +3.8/10.0
• Livability +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Well-maintained 4 unit with living room and eat-in kitchen w/ sliders on first floor. Two bedrooms with a full bath up. Full basement with laundry area in each unit. Private entrances with front porch and back patio. Plenty of parking. Great location near schools, restaurants, and shopping.

Key facts

• Front porch
• Plenty of parking
• Private entrances

Tags

• EAT-IN KITCHEN
• FULL BASEMENT
• PRIVATE ENTRANCES
• FRONT PORCH
• BACK PATIO
• PLENTY OF PARKING

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $441 ($5k/yr) — positive. Per door: $110/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $352k (11.9% below list).
• Recommended offer: $352k (11.9% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 2.7% in Perry Heights — 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.

Location & tenants

• Location reads 68/100 on livability (#575 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, amenities F, commute F.
• Market conditions: Rents rising fast (+6.0%/yr); 209 active listings in the ZIP; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• At $3,525/mo this rent would consume 61% of the median local household income ($69k/yr) (locally 1011% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $352,500 (11.9% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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.
5. 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.
6. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 7.62%
• Cash-on-cash: 4.73%
• DSCR: 1.21
• GRM: 9.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.04% rent growth · sell at horizon

5-year hold

• IRR: -6.0%
• Equity multiple: 0.77×
• Total profit: $-25,790
• Equity at exit: $59,626

10-year hold

• IRR: 6.6%
• Equity multiple: 1.55×
• Total profit: $61,428
• Equity at exit: $34,576

Cash invested: $111,972 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44646

• Rents YoY: 6.0%
• Active inventory: 209
• Price-to-rent: 37.8×

Monthly cashflow live

• Estimated rent: $3,525 medium
• Mortgage (P&I): −$2,097
• Tax from tax record: −$80 /mo · $957/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$740
• Net cashflow: $441

Break-even live

Break-even rent $2,966

Max offer price $399,900

Occupancy floor 82%

Sensitivity live

Price	-10% $668	-5% $554	+0% $441	+5% $328	+10% $215
Rent	-10% $163	-5% $302	+0% $441	+5% $581	+10% $720
Rate	-1.0pp $643	-0.5pp $543	base $441	+0.5pp $338	+1.0pp $232

4-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$3,524
Total (4 units)			$3,525

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-08
   remarks 291-char remark
2. 2026-06-08
   listed $399,900 Pending 14 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $957 · $80/mo
• Projected year-2 tax: $3,598 · $300/mo
• Expected delta: +$2,641/yr (+$220/mo · 276.1%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,300
• − Mortgage interest: −$22,401
• − Property taxes: −$957
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,384
• − Management: −$3,384
• − Depreciation: −$11,633
• Taxable loss: −$1,458
• Est. tax savings @ 24.0%: +$350
• After-tax cash flow: $5,645/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — Perry Heights

• Score: 68/100
• State rank: #575
• US rank: #9817

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment C Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Perry Heights, OH
• County: Stark County · 272,865 people
• Metro: Canton-Massillon, OH
• Population (ZIP): 47,741
• Household income: $69,179
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1011.0

Population outlook (Stark County) Hauer SSP2

• Today (2025): 373,708 people
• By 2030: 371,245 · -0.7%
• By 2040: 361,331 · -3.3%
• By 2050: 345,290 · -7.6%
• By 2075: 302,669 · -19.0%
• By 2100: 238,870 · -36.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 7% Two or more races 5% Hispanic / Latino 3% Asian 1%
• Common ancestry: Lithuanian 3% Romanian 2% Scandinavian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Stark

• 2024 margin: Strong R (+21.9) · D 38.6% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.5pp · 2024: -21.9pp
• All cycles: 2024: R+21.9 2020: R+18.5 2016: R+17.4 2012: R+0.4 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -190.31%
• Current HPI: 217.8955
• Rent YoY: ▲ 6.04%
• Metro: Canton-Massillon, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

2 events — show timeline

• 2026-05-04 Pending — MLSNOW
• 2026-04-20 Listed $399,900 MLSNOW

Property tax history

-8.8%/yr

Latest (2024): $957 · -44.8% YoY. Source: county tax records.