1150 Saxe Ave

Cuyahoga Falls, OH 44221

$240,000C+

4 bd · 2.0 ba · 1,824 sqft · Built 1953 · MultiFamily · Active · 56 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,734/mo
• Mortgage (P&I): −$1,259
• Tax + insurance: −$400
• HOA: −$0
• Vac / Maint / Mgmt: −$574
• Net cashflow: $501/mo
• Annual: $6,015/yr
• Cap rate: 8.80%
• Cash-on-cash: 8.95%
• DSCR: 1.40
• 1% rule: 1.14%
• Cash to close: $67,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $240k. Condition is rated average.
• At list price, monthly cash flow is $501 ($6k/yr) — positive. Per door: $251/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• It's been on market 56 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#60 in OH, #870 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Cuyahoga Falls City (suburban): math 47% / reading 58% proficiency, ranked #408 of 656 in OH (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+7.0%/yr); 92 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 7.0% rent growth), your $67k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 8.8% vs local median 4.5% in Cuyahoga Falls — 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.
• At $2,734/mo this rent would consume 52% of the median local household income ($63k/yr) (locally 1080% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 56 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1953 — 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 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?
• 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.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and in need of replacement
• Moderate: kitchen countertops — dated and in need of replacement
• Moderate: kitchen appliances — dated and in need of replacement
• Moderate: bathroom fixtures — basic and in need of updating