2347-2349 Nicholas Ave · Akron, OH 44305

$167,000

15 bd · 9.0 ba · 1,560 sqft · MultiFamily · 3 Days on market

Built 1962 Fair condition 9,988 sqft lot

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.6/5.0
• Condition / age +2.2/5.0
• Schools +2.1/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Versatile multifamily opportunity in Akron with strong income and value-add potential. This fully occupied triplex offers immediate cash flow with long-term tenants in place, while presenting an excellent opportunity to increase rents—two of the units (2347 up and down) have not had rent increases since the sellers purchased the property. The property features three units: 2347 Lower – 1 bedroom, 1 bathroom, utility room, living room, and kitchen. 2347 Upper – 2 bedrooms, 1 bathroom, living room, kitchen, and sliding door access to a fenced backyard. 2349 Unit – 2 bedrooms, 1 bathroom, kitchen with laundry area, and a bright living room. The 2349 unit has been remod

Key facts

• Immediate cash flow
• Long-term tenants
• Remodeled unit

Tags

• MULTIFAMILY OPPORTUNITY
• FULLY OCCUPIED TRIPLEX
• IMMEDIATE CASH FLOW
• LONG-TERM TENANTS
• FENCED BACKYARD
• REMODELED UNIT

Property features AI

Finance

• Other: Property includes one building; Above-grade finished area reported by assessor
• Financial info: Owner pays sewer, trash collection, and water; Tenant responsible for electricity, gas, cable TV, internet, telephone, insurance, and snow removal
• HOA & community: No HOA information provided

Exterior

• Parking: Common parking; Driveway
• Security: No security details provided
• Utilities: Public water; Public sewer
• Home design: 2-story building
• Construction: Asphalt/fiberglass roof; Year built per public records
• Exterior features: Chain-link backyard fencing

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Information about specific bedroom counts/levels not provided
• Flooring: No flooring details provided
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced-air gas heating; Central air conditioning and wall units
• Interior features: Finished walk-out basement with an apartment; Total of 11 rooms
• Laundry & utility: No laundry details provided

What this means for you Summary

Snapshot

• This is a 1×1bd/1ba + 2×2bd/1ba units multifamily listed at $167k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $167k).
• Cap rate 13.9% vs local median 6.6% in Akron — 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 81/100 on livability (#104 in OH, #1,591 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Akron City (urban): math 22% / reading 30% proficiency, ranked #602 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+4.5%/yr); 101 active listings in the ZIP; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• At $2,793/mo this rent would consume 64% of the median local household income ($53k/yr) (locally 1021% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• 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 + 4.5% rent growth), your $47k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $167,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1962 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 1.67% ✓
• Cap rate: 13.85%
• Cash-on-cash: 27.01%
• DSCR: 2.20
• GRM: 5.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.51% rent growth · sell at horizon

5-year hold

• IRR: 22.7%
• Equity multiple: 1.95×
• Total profit: $44,314
• Equity at exit: $24,900

10-year hold

• IRR: 31.6%
• Equity multiple: 4.06×
• Total profit: $143,293
• Equity at exit: $14,439

Cash invested: $46,760 (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 44305

• Rents YoY: 4.5%
• Active inventory: 101
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,793 high
• Mortgage (P&I): −$876
• Tax est. 1.5%: −$209 /mo · $2,505/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $1,052

Break-even live

Break-even rent $1,461

Max offer price $167,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,168	-5% $1,110	+0% $1,052	+5% $995	+10% $937
Rent	-10% $832	-5% $942	+0% $1,052	+5% $1,163	+10% $1,273
Rate	-1.0pp $1,136	-0.5pp $1,095	base $1,052	+0.5pp $1,009	+1.0pp $965

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

Units	Beds	Baths	Est. rent
1× unit	1	1	$887
▸ 2× units	2	1	$1,906
Total (3 units)			$2,793

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: $41,750
• Closing costs: $5,010
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-22
   status Pending
2. 2026-05-19
   listed $167,000 Active

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

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 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,516
• − Mortgage interest: −$9,355
• − Property taxes: −$2,505
• − Insurance: −$835
• − Repairs & maintenance: −$2,681
• − Management: −$2,681
• − Depreciation: −$4,858
• Taxable income: $10,601
• Est. tax owed @ 24.0%: −$2,544
• After-tax cash flow: $10,084/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.

Condition & rehab AI · 30 photos

Fair 45/100 Moderate rehab

This multifamily property presents as a moderate rehab opportunity with average condition across most areas. Immediate updates to the kitchen and bathrooms would significantly enhance its value.

Repairs flagged

• Moderate kitchen cabinets — dated and worn
• Moderate bathroom fixtures — small and outdated
• Minor HVAC unit — visible but no immediate issues

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen would improve both resale and rental value
• Both bathroom updates — upgrading bathrooms would attract more tenants and buyers
• Both HVAC system replacement — replacing the HVAC system would improve comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and worn	Moderate	$3,000–15,000
bathroom fixtures · small and outdated	Moderate	$3,000–15,000
HVAC unit · visible but no immediate issues	Minor	$500–3,000
Total estimated repair cost · 3 items		$6,500–33,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen would improve both resale and rental value ↑
• Both bathroom updates — upgrading bathrooms would attract more tenants and buyers ↑
• Both HVAC system replacement — replacing the HVAC system would improve comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Akron City
• NCES district ID: 3904348
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 30% ▼ -12.00%
• Median HH income: $33,811
• Composite: 21.31/100
• National rank: #8383
• State rank: #602 of 656 in OH

Livability — Akron

• Score: 81/100
• State rank: #104
• US rank: #1591

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Akron, OH
• County: Summit County · 440,783 people
• City population: 174,375
• Metro: Akron, OH
• Population (ZIP): 21,103
• Household income: $52,768
• Rent vs Own: 42.7% rent · 57.3% own
• Severe rent burden: 1021.0

Population outlook (Summit County) Hauer SSP2

• Today (2025): 546,583 people
• By 2030: 544,028 · -0.5%
• By 2040: 531,363 · -2.8%
• By 2050: 514,923 · -5.8%
• By 2075: 481,765 · -11.9%
• By 2100: 432,265 · -20.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: White 62% Black 20% Two or more races 12% Asian 5% Hispanic / Latino 2%
• Common ancestry: Lithuanian 3% Slovak 2% Romanian 2%
• Foreign-born: 4% · India, Philippines, Canada
• Languages at home: 94% English-only · Other Asian/Pacific 3% Other Indo-European 1% Spanish 1%

Political lean MEDSL · Summit

• 2024 margin: Lean D (+7.0) · D 53.0% · R 46.0%
• 2008→2024 swing: -9.6pp toward R · 2008: 16.6pp · 2024: 7.0pp
• All cycles: 2024: D+7.0 2020: D+9.6 2016: D+8.2 2012: D+14.8 2008: D+16.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -140.39%
• Current HPI: 190.6223
• Rent YoY: ▲ 4.51%
• Metro: Akron, 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

• 2026-05-22 Pending — MLSNOW
• 2026-05-19 Listed $167,000 MLSNOW