2347-2349 Nicholas Ave

Akron, OH 44305

$167,000B-

15 bd · 9.0 ba · 1,560 sqft · Built 1962 · MultiFamily · Pending · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,793/mo
• Mortgage (P&I): −$876
• Tax + insurance: −$278
• HOA: −$0
• Vac / Maint / Mgmt: −$587
• Net cashflow: $1,052/mo
• Annual: $12,628/yr
• Cap rate: 13.85%
• Cash-on-cash: 27.01%
• DSCR: 2.20
• 1% rule: 1.67%
• Cash to close: $46,760

Investor read

• This is a 1×1bd/1ba + 2×2bd/1ba units multifamily listed at $167k. Condition is rated fair.
• 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).
• Only 3 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 $5k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Betty Jane Community Learning Center (math 42% / reading 47%, grade F, #991 of 1,584 statewide, top 64%, 351 students, 0% FRL); Hyre Community Learning Center (math 23% / reading 33%, grade F, #583 of 654 statewide, top 89%, 713 students, 0% FRL); Ellet Community Learning Center (math 30% / reading 42%, grade F, #579 of 781 statewide, top 74%, 968 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• 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).
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1962 — 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.
• 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?
• 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 worn
• Moderate: bathroom fixtures — small and outdated
• Minor: HVAC unit — visible but no immediate issues