11500 Louisville St

Louisville, OH 44641

$299,900C+

3 bd · 2.0 ba · 2,220 sqft · Built 1909 · MultiFamily · Active · 16 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,054/mo
• Mortgage (P&I): −$1,573
• Tax + insurance: −$236
• HOA: −$0
• Vac / Maint / Mgmt: −$641
• Net cashflow: $604/mo
• Annual: $7,252/yr
• Cap rate: 8.71%
• Cash-on-cash: 8.64%
• DSCR: 1.38
• 1% rule: 1.02%
• Cash to close: $83,972

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $300k.
• At list price, monthly cash flow is $604 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• It's been on market 16 days — a 2% lower offer ($295k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $295k (1.5% 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 $9k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#142 in OH, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Marlington Local (rural): math 58% / reading 67% proficiency, ranked #253 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.6%/yr); 88 active listings in the ZIP; solid renter incomes; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $143k; list at $300k implies a 110% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $84k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.7% vs local median 3.4% in Louisville — 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 $3,054/mo this rent would consume 46% of the median local household income ($80k/yr) (locally 344% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1909 — 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.
• 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.