506 Maple St

Elmwood Place, OH 45216

$249,900B-

3 bd · 3.0 ba · 2,038 sqft · Built 1870 · MultiFamily · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,404/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$317
• HOA: −$0
• Vac / Maint / Mgmt: −$715
• Net cashflow: $1,061/mo
• Annual: $12,738/yr
• Cap rate: 11.66%
• Cash-on-cash: 19.16%
• DSCR: 1.85
• 1% rule: 1.36%
• Cash to close: $69,972

Investor read

• This is a 2×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $250k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $354/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 68/100 on livability (#553 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing B; Watch: employment D+, crime F, amenities F.
• St Bernard-Elmwood Place City (suburban): math 36% / reading 48% proficiency, ranked #529 of 656 in OH (top 81%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Elmwood Place Elementary School (math 37% / reading 47%, grade F, #1,030 of 1,584 statewide, top 66%, 132 students, 74% FRL); St Bernard-Elmwood Place High School (math 32% / reading 47%, grade F, #528 of 781 statewide, top 71%, 351 students, 74% FRL).
• Watch-outs: flood insurance adds $56/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~7 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• At $3,404/mo this rent would consume 93% of the median local household income ($44k/yr) (locally 407% 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?
• Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.