1810 W Main St

New Lebanon, OH 45345

$225,000A-

4 bd · 2.0 ba · 2,164 sqft · Built 1887 · MultiFamily · Pending · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,378/mo
• Mortgage (P&I): −$1,180
• Tax + insurance: −$345
• HOA: −$0
• Vac / Maint / Mgmt: −$709
• Net cashflow: $1,144/mo
• Annual: $13,722/yr
• Cap rate: 12.39%
• Cash-on-cash: 21.78%
• DSCR: 1.97
• 1% rule: 1.50%
• Cash to close: $63,000

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $225k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 46 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#450 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• New Lebanon Local (town): math 43% / reading 56% proficiency, ranked #448 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dixie Elementary School (math 62% / reading 57%, grade B-, #670 of 1,584 statewide, top 45%, 452 students, 45% FRL); Dixie Middle School (math 39% / reading 55%, grade D+, #451 of 654 statewide, top 70%, 330 students, 49% FRL); Dixie High School (math 27% / reading 62%, grade F, #470 of 781 statewide, top 62%, 308 students, 44% FRL) — zoned schools at 46% FRL track the district average.
• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $39k; list at $225k implies a 481% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $3,378/mo this rent would consume 52% of the median local household income ($77k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1887 — 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 B-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.