428 High St

Piqua, OH 45356

$1,199,000D

150 bd · 60.0 ba · 8,300 sqft · Built 1920 · MultiFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,443/mo
• Mortgage (P&I): −$6,288
• Tax + insurance: −$1,998
• HOA: −$0
• Vac / Maint / Mgmt: −$2,193
• Net cashflow: $-36/mo
• Annual: $-433/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $335,720

Investor read

• This is a 5×2bd/1ba + 2×3bd/1ba + 3×1bd/1ba units multifamily listed at $1.20M.
• At list price, monthly cash flow is $-36 ($-433/yr) — negative. Per door: $-4/mo.
• To cash-flow at today's rent, offer at most $1.19M (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.04M (12.9% below list).
• It's been on market 81 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.04M (12.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.
• Location reads 62/100 on livability (#887 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Piqua City (rural): math 45% / reading 50% proficiency, ranked #482 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 139 active listings in the ZIP; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• 4 sale attempts since 16y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $155k; list at $1.20M implies a 674% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 4.7% in Piqua — 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 $10,443/mo this rent would consume 181% of the median local household income ($69k/yr) (locally 748% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• 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?