604 E Buchtel Ave

Akron, OH 44304

$115,000A-

4 bd · 2.0 ba · 2,930 sqft · Built 1893 · MultiFamily · Pending · 88 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,223/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$202
• HOA: −$0
• Vac / Maint / Mgmt: −$467
• Net cashflow: $951/mo
• Annual: $11,416/yr
• Cap rate: 16.22%
• Cash-on-cash: 35.45%
• DSCR: 2.58
• 1% rule: 1.93%
• Cash to close: $32,200

Investor read

• This is a 1×2bd/1.5ba + 1×3bd/1.5ba units multifamily listed at $115k.
• At list price, monthly cash flow is $951 ($11k/yr) — positive. Per door: $476/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $115k).
• It's been on market 88 days — a 6% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $108k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($795 loan paydown + $862 appreciation (0.8% local appreciation)).
• 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: Mason Community Learning Center (math 27% / reading 22%, grade F, #1,217 of 1,584 statewide, top 78%, 280 students, 0% FRL); National Inventors Hall of Fame School Center For Stem (math 45% / reading 56%, grade C, #413 of 654 statewide, top 63%, 406 students, 0% FRL); Akron Early College High School (math 62% / reading 98%, grade A, #34 of 781 statewide, top 4%, 377 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.
• Zoned-school proficiency averages 52% at this address vs 26% district-wide (+26 pts) — the actual schools serving this property are materially stronger than the Akron City average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 19 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 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.
• 9 sale attempts since 22y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $58k; list at $115k implies a 98% gain — meaningful room to come down on a strong offer.
• At projected returns (0.8% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 16.2% 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.

Questions for listing agent

• It's been on market 88 days. Have you received any prior offers? Is the seller open to a 6% 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 1893 — 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?
• 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.