111 W High St

Eaton, OH 45320

$139,900C-

3 bd · 2.0 ba · 1,248 sqft · Built 1959 · MultiFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,393/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$120
• HOA: −$0
• Vac / Maint / Mgmt: −$293
• Net cashflow: $247/mo
• Annual: $2,965/yr
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• 1% rule: 1.00%
• Cash to close: $39,172

Investor read

• This is a 1×2.0bd/1.0ba + 1×1.0bd/1.0ba units multifamily listed at $140k. Condition is rated fair.
• At list price, monthly cash flow is $247 ($3k/yr) — positive. Per door: $124/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (0.4% below list).
• It's been on market 74 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#180 in OH, #2,768 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Eaton Community City (town): math 67% / reading 68% proficiency, ranked #184 of 656 in OH (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 88 active listings in the ZIP; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).
• Preble County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts 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.
• Cap rate 8.4% vs local median 2.2% in Eaton — 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 74 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1959 — 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.
• 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?

Repairs flagged (vision-AI assessment)

• Minor: kitchen appliances — existing appliances
• Minor: bathroom fixtures — existing fixtures
• Minor: HVAC units — existing units