1460 Parrish Ave

Hamilton, OH 45011

$235,000B-

3 bd · 2.0 ba · 1,904 sqft · Built 1909 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,004/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$151
• HOA: −$0
• Vac / Maint / Mgmt: −$631
• Net cashflow: $990/mo
• Annual: $11,881/yr
• Cap rate: 11.35%
• Cash-on-cash: 18.06%
• DSCR: 1.80
• 1% rule: 1.28%
• Cash to close: $65,800

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $235k.
• At list price, monthly cash flow is $990 ($12k/yr) — positive. Per door: $495/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 20 days — a 2% lower offer ($231k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $231k (1.5% below list) — sets the bar for market timing.
• 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 73/100 on livability (#332 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime C-, amenities C-, employment D.
• Hamilton City (suburban): math 42% / reading 45% proficiency, ranked #517 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.0%/yr); 196 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• Current owner paid $75k; list at $235k implies a 213% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~7 years — after that, you're playing with house money.
• Cap rate 11.3% vs local median 4.6% in Hamilton — 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.
• This rent runs 39% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1909 — 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.