3301 Camvic Ter

Cheviot, OH 45211

$995,000C

121 bd · None ba · — sqft · Built 1961 · MultiFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,770/mo
• Mortgage (P&I): −$5,218
• Tax + insurance: −$1,598
• HOA: −$0
• Vac / Maint / Mgmt: −$2,262
• Net cashflow: $1,692/mo
• Annual: $20,310/yr
• Cap rate: 8.33%
• Cash-on-cash: 7.29%
• DSCR: 1.32
• 1% rule: 1.08%
• Cash to close: $278,600

Investor read

• This is a 11 × 1-bed/1.0-bath units multifamily listed at $995k.
• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $154/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $995k).
• It's been on market 80 days — a 6% lower offer ($935k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $935k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#163 in OH, #2,446 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, amenities D, employment F.
• Cincinnati Public Schools (urban): math 25% / reading 36% proficiency, ranked #581 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.6%/yr); 82 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 5 sale attempts since 21y 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 $475k; list at $995k implies a 109% gain — meaningful room to come down on a strong offer.
• Cap rate 8.3% vs local median 5.1% in Cheviot — 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 $10,770/mo this rent would consume 240% of the median local household income ($54k/yr) (locally 1916% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 80 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 1961 — 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.
• 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.