903 E Main St

Greenville, OH 45331

$400,000B-

12 bd · 6.0 ba · 6,102 sqft · Built 1969 · MultiFamily · Pending · 212 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,100/mo
• Mortgage (P&I): −$2,098
• Tax + insurance: −$872
• HOA: −$0
• Vac / Maint / Mgmt: −$1,071
• Net cashflow: $1,059/mo
• Annual: $12,713/yr
• Cap rate: 10.75%
• Cash-on-cash: 15.92%
• DSCR: 1.71
• 1% rule: 1.27%
• Cash to close: $112,000

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $400k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $265/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• It's been on market 212 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $352k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#514 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, amenities F, commute F.
• Greenville City (town): math 49% / reading 50% proficiency, ranked #456 of 656 in OH (top 70%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: flood insurance adds $427/mo.
• Market conditions: 76 active listings in the ZIP; 43 units permitted in Darke County in 2024 (0 in 5+ unit buildings).
• Darke County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 12 sale attempts since 16y ago; this cycle's ask is 46959% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; list at $400k implies a 150% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~10 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.8% vs local median 3.9% in Greenville — 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 $5,100/mo this rent would consume 114% of the median local household income ($54k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 212 days. Have you received any prior offers? Is the seller open to a 12% 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 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.
• This sits on a lake — are riparian / water-frontage rights deeded with the parcel? Any dock permits, shoreline easements, or HOA water-use restrictions?