4210 Lowry Ave

Norwood, OH 45212

$340,000B

16 bd · 16.0 ba · — sqft · Built 1900 · MultiFamily · Active · 111 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,598/mo
• Mortgage (P&I): −$1,783
• Tax + insurance: −$513
• HOA: −$0
• Vac / Maint / Mgmt: −$1,596
• Net cashflow: $3,706/mo
• Annual: $44,477/yr
• Cap rate: 19.37%
• Cash-on-cash: 46.72%
• DSCR: 3.08
• 1% rule: 2.23%
• Cash to close: $95,200

Investor read

• This is a 4 × 4-bed/4.0-bath units multifamily listed at $340k.
• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $927/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $340k).
• It's been on market 111 days — a 9% lower offer ($309k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $309k (9.0% 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 $10k of value loss. Plan a longer hold.
• Location reads 79/100 on livability (#154 in OH, #2,322 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment C-, amenities D+.
• Norwood City (suburban): math 35% / reading 53% proficiency, ranked #513 of 656 in OH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 55 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 8 sale attempts since 26y ago; this cycle's ask has dropped $30k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $270k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $95k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 19.4% vs local median 4.8% in Norwood — 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 $7,598/mo this rent would consume 126% of the median local household income ($72k/yr) (locally 1192% 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 111 days. Have you received any prior offers? Is the seller open to a 9% 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 1900 — 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 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.