109 Nora Dr · Frazeysburg, OH 43822

$2,875,000

68 bd · 0.0 ba · 7,120 sqft · MultiFamily public records · 9 Days on market

Built 2004

---

Why this score? — see what drove the C- grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +20.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Schools +5.5/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 34 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

PREMIER 34-UNIT ALL-BRICK APARTMENT COMPLEX IN EMERGING INDUSTRIAL/MANUFACTURING HUB A rare opportunity to acquire a newer-constructed (2004), all-brick 34-unit multifamily property strategically positioned within a rapidly developing manufacturing and industrial district. This property offers investors a stable, low-maintenance asset with strong tenant appeal and exceptional proximity to major employment drivers and Immediate access to major transportation arteries. Property Features: 2 bedrooms and 2 full baths, dishwashers, and laundry hookups in each unit. Tenants pay electric, water/sewer. Owner pays trash. only. 100% occupancy. Roof repaiir/replaced with pending insurance claim. . Well maintained across the entire complex. Ample on-site parking. Hard To Find and Will Sell Quickly - Curb Offers Only Please ALL OFFERS TO BE SUBMITTED BY TUES. MAY 5TH 3:00 PM.

Key facts

• Brand-new roofs
• Strong tenant appeal
• 75 parking spots

Tags

• ALL-BRICK APARTMENT COMPLEX
• NEWER-CONSTRUCTED PROPERTY
• STRONG TENANT APPEAL
• BRAND-NEW ROOFS
• AMPLE ON-SITE PARKING

What this means for you Summary

Snapshot

• This is a 34 × 2-bed/2-bath units multifamily listed at $2.88M.

Deal economics

• At list price, monthly cash flow is $4k ($44k/yr) — positive. Per door: $107/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 $2.80M (2.7% below list).
• Recommended offer: $2.80M (2.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 64/100 on livability (#760 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Tri-Valley Local (rural): math 64% / reading 66% proficiency, ranked #215 of 656 in OH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 29 active listings in the ZIP; 140 units permitted in Muskingum County in 2024 (100 in 5+ unit buildings).
• At $27,974/mo this rent would consume 556% of the median local household income ($60k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $20k of loan paydown is wiped out by about $86k of value loss. Plan a longer hold.
• Muskingum County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 14y 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.

Recommended offer $2,797,400 (2.7% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• GRM: 8.6

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.9%
• Equity multiple: 0.71×
• Total profit: $-234,799
• Equity at exit: $428,672

10-year hold

• IRR: 1.6%
• Equity multiple: 1.11×
• Total profit: $91,863
• Equity at exit: $248,577

Cash invested: $805,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 43822

• Home prices YoY: -21.5%
• Active inventory: 29
• Price-to-rent: 291.2×

Monthly cashflow live

• Estimated rent: $27,974 medium
• Mortgage (P&I): −$15,077
• Tax from tax record: −$2,190 /mo · $26,277/yr
• Insurance: −$1,198
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,875
• Net cashflow: $3,635

Break-even live

Break-even rent $23,373

Max offer price $2,875,000

Occupancy floor 82%

Sensitivity live

Price	-10% $5,262	-5% $4,449	+0% $3,635	+5% $2,821	+10% $2,008
Rent	-10% $1,425	-5% $2,530	+0% $3,635	+5% $4,740	+10% $5,845
Rate	-1.0pp $5,083	-0.5pp $4,366	base $3,635	+0.5pp $2,890	+1.0pp $2,132

34-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 34× units	2	2	$27,982
Total (34 units)			$27,974

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $718,750
• Closing costs: $86,250
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-07
   status Pending 878-char remark

   Show marketing remark (878 chars)

   PREMIER 34-UNIT ALL-BRICK APARTMENT COMPLEX IN EMERGING INDUSTRIAL/MANUFACTURING HUB A rare opportunity to acquire a newer-constructed (2004), all-brick 34-unit multifamily property strategically positioned within a rapidly developing manufacturing and industrial district. This property offers investors a stable, low-maintenance asset with strong tenant appeal and exceptional proximity to major employment drivers and Immediate access to major transportation arteries. Property Features: 2 bedrooms and 2 full baths, dishwashers, and laundry hookups in each unit. Tenants pay electric, water/sewer. Owner pays trash. only. 100% occupancy. Roof repaiir/replaced with pending insurance claim. . Well maintained across the entire complex. Ample on-site parking. Hard To Find and Will Sell Quickly - Curb Offers Only Please ALL OFFERS TO BE SUBMITTED BY TUES. MAY 5TH 3:00 PM.

2. 2026-04-28
   listed $2,875,000 Active 878-char remark

   Show marketing remark (878 chars)

   PREMIER 34-UNIT ALL-BRICK APARTMENT COMPLEX IN EMERGING INDUSTRIAL/MANUFACTURING HUB A rare opportunity to acquire a newer-constructed (2004), all-brick 34-unit multifamily property strategically positioned within a rapidly developing manufacturing and industrial district. This property offers investors a stable, low-maintenance asset with strong tenant appeal and exceptional proximity to major employment drivers and Immediate access to major transportation arteries. Property Features: 2 bedrooms and 2 full baths, dishwashers, and laundry hookups in each unit. Tenants pay electric, water/sewer. Owner pays trash. only. 100% occupancy. Roof repaiir/replaced with pending insurance claim. . Well maintained across the entire complex. Ample on-site parking. Hard To Find and Will Sell Quickly - Curb Offers Only Please ALL OFFERS TO BE SUBMITTED BY TUES. MAY 5TH 3:00 PM.

3. 2015-09-04
   historical
4. 2015-07-06
   listed $500,000
5. 2013-07-01
   historical
6. 2013-06-30
   historical
7. 2013-01-12
   listed $1,600,000
8. 2012-11-28
   listed $1,600,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $26,277 · $2,190/mo
• Projected year-2 tax: $35,563 · $2,964/mo
• Expected delta: +$9,287/yr (+$774/mo · 35.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $335,688
• − Mortgage interest: −$161,045
• − Property taxes: −$26,277
• − Insurance: −$14,375
• − Repairs & maintenance: −$26,855
• − Management: −$26,855
• − Depreciation: −$83,636
• Taxable loss: −$3,355
• Est. tax savings @ 24.0%: +$805
• After-tax cash flow: $44,425/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Tri-Valley Local
• NCES district ID: 3904887
• Math proficiency: 64% ▼ -7.00%
• Reading proficiency: 66% ▼ -5.00%
• Median HH income: $48,616
• Composite: 55.09/100
• National rank: #1286
• State rank: #215 of 656 in OH

Livability — Frazeysburg

• Score: 64/100
• State rank: #760
• US rank: #13700

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment F Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Frazeysburg, OH
• County: Coshocton · 37,075 people
• Population (ZIP): 4,520
• Household income: $60,423
• Rent vs Own: 26.8% rent · 73.2% own
• Severe rent burden: 7.0

Population outlook (Muskingum County) Hauer SSP2

• Today (2025): 85,625 people
• By 2030: 84,592 · -1.2%
• By 2040: 81,288 · -5.1%
• By 2050: 76,751 · -10.4%
• By 2075: 64,143 · -25.1%
• By 2100: 47,598 · -44.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 3%
• Common ancestry: Romanian 4% Slovak 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 94% English-only · German/W. Germanic 5% Spanish 1%

Political lean MEDSL · Muskingum

• 2024 margin: Solid R (+43.9) · D 27.6% · R 71.6%
• 2008→2024 swing: -36.7pp toward R · 2008: -7.2pp · 2024: -43.9pp
• All cycles: 2024: R+43.9 2020: R+39.3 2016: R+35.0 2012: R+7.0 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.51%
• Current HPI: 264.3694
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+79.7% since first listed

8 events — show timeline

• 2026-05-07 Pending — CBRMLS
• 2026-04-28 Listed $2,875,000 CBRMLS
• 2015-09-04 Listing Removed — CBRMLS
• 2015-07-06 Listed $500,000 CBRMLS
• 2013-07-01 Listing Removed — CBRMLS
• 2013-06-30 Listing Removed — MLSNOW
• 2013-01-12 Listed $1,600,000 MLSNOW
• 2012-11-28 Listed $1,600,000 CBRMLS

Property tax history

+0.7%/yr

Latest (2025): $26,277 · +2.1% YoY. Source: county tax records.