109 Nora Dr

Frazeysburg, OH 43822

$2,875,000C-

68 bd · 0.0 ba · 7,120 sqft · Built 2004 · MultiFamily · Pending · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $27,974/mo
• Mortgage (P&I): −$15,077
• Tax + insurance: −$3,388
• HOA: −$0
• Vac / Maint / Mgmt: −$5,875
• Net cashflow: $3,635/mo
• Annual: $43,620/yr
• Cap rate: 7.81%
• Cash-on-cash: 5.42%
• DSCR: 1.24
• 1% rule: 0.97%
• Cash to close: $805,000

Investor read

• This is a 34 × 2-bed/2-bath units multifamily listed at $2.88M.
• 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).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $2.80M (2.7% below list) — sets the bar for 1% rule.
• 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.
• 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).
• Muskingum County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• 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.

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?
• 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.