328 W Church St Unit 328-330 Church

Urbana, OH 43078

$220,000B

4 bd · None ba · 3,125 sqft · Built 1900 · MultiFamily · Active · 131 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,954/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$827
• HOA: −$0
• Vac / Maint / Mgmt: −$620
• Net cashflow: $353/mo
• Annual: $4,234/yr
• Cap rate: 10.73%
• Cash-on-cash: 15.84%
• DSCR: 1.70
• 1% rule: 1.34%
• Cash to close: $61,600

Investor read

• This is a 1×4bd/2ba + 1×2bd/1ba units multifamily listed at $220k. Condition is rated fair.
• At list price, monthly cash flow is $353 ($4k/yr) — positive. Per door: $176/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 131 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 71/100 on livability (#404 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Urbana City (town): math 43% / reading 45% proficiency, ranked #509 of 656 in OH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Urbana Elementary School (math 46% / reading 48%, grade D-, #942 of 1,584 statewide, top 61%, 871 students, 56% FRL); Urbana Junior High School (math 41% / reading 38%, grade F, #519 of 654 statewide, top 80%, 433 students, 50% FRL); Urbana High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 550 students, 47% FRL) — zoned schools at 51% FRL track the district average.
• Watch-outs: flood insurance adds $460/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 91 active listings in the ZIP; 42 units permitted in Champaign County in 2024 (0 in 5+ unit buildings).
• Champaign County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $62k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 10.7% vs local median 3.3% in Urbana — 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 $2,954/mo this rent would consume 49% of the median local household income ($72k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 131 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1900 — 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.

Repairs flagged (vision-AI assessment)

• Major: Exterior paint — Peeling paint on the exterior walls and brick.
• Major: Roof — Visible wear and potential leaks.