7 W 2nd St

The Plains, OH 45780

$259,900C-

6 bd · 4.5 ba · 1,728 sqft · Built 2004 · MultiFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,653/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$447
• HOA: −$0
• Vac / Maint / Mgmt: −$557
• Net cashflow: $286/mo
• Annual: $3,426/yr
• Cap rate: 7.61%
• Cash-on-cash: 4.71%
• DSCR: 1.21
• 1% rule: 1.02%
• Cash to close: $72,772

Investor read

• This is a 6-bed/4.5-bath multifamily listed at $260k.
• At list price, monthly cash flow is $286 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• It's been on market 79 days — a 6% lower offer ($244k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $244k (6.0% 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 $8k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#292 in OH, #4,780 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment C-, amenities F.
• Athens City (town): math 50% / reading 61% proficiency, ranked #393 of 656 in OH (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 8 active listings in the ZIP; 5 units permitted in Athens County in 2024 (0 in 5+ unit buildings).
• Athens County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• 8 sale attempts since 4y 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.
• Current owner paid $167k; list at $260k implies a 56% gain — meaningful room to come down on a strong offer.
• At $2,653/mo this rent would consume 61% of the median local household income ($52k/yr) (locally 17% 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 79 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• 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.
• 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.