967-973 Burr Ave

Grandview Heights, OH 43212

$629,000B

24 bd · None ba · 3,645 sqft · Built 1925 · MultiFamily · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,807/mo
• Mortgage (P&I): −$3,299
• Tax + insurance: −$815
• HOA: −$0
• Vac / Maint / Mgmt: −$1,639
• Net cashflow: $2,054/mo
• Annual: $24,652/yr
• Cap rate: 10.21%
• Cash-on-cash: 14.00%
• DSCR: 1.62
• 1% rule: 1.24%
• Cash to close: $176,120

Investor read

• This is a 4 × 3-bed/?-bath units multifamily listed at $629k.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $514/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $629k).
• It's been on market 97 days — a 9% lower offer ($572k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $572k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• Location reads 93/100 on livability (#3 in OH, #19 nationally) — a professional / high-income tenant draw. Strengths: schools A+, amenities A+, commute A+; Watch: cost of living F.
• Grandview Heights Schools (suburban): math 80% / reading 88% proficiency, ranked #29 of 656 in OH (top 4%) — strong family-tenant draw, lease renewals of 3-5y typical; only 18% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+1.6%/yr); 65 active listings in the ZIP; solid renter incomes; 8,139 units permitted in Franklin County in 2024 (5,940 in 5+ unit buildings).
• Franklin County population projected at +34% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts 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 $180k; list at $629k implies a 249% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $176k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 10.2% vs local median 1.3% in Grandview Heights — 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 $7,807/mo this rent would consume 121% of the median local household income ($77k/yr) (locally 1908% 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 97 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 1925 — 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 A-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.