320 Woodlawn Ave

Zanesville, OH 43701

$349,900B-

5 bd · 5.0 ba · 4,381 sqft · Built 1920 · MultiFamily · Active · 38 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,972/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$409
• HOA: −$0
• Vac / Maint / Mgmt: −$1,464
• Net cashflow: $3,264/mo
• Annual: $39,173/yr
• Cap rate: 17.68%
• Cash-on-cash: 40.66%
• DSCR: 2.81
• 1% rule: 1.99%
• Cash to close: $97,972

Investor read

• This is a 5 × 5-bed/5-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $653/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $350k).
• It's been on market 38 days — a 3% lower offer ($339k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $339k (3.0% 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 $10k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#290 in OH, #4,764 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, crime D, commute F.
• Zanesville City (town): math 29% / reading 38% proficiency, ranked #570 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 73% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: flood insurance adds $56/mo; built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.2%/yr); 299 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.
• 5 sale attempts since 5y 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 $159k; list at $350k implies a 120% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.2% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 17.7% vs local median 3.3% in Zanesville — 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 $6,972/mo this rent would consume 145% of the median local household income ($58k/yr) (locally 1619% 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 38 days. Have you received any prior offers? Is the seller open to a 3% 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 1920 — 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.