321 N 5th St

Kirkersville, OH 43033

$350,000C+

6 bd · 0.0 ba · 6,768 sqft · Built 1970 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,597/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$407
• HOA: −$0
• Vac / Maint / Mgmt: −$755
• Net cashflow: $599/mo
• Annual: $7,186/yr
• Cap rate: 8.35%
• Cash-on-cash: 7.33%
• DSCR: 1.33
• 1% rule: 1.03%
• Cash to close: $98,000

Investor read

• This is a 3 × 2-bed/1.5-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $599 ($7k/yr) — positive. Per door: $200/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $350k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $28k of equity ($2k loan paydown + $25k appreciation (7.3% local appreciation)).
• Location reads 63/100 on livability (#814 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B+; Watch: amenities F, commute F, health & safety F.
• Southwest Licking Local (rural): math 59% / reading 62% proficiency, ranked #243 of 656 in OH (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kirkersville Elementary School (475 students, 23% FRL); Watkins Middle School (math 50% / reading 57%, grade C+, #362 of 654 statewide, top 57%, 1,065 students, 32% FRL); Watkins Memorial High School (math 49% / reading 66%, grade C, #272 of 781 statewide, top 35%, 1,373 students, 26% FRL) — zoned schools at 27% FRL track the district average.
• Market conditions: 4 active listings in the ZIP; 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).
• 6 sale attempts since 21y 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 $180k; list at $350k implies a 94% gain — meaningful room to come down on a strong offer.
• At projected returns (7.3% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$45k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $3,597/mo this rent would consume 63% of the median local household income ($68k/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?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.