640 Jefferson St

Greenfield, OH 45123

$77,900B

3 bd · 3.0 ba · 2,193 sqft · Built 1920 · MultiFamily · Active · 75 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,683/mo
• Mortgage (P&I): −$409
• Tax + insurance: −$157
• HOA: −$0
• Vac / Maint / Mgmt: −$563
• Net cashflow: $1,554/mo
• Annual: $18,649/yr
• Cap rate: 30.23%
• Cash-on-cash: 85.50%
• DSCR: 4.80
• 1% rule: 3.44%
• Cash to close: $21,812

Investor read

• This is a 3 × 3-bed/1-bath units multifamily listed at $78k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $78k).
• It's been on market 75 days — a 6% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#364 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Greenfield Exempted Village (town): math 56% / reading 56% proficiency, ranked #375 of 656 in OH (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenfield Middle School (math 53% / reading 53%, grade C+, #372 of 654 statewide, top 58%, 402 students, 59% FRL); Mcclain High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 537 students, 46% FRL) — zoned schools at 52% FRL track the district average.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 28 active listings in the ZIP; 20 units permitted in Highland County in 2024 (0 in 5+ unit buildings).
• Highland County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $16k; list at $78k implies a 384% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 30.2% vs local median 4.0% in Greenfield — 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 $2,683/mo this rent would consume 53% of the median local household income ($61k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% 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?
• 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.