87 E State Rd

Cleves, OH 45002

$850,000B-

16 bd · None ba · 832 sqft · Built 1930 · MultiFamily · Active · 254 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,957/mo
• Mortgage (P&I): −$4,457
• Tax + insurance: −$1,417
• HOA: −$0
• Vac / Maint / Mgmt: −$2,301
• Net cashflow: $2,782/mo
• Annual: $33,382/yr
• Cap rate: 10.22%
• Cash-on-cash: 14.03%
• DSCR: 1.62
• 1% rule: 1.29%
• Cash to close: $238,000

Investor read

• This is a 16-bed/?-bath multifamily listed at $850k. Condition is rated fair.
• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $850k).
• It's been on market 254 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $748k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#701 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, health & safety F.
• Three Rivers Local (rural): math 58% / reading 61% proficiency, ranked #256 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 67 active listings in the ZIP; solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 2 sale attempts since 6y ago; this cycle's ask has dropped $50k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $610k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $238k cash investment doubles in ~9 years — after that, you're playing with house money.
• At $10,957/mo this rent would consume 155% of the median local household income ($85k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 254 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1930 — 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 B-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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: kitchen appliances — outdated and worn
• Major: bathroom fixtures — dated and small
• Moderate: exterior siding — moderate wear