603 CR 314

Bellevue, OH 44811

$177,000D+

4 bd · 2.0 ba · 2,400 sqft · Built 2005 · MultiFamily · Active · 103 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,769/mo
• Mortgage (P&I): −$928
• Tax + insurance: −$175
• HOA: −$0
• Vac / Maint / Mgmt: −$371
• Net cashflow: $295/mo
• Annual: $3,537/yr
• Cap rate: 8.29%
• Cash-on-cash: 7.14%
• DSCR: 1.32
• 1% rule: 1.00%
• Cash to close: $49,560

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $177k.
• At list price, monthly cash flow is $295 ($4k/yr) — positive. Per door: $147/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (0.1% below list).
• It's been on market 103 days — a 9% lower offer ($161k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $161k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#181 in OH, #2,807 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Bellevue City (town): math 56% / reading 65% proficiency, ranked #280 of 656 in OH (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bellevue Elementary School (math 66% / reading 63%, grade B, #522 of 1,584 statewide, top 36%, 866 students, 44% FRL); Bellevue Middle School (math 53% / reading 64%, grade B, #287 of 654 statewide, top 45%, 416 students, 37% FRL); Bellevue High School (math 32% / reading 72%, grade D+, #343 of 781 statewide, top 47%, 534 students, 33% FRL).
• Market conditions: 45 active listings in the ZIP; 23 units permitted in Sandusky County in 2024 (0 in 5+ unit buildings).
• Sandusky County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.3% vs local median 3.2% in Bellevue — 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.
• This rent runs 33% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 103 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?
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.