2933-2937 Cannon Rd

Twinsburg, OH 44087

$419,000B

6 bd · 3.0 ba · 2,856 sqft · Built 1990 · MultiFamily · Active · 129 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,671/mo
• Mortgage (P&I): −$2,197
• Tax + insurance: −$815
• HOA: −$0
• Vac / Maint / Mgmt: −$1,191
• Net cashflow: $1,468/mo
• Annual: $17,617/yr
• Cap rate: 10.69%
• Cash-on-cash: 15.70%
• DSCR: 1.70
• 1% rule: 1.35%
• Cash to close: $117,320

Investor read

• This is a 3 × 3-bed/2.5-bath units multifamily listed at $419k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $489/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $419k).
• It's been on market 129 days — a 12% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $369k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#95 in OH, #1,475 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F.
• Twinsburg City (suburban): math 67% / reading 75% proficiency, ranked #119 of 656 in OH (top 18%) — strong family-tenant draw, lease renewals of 3-5y typical; only 14% free/reduced lunch — higher-income household profile.
• Zoned schools: Wilcox Elementary School (736 students, 18% FRL); Geo G Dodge Elementary School (math 73% / reading 76%, grade A, #88 of 654 statewide, top 14%, 821 students, 20% FRL); Twinsburg High School (math 65% / reading 83%, grade B+, #83 of 781 statewide, top 11%, 1,301 students, 16% FRL) — zoned schools at 18% FRL track the district average.
• Watch-outs: flood insurance adds $66/mo.
• Market conditions: 68 active listings in the ZIP; solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $66k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $358k; 17% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $117k cash investment doubles in ~8 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 10.7% vs local median 3.7% in Twinsburg — 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.

Questions for listing agent

• It's been on market 129 days. Have you received any prior offers? Is the seller open to a 12% 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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?
• 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.