283 Park Avenue West Ave

Mansfield, OH 44902

$459,900B+

1 bd · 1.0 ba · 13,360 sqft · Built 1900 · MultiFamily · Active · 57 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $7,170/mo
• Mortgage (P&I): −$2,412
• Tax + insurance: −$771
• HOA: −$0
• Vac / Maint / Mgmt: −$1,506
• Net cashflow: $2,482/mo
• Annual: $29,781/yr
• Cap rate: 12.77%
• Cash-on-cash: 23.13%
• DSCR: 2.03
• 1% rule: 1.56%
• Cash to close: $128,772

Investor read

• This is a 6 × 3-bed/1.5-bath units multifamily listed at $460k.
• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $460k).
• It's been on market 57 days — a 3% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $446k (3.0% below list) — sets the bar for market timing.
• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (8.4% local appreciation)).
• Location reads 76/100 on livability (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D-, amenities D-.
• Mansfield City (urban): math 24% / reading 33% proficiency, ranked #590 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 31 active listings in the ZIP; lower-income renter base — watch delinquency; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 3 sale attempts since 6y 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 $225k; list at $460k implies a 104% gain — meaningful room to come down on a strong offer.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.8% vs local median 4.2% in Mansfield — 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 $7,170/mo this rent would consume 272% of the median local household income ($32k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% 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 1900 — 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.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.