65141 Three Hills Dr

Bellaire, OH 43906

$114,900D+

3 bd · 2.0 ba · 1,470 sqft · Built 1950 · MultiFamily · Active · 178 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,170/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$241
• HOA: −$0
• Vac / Maint / Mgmt: −$246
• Net cashflow: $80/mo
• Annual: $965/yr
• Cap rate: 7.13%
• Cash-on-cash: 3.00%
• DSCR: 1.13
• 1% rule: 1.02%
• Cash to close: $32,172

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $115k.
• At list price, monthly cash flow is $80 ($965/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• It's been on market 178 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• In year one you build about $3k of equity ($794 loan paydown + $2k appreciation (1.8% local appreciation)).
• Location reads 69/100 on livability (#535 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Bellaire Local (rural): math 73% / reading 56% proficiency, ranked #430 of 802 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bellaire Elementary School (reading 42%, 474 students, 56% FRL); Bellaire Middle School (357 students, 61% FRL); Bellaire High School (301 students, 48% FRL) — zoned schools at 55% FRL track the district average.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 27 active listings in the ZIP; lower-income renter base — watch delinquency; 4 units permitted in Belmont County in 2024 (0 in 5+ unit buildings).
• Belmont County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $58k; list at $115k implies a 100% gain — meaningful room to come down on a strong offer.
• At projected returns (1.8% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~7 years — after that, you're playing with house money.
• This rent runs 34% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 178 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1950 — 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?
• 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.
• 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.