151/153 W Lisbon St

Waynesburg, OH 44688

$159,900B+

6 bd · 4.0 ba · 2,800 sqft · Built 1850 · MultiFamily · Pending · 15 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,357/mo
• Mortgage (P&I): −$839
• Tax + insurance: −$266
• HOA: −$0
• Vac / Maint / Mgmt: −$495
• Net cashflow: $757/mo
• Annual: $9,084/yr
• Cap rate: 11.97%
• Cash-on-cash: 20.29%
• DSCR: 1.90
• 1% rule: 1.47%
• Cash to close: $44,772

Investor read

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $160k. Condition is rated average.
• At list price, monthly cash flow is $757 ($9k/yr) — positive. Per door: $378/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• It's been on market 15 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.5% local appreciation)).
• Location reads 68/100 on livability (#559 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Sandy Valley Local (rural): math 56% / reading 63% proficiency, ranked #296 of 656 in OH (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Sandy Valley Elementary School (math 67% / reading 67%, grade B+, #456 of 1,584 statewide, top 31%, 544 students, 45% FRL); Sandy Valley Middle School (math 55% / reading 62%, grade B, #287 of 654 statewide, top 45%, 300 students, 0% FRL); Sandy Valley High School (math 32% / reading 57%, grade F, #470 of 781 statewide, top 62%, 420 students, 71% FRL).
• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 13 active listings in the ZIP; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (3.5% appreciation + 3.0% rent growth), your $45k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $2,357/mo this rent would consume 48% of the median local household income ($59k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1850 — 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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Repairs flagged (vision-AI assessment)

• Moderate: kitchen cabinets — dated and worn
• Moderate: bathroom cabinets — dated and worn
• Moderate: kitchen flooring — dated and worn
• Moderate: bathroom flooring — dated and worn