781 Clanora Dr

Cincinnati, OH 45205

$730,000C+

99 bd · None ba · — sqft · Built 1948 · MultiFamily · Active · 50 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,350/mo
• Mortgage (P&I): −$3,828
• Tax + insurance: −$1,481
• HOA: −$0
• Vac / Maint / Mgmt: −$1,964
• Net cashflow: $2,077/mo
• Annual: $24,924/yr
• Cap rate: 9.71%
• Cash-on-cash: 12.19%
• DSCR: 1.54
• 1% rule: 1.28%
• Cash to close: $204,400

Investor read

• This is a 7×1bd/1ba + 2×2bd/1ba units multifamily listed at $730k.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $231/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $730k).
• It's been on market 50 days — a 3% lower offer ($708k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $708k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#130 in OH, #1,856 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Cincinnati Public Schools (urban): math 25% / reading 36% proficiency, ranked #581 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.3%/yr); 69 active listings in the ZIP; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• Current owner paid $495k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $204k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 3.9% in Cincinnati — 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 $9,350/mo this rent would consume 257% of the median local household income ($44k/yr) (locally 980% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 50 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 1948 — 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.
• 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?
• Crime grade is F 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.