4844 Alert New London Rd

Ross, OH 45013

$264,900B

5 bd · 3.0 ba · 4,000 sqft · Built 1906 · MultiFamily · Active · 203 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,020/mo
• Mortgage (P&I): −$1,389
• Tax + insurance: −$373
• HOA: −$0
• Vac / Maint / Mgmt: −$1,264
• Net cashflow: $2,994/mo
• Annual: $35,929/yr
• Cap rate: 19.86%
• Cash-on-cash: 48.44%
• DSCR: 3.16
• 1% rule: 2.27%
• Cash to close: $74,172

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $265k.
• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $998/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $265k).
• It's been on market 203 days — a 12% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $233k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#591 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Ross Local (rural): math 71% / reading 76% proficiency, ranked #95 of 656 in OH (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical; only 20% free/reduced lunch — higher-income household profile.
• Zoned schools: Morgan Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 408 students, 19% FRL); Ross Middle School (math 65% / reading 75%, grade A, #136 of 654 statewide, top 22%, 726 students, 24% FRL); Ross High School (math 71% / reading 84%, grade A-, #52 of 781 statewide, top 7%, 933 students, 20% FRL) — zoned schools at 21% FRL track the district average.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.7%/yr); 121 active listings in the ZIP; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• 2 sale attempts since 15y 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 $60k; list at $265k implies a 338% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $74k cash investment doubles in ~3 years — after that, you're playing with house money.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.
• At $6,020/mo this rent would consume 98% of the median local household income ($74k/yr) (locally 1047% 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 203 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?
• Built in 1906 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.