1236-1238 Bowen Cir NW · Perry Heights, OH 44708

$279,000

4 bd · 3.0 ba · 2,072 sqft · MultiFamily public records · 5 Days on market

Built 1976 0.89 ac lot

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Why this score? — see what drove the D grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +13.3/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.2/5.0
• DSCR +4.0/10.0
• Livability +3.4/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Well-maintained 2-story brick duplex. Each side has a spacious eat-in kitchen, a living room, two bedrooms, and a full bath on the upper level, and an additional living area, a half bathroom, and a laundry area on the main floor level. Each unit has a two-car garage, a back patio, a deck, and a blacktopped driveway. The property sits on . 89 acres on a quiet cul-de-sac with beautiful views. Seller owns all appliances, which are included.

Key facts

• Quiet cul-de-sac
• Blacktopped driveway
• Eat-in kitchen

Tags

• EAT-IN KITCHEN
• SPACIOUS LIVING ROOM
• BACK PATIO
• BLACKTOPPED DRIVEWAY
• QUIET CUL-DE-SAC
• BEAUTIFUL VIEWS

Property features AI

Finance

• Other: Single building on property
• Financial info: Annual tax amount reported

Exterior

• Parking: Attached garage with 2 spaces
• Utilities: Public sewer (owner pays sewer); Well water; Electricity paid by tenant; Gas paid by tenant
• Home design: 2-story building; Brick construction; Asphalt roof
• Construction: Built (year per public records); Brick exterior; Asphalt roof
• Exterior features: 0.89-acre lot

Interior

• Kitchen: Range; Dishwasher; Refrigerator
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: 6 total rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.5-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $-1 ($-6/yr) — negative. Per door: $0/mo.
• To cash-flow at today's rent, offer at most $279k (0.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $231k (17.1% below list).
• Recommended offer: $231k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 2.7% in Perry Heights — 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.

Location & tenants

• Location reads 68/100 on livability (#575 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Zoned schools: T C Knapp Elementary School (math 82% / reading 72%, grade A, #221 of 1,584 statewide, top 16%, 416 students, 24% FRL); Edison Middle School (math 61% / reading 75%, grade A-, #155 of 654 statewide, top 24%, 689 students, 37% FRL); Perry High School (math 36% / reading 72%, grade C-, #331 of 781 statewide, top 43%, 1,478 students, 30% FRL).
• Market conditions: Rents rising fast (+6.7%/yr); 124 active listings in the ZIP; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• This rent runs 44% of the median local income ($64k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• 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.
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $231,200 (17.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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.

Investment metrics

• 1% rule: 0.83% ✗
• Cap rate: 6.29%
• Cash-on-cash: -0.01%
• DSCR: 1.00
• GRM: 10.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.73% rent growth · sell at horizon

5-year hold

• IRR: -12.4%
• Equity multiple: 0.54×
• Total profit: $-36,269
• Equity at exit: $41,600

10-year hold

• IRR: 1.3%
• Equity multiple: 1.10×
• Total profit: $8,154
• Equity at exit: $24,123

Cash invested: $78,120 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44708

• Rents YoY: 6.7%
• Active inventory: 124
• Price-to-rent: 20.1×

Monthly cashflow live

• Estimated rent: $2,312 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$248 /mo · $2,972/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$486
• Net cashflow: $-1

Break-even live

Break-even rent $2,313

Max offer price $278,908

Occupancy floor 95%

Sensitivity live

Price	-10% $157	-5% $78	+0% $-1	+5% $-79	+10% $-158
Rent	-10% $-183	-5% $-92	+0% $-1	+5% $91	+10% $182
Rate	-1.0pp $140	-0.5pp $70	base $-1	+0.5pp $-73	+1.0pp $-146

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	2.5	$2,312
Total (2 units)			$2,312

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-06-08
   remarks 441-char remark
2. 2026-06-08
   listed $279,000 Pending 5 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,972 · $248/mo
• Projected year-2 tax: $3,662 · $305/mo
• Expected delta: +$690/yr (+$58/mo · 23.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,744
• − Mortgage interest: −$15,628
• − Property taxes: −$2,972
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,220
• − Management: −$2,220
• − Depreciation: −$8,116
• Taxable loss: −$4,807
• Est. tax savings @ 24.0%: +$1,154
• After-tax cash flow: $1,147/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

No district data.

Livability — Perry Heights

• Score: 68/100
• State rank: #575
• US rank: #9817

Category grades

Amenities F Commute F Cost of living A+ Crime C+ Employment C Housing A+ Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Stark County · 272,865 people
• Metro: Canton-Massillon, OH
• Population (ZIP): 24,285
• Household income: $63,706
• Rent vs Own: 30.9% rent · 69.1% own
• Severe rent burden: 725.0

Population outlook (Stark County) Hauer SSP2

• Today (2025): 373,708 people
• By 2030: 371,245 · -0.7%
• By 2040: 361,331 · -3.3%
• By 2050: 345,290 · -7.6%
• By 2075: 302,669 · -19.0%
• By 2100: 238,870 · -36.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Black 8% Two or more races 8% Hispanic / Latino 4% Asian 3%
• Common ancestry: Italian 8% Romanian 2% Slovak 2%
• Foreign-born: 4% · Canada, South Korea, Vietnam
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Stark

• 2024 margin: Strong R (+21.9) · D 38.6% · R 60.5%
• 2008→2024 swing: -27.4pp toward R · 2008: 5.5pp · 2024: -21.9pp
• All cycles: 2024: R+21.9 2020: R+18.5 2016: R+17.4 2012: R+0.4 2008: D+5.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -168.35%
• Current HPI: 206.298
• Rent YoY: ▲ 6.73%
• Metro: Canton-Massillon, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

2 events — show timeline

• 2026-05-26 Pending — MLSNOW
• 2026-05-21 Listed $279,000 MLSNOW

Property tax history

+1.5%/yr

Latest (2024): $2,972 · -12.9% YoY. Source: county tax records.