204 Washington St

New Richmond, OH 45157

$285,000B

3 bd · 3.0 ba · 2,538 sqft · Built 1919 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,866/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$686
• HOA: −$0
• Vac / Maint / Mgmt: −$812
• Net cashflow: $873/mo
• Annual: $10,481/yr
• Cap rate: 11.77%
• Cash-on-cash: 19.55%
• DSCR: 1.87
• 1% rule: 1.36%
• Cash to close: $79,800

Investor read

• This is a 2×1bd/1.0ba + 1×2bd/1.0ba units multifamily listed at $285k.
• At list price, monthly cash flow is $873 ($10k/yr) — positive. Per door: $291/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#490 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• New Richmond Exempted Village (rural): math 51% / reading 59% proficiency, ranked #349 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $427/mo; built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 48 active listings in the ZIP; solid renter incomes; 996 units permitted in Clermont County in 2024 (210 in 5+ unit buildings).
• Current owner paid $40k; list at $285k implies a 612% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $80k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance); extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 11.8% vs local median 2.4% in New Richmond — 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 $3,866/mo this rent would consume 48% of the median local household income ($97k/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 1919 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.