119 N Detroit St

West Liberty, OH 43357

$349,900B-

4 bd · 3.5 ba · 6,000 sqft · Built 1880 · MultiFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,510/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$583
• HOA: −$0
• Vac / Maint / Mgmt: −$947
• Net cashflow: $1,145/mo
• Annual: $13,738/yr
• Cap rate: 10.22%
• Cash-on-cash: 14.02%
• DSCR: 1.62
• 1% rule: 1.29%
• Cash to close: $97,972

Investor read

• This is a 4-bed/3.5-bath multifamily listed at $350k. Condition is rated good.
• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $350k).
• It's been on market 21 days — a 2% lower offer ($345k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $345k (1.5% 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 $10k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#341 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• West Liberty-Salem Local (rural): math 69% / reading 73% proficiency, ranked #136 of 656 in OH (top 21%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: West Liberty-Salem Elementary School (math 75% / reading 73%, grade A, #301 of 1,584 statewide, top 20%, 535 students, 60% FRL); West Liberty-Salem Middle School (288 students, 0% FRL); West Liberty-Salem High School (math 65% / reading 74%, grade B, #106 of 781 statewide, top 16%, 365 students, 0% FRL).
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 10 active listings in the ZIP; solid renter incomes; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $98k cash investment doubles in ~9 years — after that, you're playing with house money.
• At $4,510/mo this rent would consume 63% of the median local household income ($86k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1880 — 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 A-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?
• 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.