202 E Main St

New Paris, OH 45347

$172,000C+

3 bd · 2.0 ba · 1,221 sqft · Built 1870 · MultiFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,171/mo
• Mortgage (P&I): −$902
• Tax + insurance: −$229
• HOA: −$0
• Vac / Maint / Mgmt: −$456
• Net cashflow: $584/mo
• Annual: $7,007/yr
• Cap rate: 10.83%
• Cash-on-cash: 16.21%
• DSCR: 1.72
• 1% rule: 1.26%
• Cash to close: $48,160

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $172k.
• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• It's been on market 100 days — a 9% lower offer ($157k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $157k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#466 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• National Trail Local (rural): math 53% / reading 59% proficiency, ranked #352 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: National Trail Elementary School (math 77% / reading 72%, grade A, #272 of 1,584 statewide, top 19%, 349 students, 0% FRL); National Trail Middle School (math 49% / reading 55%, grade C+, #386 of 654 statewide, top 61%, 305 students, 47% FRL); National Trail High School (math 37% / reading 57%, grade D-, #435 of 781 statewide, top 59%, 277 students, 93% FRL) — zoned schools average 47% FRL vs 62% district-wide (15 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $66/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 25 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).
• Preble County population projected at -17% 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 $48k cash investment doubles in ~9 years — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• This rent runs 38% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1870 — 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?
• 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.
• 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.