160 First St

Addyston, OH 45001

$210,000B+

5 bd · 3.0 ba · 2,284 sqft · Built 1880 · MultiFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,900/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$207
• HOA: −$0
• Vac / Maint / Mgmt: −$609
• Net cashflow: $983/mo
• Annual: $11,796/yr
• Cap rate: 11.91%
• Cash-on-cash: 20.06%
• DSCR: 1.89
• 1% rule: 1.38%
• Cash to close: $58,800

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $210k.
• At list price, monthly cash flow is $983 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• It's been on market 51 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Location reads 68/100 on livability (#556 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, commute A-; Watch: health & safety C-, crime D+, employment D+.
• Three Rivers Local (rural): math 58% / reading 61% proficiency, ranked #256 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Three Rivers Elementary (math 65% / reading 52%, grade B-, #708 of 1,584 statewide, top 45%, 793 students, 35% FRL); Taylor Middle School (math 54% / reading 65%, grade B, #271 of 654 statewide, top 43%, 665 students, 40% FRL); Taylor High School (math 24% / reading 67%, grade D-, #463 of 781 statewide, top 59%, 644 students, 32% FRL) — zoned schools at 36% FRL track the district average.
• Watch-outs: built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 5 active listings in the ZIP; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 2 sale attempts since 10y 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 $53k; list at $210k implies a 296% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $2,900/mo this rent would consume 78% of the median local household income ($45k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 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?
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.