117 E Forest St

Clyde, OH 43410

$80,000B

6 bd · 3.0 ba · 3,402 sqft · Built 1900 · MultiFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,100/mo
• Mortgage (P&I): −$420
• Tax + insurance: −$153
• HOA: −$0
• Vac / Maint / Mgmt: −$441
• Net cashflow: $1,086/mo
• Annual: $13,038/yr
• Cap rate: 22.59%
• Cash-on-cash: 58.21%
• DSCR: 3.59
• 1% rule: 2.62%
• Cash to close: $22,400

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $80k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $543/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• It's been on market 46 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#299 in OH, #4,829 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: employment C-, amenities F, commute F.
• Clyde-Green Springs Exempted Village (town): math 53% / reading 61% proficiency, ranked #337 of 656 in OH (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mcpherson Middle School (math 62% / reading 63%, grade B+, #238 of 654 statewide, top 37%, 473 students, 50% FRL); Clyde High School (math 26% / reading 57%, grade F, #515 of 781 statewide, top 66%, 637 students, 46% FRL).
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 21 active listings in the ZIP; 23 units permitted in Sandusky County in 2024 (0 in 5+ unit buildings).
• Sandusky County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $35k; list at $80k implies a 129% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.
• At $2,100/mo this rent would consume 46% of the median local household income ($55k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 1900 — 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 B-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.