519521 Straub Rd

Mansfield, OH 44805

$259,900D

4 bd · 2.0 ba · — sqft · Built 1993 · MultiFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,173/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$456
• Net cashflow: $-79/mo
• Annual: $-953/yr
• Cap rate: 5.93%
• Cash-on-cash: -1.31%
• DSCR: 0.94
• 1% rule: 0.84%
• Cash to close: $72,772

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $260k. Condition is rated average.
• At list price, monthly cash flow is $-79 ($-953/yr) — negative. Per door: $-40/mo.
• To cash-flow at today's rent, offer at most $248k (4.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $217k (16.4% below list).
• It's been on market 30 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $217k (16.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, amenities D-, employment F.
• Madison Local (suburban): math 48% / reading 56% proficiency, ranked #430 of 656 in OH (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Madison South Elementary School (math 47% / reading 37%, grade F, #1,030 of 1,584 statewide, top 66%, 522 students, 69% FRL); Madison Middle School (math 47% / reading 56%, grade C, #401 of 654 statewide, top 62%, 769 students, 57% FRL); Madison High School (math 35% / reading 60%, grade D, #432 of 781 statewide, top 56%, 877 students, 47% FRL).
• Market conditions: Rents rising fast (+7.1%/yr); 125 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 5.9% vs local median 4.2% in Mansfield — 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.
• 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

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.

Repairs flagged (vision-AI assessment)

• Minor: Kitchen cabinets — Cabinets appear to be slightly worn and could benefit from a fresh coat of paint.
• Minor: Living room carpet — Carpet appears to be slightly worn and could benefit from a fresh coat of paint.
• Minor: Bathroom fixtures — Fixtures appear to be slightly worn and could benefit from a fresh coat of paint.