219 Whitely St

Bridgeport, OH 43912

$45,000C

4 bd · 2.0 ba · 3,164 sqft · Built 1880 · MultiFamily · Active · 70 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,720/mo
• Mortgage (P&I): −$236
• Tax + insurance: −$131
• HOA: −$0
• Vac / Maint / Mgmt: −$2,461
• Net cashflow: $8,892/mo
• Annual: $106,707/yr
• Cap rate: 244.90%
• Cash-on-cash: 852.17%
• DSCR: 38.92
• 1% rule: 26.04%
• Cash to close: $12,600

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $45k.
• At list price, monthly cash flow is $9k ($107k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $45k).
• It's been on market 70 days — a 6% lower offer ($42k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $42k (6.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($311 loan paydown + $1k appreciation (2.7% local appreciation)).
• Location reads 75/100 on livability (#239 in OH, #3,844 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bridgeport Exempted Village (suburban): math 49% / reading 57% proficiency, ranked #429 of 656 in OH (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $56/mo; built in 1880 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 40 active listings in the ZIP; 4 units permitted in Belmont County in 2024 (0 in 5+ unit buildings).
• Belmont County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $10k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (2.7% appreciation + 3.0% rent growth), your $13k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• At $11,720/mo this rent would consume 272% of the median local household income ($52k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1880 — 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.