4432 Renwood Dr

Kettering, OH 45429

$574,969D

8 bd · 5.0 ba · 3,454 sqft · Built 1974 · MultiFamily · Active · 109 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,437/mo
• Mortgage (P&I): −$3,015
• Tax + insurance: −$876
• HOA: −$0
• Vac / Maint / Mgmt: −$1,142
• Net cashflow: $404/mo
• Annual: $4,844/yr
• Cap rate: 7.14%
• Cash-on-cash: 3.01%
• DSCR: 1.13
• 1% rule: 0.95%
• Cash to close: $160,991

Investor read

• This is a 3 × 3-bed/?-bath units multifamily listed at $575k.
• At list price, monthly cash flow is $404 ($5k/yr) — positive. Per door: $135/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $544k (5.4% below list).
• It's been on market 109 days — a 9% lower offer ($523k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $523k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 83/100 on livability (#61 in OH, #922 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Kettering City School District (suburban): math 54% / reading 68% proficiency, ranked #277 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kettering Fairmont High School (math 49% / reading 75%, grade B-, #202 of 781 statewide, top 29%, 2,486 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 82 active listings in the ZIP; solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $392k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.1% vs local median 4.4% in Kettering — 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.
• At $5,437/mo this rent would consume 81% of the median local household income ($80k/yr) (locally 889% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% 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 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.
• Schools are A-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?
• 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?