824-826 Reno Dr

Louisville, OH 44641

$259,900B-

8 bd · 5.0 ba · 2,184 sqft · Built 1977 · MultiFamily · Pending · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,278/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$688
• Net cashflow: $794/mo
• Annual: $9,522/yr
• Cap rate: 9.96%
• Cash-on-cash: 13.08%
• DSCR: 1.58
• 1% rule: 1.26%
• Cash to close: $72,772

Investor read

• This is a 2 × 4.0-bed/2.5-bath units multifamily listed at $260k. Condition is rated fair.
• At list price, monthly cash flow is $794 ($10k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 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 79/100 on livability (#142 in OH, #2,205 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Louisville City (suburban): math 67% / reading 70% proficiency, ranked #162 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Louisville Elementary School (math 76% / reading 72%, grade A, #301 of 1,584 statewide, top 20%, 913 students, 30% FRL); Louisville Middle School (math 65% / reading 64%, grade A-, #205 of 654 statewide, top 34%, 673 students, 32% FRL); Louisville High School (math 49% / reading 82%, grade B, #159 of 781 statewide, top 21%, 787 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: Rents rising fast (+5.6%/yr); 88 active listings in the ZIP; solid renter incomes; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts 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.
• At projected returns (-3.0% appreciation + 5.6% rent growth), your $73k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.0% vs local median 3.4% in Louisville — 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 $3,278/mo this rent would consume 49% of the median local household income ($80k/yr) (locally 344% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1977 — 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 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?
• 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)

• Moderate: kitchen cabinets — dated and worn
• Minor: kitchen flooring — linoleum can be replaced
• Minor: bathroom fixtures — basic and outdated