1765 14th St

Cuyahoga Falls, OH 44223

$255,000D+

4 bd · 2.0 ba · 1,680 sqft · Built 1950 · MultiFamily · Active · 20 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,688/mo
• Mortgage (P&I): −$1,337
• Tax + insurance: −$394
• HOA: −$0
• Vac / Maint / Mgmt: −$564
• Net cashflow: $392/mo
• Annual: $4,701/yr
• Cap rate: 8.14%
• Cash-on-cash: 6.58%
• DSCR: 1.29
• 1% rule: 1.05%
• Cash to close: $71,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $255k.
• At list price, monthly cash flow is $392 ($5k/yr) — positive. Per door: $196/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $255k).
• It's been on market 20 days — a 2% lower offer ($251k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $251k (1.5% below list) — sets the bar for market timing.
• 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 83/100 on livability (#60 in OH, #870 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Cuyahoga Falls City (suburban): math 47% / reading 58% proficiency, ranked #408 of 656 in OH (top 62%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 63 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 2 sale attempts since 8y ago 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.
• Current owner paid $110k; list at $255k implies a 132% gain — meaningful room to come down on a strong offer.
• Cap rate 8.1% vs local median 4.5% in Cuyahoga Falls — 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 36% of the median local income ($90k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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?
• Built in 1950 — 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?
• 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.