519 Straub Rd W

Mansfield, OH 44904

$259,900C-

4 bd · 3.0 ba · — sqft · Built 1993 · MultiFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,778/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$433
• HOA: −$0
• Vac / Maint / Mgmt: −$583
• Net cashflow: $399/mo
• Annual: $4,782/yr
• Cap rate: 8.13%
• Cash-on-cash: 6.57%
• DSCR: 1.29
• 1% rule: 1.07%
• Cash to close: $72,772

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $260k. Condition is rated fair.
• At list price, monthly cash flow is $399 ($5k/yr) — positive. Per door: $199/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $260k).
• It's been on market 30 days — a 2% lower offer ($256k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $256k (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 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: schools C-, crime D-, amenities D-.
• 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.
• Market conditions: 62 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.
• 6 sale attempts since 10y 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 $115k; list at $260k implies a 126% gain — meaningful room to come down on a strong offer.
• Cap rate 8.1% 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.
• At $2,778/mo this rent would consume 53% of the median local household income ($62k/yr) (locally 237% 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?
• 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: roof — The roof shows signs of wear and tear, indicating a major repair is needed.
• Major: exterior siding — The exterior siding shows signs of wear and tear, indicating a major repair is needed.
• Major: windows — The windows show signs of wear and tear, indicating a major repair is needed.