2648 Parklawn Dr

Kettering, OH 45440

$1,949,000B

504 bd · 3.0 ba · 7,992 sqft · Built 1963 · MultiFamily · Active · 379 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $33,465/mo
• Mortgage (P&I): −$10,221
• Tax + insurance: −$1,853
• HOA: −$0
• Vac / Maint / Mgmt: −$7,028
• Net cashflow: $14,364/mo
• Annual: $172,364/yr
• Cap rate: 15.14%
• Cash-on-cash: 31.58%
• DSCR: 2.41
• 1% rule: 1.72%
• Cash to close: $545,720

Investor read

• This is a 21 × 24-bed/22.0-bath units multifamily listed at $1.95M.
• At list price, monthly cash flow is $14k ($172k/yr) — positive. Per door: $684/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.95M).
• It's been on market 379 days — a 12% lower offer ($1.72M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.72M (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $13k of loan paydown is wiped out by about $58k 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: schools A+, crime A+, cost of living 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.
• Market conditions: Rents rising fast (+4.3%/yr); 119 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 $653k; list at $1.95M implies a 198% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 4.3% rent growth), your $546k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.1% 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 $33,465/mo this rent would consume 487% of the median local household income ($82k/yr) (locally 626% 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 379 days. Have you received any prior offers? Is the seller open to a 12% 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 1963 — 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?
• 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.