112 Langley Ave

Steubenville, OH 43952

$150,000C-

4 bd · 2.0 ba · 2,128 sqft · Built 1953 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,590/mo
• Mortgage (P&I): −$787
• Tax + insurance: −$138
• HOA: −$0
• Vac / Maint / Mgmt: −$334
• Net cashflow: $331/mo
• Annual: $3,974/yr
• Cap rate: 8.94%
• Cash-on-cash: 9.46%
• DSCR: 1.42
• 1% rule: 1.06%
• Cash to close: $42,000

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $150k.
• At list price, monthly cash flow is $331 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#214 in OH, #3,318 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, commute A+, cost of living A+; Watch: amenities F, employment F.
• Steubenville City (urban): math 74% / reading 71% proficiency, ranked #150 of 656 in OH (top 23%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 98 active listings in the ZIP; 2 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $64k; list at $150k implies a 134% gain — meaningful room to come down on a strong offer.
• Cap rate 8.9% vs local median 5.2% in Steubenville — 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 40% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Built in 1953 — 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.
• 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.