210 W Main Rd

Conneaut, OH 44030

$220,000C

6 bd · 3.0 ba · 2,400 sqft · Built 1956 · MultiFamily · Active · 330 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,516/mo
• Mortgage (P&I): −$1,154
• Tax + insurance: −$367
• HOA: −$0
• Vac / Maint / Mgmt: −$528
• Net cashflow: $467/mo
• Annual: $5,607/yr
• Cap rate: 8.84%
• Cash-on-cash: 9.10%
• DSCR: 1.41
• 1% rule: 1.14%
• Cash to close: $61,600

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $220k. Condition is rated average.
• At list price, monthly cash flow is $467 ($6k/yr) — positive. Per door: $156/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• It's been on market 330 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $194k (12.0% 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 $7k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#808 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools C-, crime C-, health & safety D.
• Conneaut Area City (town): math 35% / reading 50% proficiency, ranked #527 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 6 sale attempts since 2y 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.
• Cap rate 8.8% vs local median 4.3% in Conneaut — 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 $2,516/mo this rent would consume 53% of the median local household income ($57k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 330 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 1956 — 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.
• 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)

• Minor: kitchen appliances — Scattered items suggest need for organization
• Minor: bathroom fixtures — Outdated decor suggests need for refresh