9931 Portage St NW

Canal Fulton, OH 44614

$250,000C

4 bd · 2.0 ba · 1,625 sqft · Built 1966 · MultiFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,528/mo
• Mortgage (P&I): −$1,311
• Tax + insurance: −$354
• HOA: −$0
• Vac / Maint / Mgmt: −$531
• Net cashflow: $332/mo
• Annual: $3,987/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.70%
• DSCR: 1.25
• 1% rule: 1.01%
• Cash to close: $70,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $250k.
• At list price, monthly cash flow is $332 ($4k/yr) — positive. Per door: $166/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• It's been on market 80 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $235k (6.0% 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 $8k of value loss. Plan a longer hold.
• Location reads 73/100 on livability (#350 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment D, amenities F, commute F.
• Jackson Local (suburban): math 75% / reading 78% proficiency, ranked #67 of 656 in OH (top 10%) — strong family-tenant draw, lease renewals of 3-5y typical; only 13% free/reduced lunch — higher-income household profile.
• Market conditions: 5 active listings in the ZIP; solid renter incomes; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $108k; list at $250k implies a 130% gain — meaningful room to come down on a strong offer.
• This rent runs 36% of the median local income ($83k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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 1966 — 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.