1 E Main St

New Lebanon, OH 45345

$215,000C-

5 bd · 3.0 ba · 1,700 sqft · Built 1909 · MultiFamily · Active · 17 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,000/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$358
• HOA: −$0
• Vac / Maint / Mgmt: −$420
• Net cashflow: $94/mo
• Annual: $1,130/yr
• Cap rate: 6.82%
• Cash-on-cash: 1.88%
• DSCR: 1.08
• 1% rule: 0.93%
• Cash to close: $60,200

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $215k. Condition is rated fair.
• At list price, monthly cash flow is $94 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (7.0% below list).
• It's been on market 17 days — a 2% lower offer ($212k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (7.0% below list) — sets the bar for 1% rule.
• In year one you build about $23k of equity ($1k loan paydown + $22k appreciation (10.0% local appreciation)).
• Location reads 70/100 on livability (#450 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• New Lebanon Local (town): math 43% / reading 56% proficiency, ranked #448 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 20 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 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.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 31% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1909 — 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 B-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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen appliances — The kitchen appliances are outdated and in need of replacement.
• Major: Bathroom fixtures — The bathroom fixtures are outdated and in need of replacement.
• Major: Flooring — The flooring in the kitchen and bathrooms is outdated and in need of replacement.
• Major: Paint — The paint on the interior walls and ceilings is peeling and in need of a fresh coat.
• Major: Landscaping — The landscaping is minimal and in need of maintenance.