1461 Kinney Ave

Mount Healthy, OH 45231

$192,900B+

5 bd · 2.0 ba · 2,473 sqft · Built 1915 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,813/mo
• Mortgage (P&I): −$1,012
• Tax + insurance: −$355
• HOA: −$0
• Vac / Maint / Mgmt: −$591
• Net cashflow: $856/mo
• Annual: $10,273/yr
• Cap rate: 11.62%
• Cash-on-cash: 19.02%
• DSCR: 1.85
• 1% rule: 1.46%
• Cash to close: $54,012

Investor read

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $193k.
• At list price, monthly cash flow is $856 ($10k/yr) — positive. Per door: $428/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $193k).
• It's been on market 137 days — a 12% lower offer ($170k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $170k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#189 in OH, #2,906 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime F, amenities F, employment D-.
• Mt Healthy City (suburban): math 12% / reading 24% proficiency, ranked #636 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mt. Healthy South Elementary School (math 12% / reading 20%, grade F, #1,371 of 1,584 statewide, top 87%, 651 students, 0% FRL); Mt Healthy Junior High School (math 13% / reading 26%, grade F, #610 of 654 statewide, top 94%, 457 students, 0% FRL); Mt Healthy High School (math 5% / reading 25%, grade F, #704 of 781 statewide, top 90%, 828 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.9%/yr); 79 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 3 sale attempts since 23y ago; this cycle's ask has dropped $57k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $54k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 11.6% vs local median 6.4% in Mount Healthy — 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 $2,813/mo this rent would consume 47% of the median local household income ($71k/yr) (locally 846% 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 137 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 1915 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.