436 Race St

Dover, OH 44622

$169,900C

3 bd · 2.0 ba · 1,271 sqft · Built 1920 · MultiFamily · Active · 47 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,750/mo
• Mortgage (P&I): −$891
• Tax + insurance: −$214
• HOA: −$0
• Vac / Maint / Mgmt: −$368
• Net cashflow: $278/mo
• Annual: $3,331/yr
• Cap rate: 8.25%
• Cash-on-cash: 7.00%
• DSCR: 1.31
• 1% rule: 1.03%
• Cash to close: $47,572

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $170k.
• At list price, monthly cash flow is $278 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• It's been on market 47 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $165k (3.0% 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 $5k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#384 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Dover City (town): math 59% / reading 69% proficiency, ranked #233 of 656 in OH (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 244 units permitted in Tuscarawas County in 2024 (0 in 5+ unit buildings).
• Tuscarawas County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $103k; list at $170k implies a 65% gain — meaningful room to come down on a strong offer.
• Cap rate 8.3% vs local median 2.7% in Dover — 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.

Questions for listing agent

• It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1920 — 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.