210 W High St

Ashley, OH 43003

$210,000D

4 bd · 2.0 ba · 2,547 sqft · Built 1901 · MultiFamily · Active · 100 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,034/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$309
• HOA: −$0
• Vac / Maint / Mgmt: −$427
• Net cashflow: $196/mo
• Annual: $2,354/yr
• Cap rate: 7.41%
• Cash-on-cash: 4.00%
• DSCR: 1.18
• 1% rule: 0.97%
• Cash to close: $58,800

Investor read

• This is a 2 × 2-bed/1-bath units multifamily listed at $210k.
• At list price, monthly cash flow is $196 ($2k/yr) — positive. Per door: $98/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $203k (3.1% below list).
• It's been on market 100 days — a 9% lower offer ($191k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $191k (9.0% 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 68/100 on livability (#570 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.
• Buckeye Valley Local (rural): math 57% / reading 68% proficiency, ranked #203 of 656 in OH (top 31%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 20% free/reduced lunch — higher-income household profile.
• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts since 12y 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.
• Current owner paid $130k; list at $210k implies a 62% gain — meaningful room to come down on a strong offer.
• This rent runs 37% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% 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 1901 — 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.