328-330 E Washington St

Lisbon, OH 44432

$235,000B-

8 bd · 2.0 ba · 3,104 sqft · Built 1867 · MultiFamily · Active · 115 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,797/mo
• Mortgage (P&I): −$1,232
• Tax + insurance: −$191
• HOA: −$0
• Vac / Maint / Mgmt: −$587
• Net cashflow: $787/mo
• Annual: $9,439/yr
• Cap rate: 10.31%
• Cash-on-cash: 14.34%
• DSCR: 1.64
• 1% rule: 1.19%
• Cash to close: $65,800

Investor read

• This is a 2 × 4-bed/1.0-bath units multifamily listed at $235k.
• At list price, monthly cash flow is $787 ($9k/yr) — positive. Per door: $393/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• It's been on market 115 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $214k (9.0% 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 $7k of value loss. Plan a longer hold.
• Location reads 70/100 on livability (#453 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: health & safety C-, employment D, amenities F.
• Lisbon Exempted Village (town): math 47% / reading 55% proficiency, ranked #436 of 656 in OH (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mckinley Elementary School (math 62% / reading 62%, grade B, #590 of 1,584 statewide, top 41%, 355 students, 0% FRL); David Anderson Jr/Sr High School (math 32% / reading 51%, grade F, #515 of 781 statewide, top 66%, 392 students, 54% FRL) — zoned schools average 27% FRL vs 53% district-wide (26 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1867 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 32 active listings in the ZIP; 49 units permitted in Columbiana County in 2024 (0 in 5+ unit buildings).
• Columbiana County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $66k cash investment doubles in ~9 years — after that, you're playing with house money.
• At $2,797/mo this rent would consume 53% of the median local household income ($63k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 115 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 1867 — 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 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.