2823 Columbus Rd NE

Canton, OH 44705

$189,000C+

4 bd · 2.0 ba · 2,270 sqft · Built 1906 · MultiFamily · Active · 194 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,131/mo
• Mortgage (P&I): −$991
• Tax + insurance: −$257
• HOA: −$0
• Vac / Maint / Mgmt: −$448
• Net cashflow: $435/mo
• Annual: $5,220/yr
• Cap rate: 9.05%
• Cash-on-cash: 9.86%
• DSCR: 1.44
• 1% rule: 1.13%
• Cash to close: $52,920

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $189k.
• At list price, monthly cash flow is $435 ($5k/yr) — positive. Per door: $217/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $189k).
• It's been on market 194 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $166k (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 71/100 on livability (#441 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: crime F, employment F.
• Plain Local (suburban): math 61% / reading 69% proficiency, ranked #216 of 656 in OH (top 33%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents soft (-0.2%/yr); 71 active listings in the ZIP; lower-income renter base — watch delinquency; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 13 sale attempts since 23y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $189k implies a 89% gain — meaningful room to come down on a strong offer.
• Cap rate 9.1% vs local median 5.1% in Canton — 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 $2,131/mo this rent would consume 59% of the median local household income ($43k/yr) (locally 524% 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 194 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 1906 — 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.