629 E 6th St

Salem, OH 44460

$168,520C+

4 bd · 2.0 ba · 2,722 sqft · Built 1900 · MultiFamily · Pending · 90 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,919/mo
• Mortgage (P&I): −$884
• Tax + insurance: −$185
• HOA: −$0
• Vac / Maint / Mgmt: −$403
• Net cashflow: $447/mo
• Annual: $5,368/yr
• Cap rate: 9.48%
• Cash-on-cash: 11.38%
• DSCR: 1.51
• 1% rule: 1.14%
• Cash to close: $47,186

Investor read

• This is a 2 × 3-bed/2.2-bath units multifamily listed at $169k.
• At list price, monthly cash flow is $447 ($5k/yr) — positive. Per door: $224/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $169k).
• It's been on market 90 days — a 6% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (6.0% 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 68/100 on livability (#538 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A, crime B; Watch: amenities F, commute F, employment F.
• Salem City (town): math 53% / reading 56% proficiency, ranked #389 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Buckeye Elementary School (431 students, 0% FRL); Salem Junior High School (math 51% / reading 52%, grade C, #401 of 654 statewide, top 62%, 310 students, 54% FRL); Salem High School (math 47% / reading 77%, grade B-, #202 of 781 statewide, top 29%, 638 students, 42% FRL) — zoned schools average 32% FRL vs 48% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 91 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.
• 4 sale attempts since 19y 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 $90k; list at $169k implies a 87% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 9.5% vs local median 2.7% in Salem — 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.
• This rent runs 38% of the median local income ($60k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 1900 — 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.