3194 Harry Lee Ln

White Oak, OH 45239

$445,000C-

5 bd · 7.5 ba · 3,450 sqft · Built 1960 · MultiFamily · Active · 95 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,714/mo
• Mortgage (P&I): −$2,334
• Tax + insurance: −$848
• HOA: −$0
• Vac / Maint / Mgmt: −$990
• Net cashflow: $543/mo
• Annual: $6,514/yr
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• 1% rule: 1.06%
• Cash to close: $124,600

Investor read

• This is a 4×1.0bd/1.5ba + 1×2.0bd/1.5ba units multifamily listed at $445k.
• At list price, monthly cash flow is $543 ($7k/yr) — positive. Per door: $109/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $445k).
• It's been on market 95 days — a 9% lower offer ($405k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $405k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#499 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: health & safety C-, amenities F, commute F.
• Northwest Local (suburban): math 38% / reading 46% proficiency, ranked #508 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Struble Elementary School (math 44% / reading 49%, grade D-, #973 of 1,584 statewide, top 62%, 875 students, 0% FRL); White Oak Middle School (math 41% / reading 44%, grade D-, #493 of 654 statewide, top 76%, 729 students, 46% FRL); Colerain High School (math 26% / reading 50%, grade F, #560 of 781 statewide, top 72%, 1,747 students, 54% FRL).
• Market conditions: Rents rising fast (+6.0%/yr); 57 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 5 sale attempts since 2y 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.
• At $4,714/mo this rent would consume 94% of the median local household income ($60k/yr) (locally 1566% 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 95 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 1960 — 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 D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.