212 Baltimore St

Middletown, OH 45044

$99,900B+

3 bd · 3.0 ba · 1,536 sqft · Built 1909 · MultiFamily · Contingency Pending · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,226/mo
• Mortgage (P&I): −$524
• Tax + insurance: −$109
• HOA: −$0
• Vac / Maint / Mgmt: −$677
• Net cashflow: $1,915/mo
• Annual: $22,984/yr
• Cap rate: 29.30%
• Cash-on-cash: 82.17%
• DSCR: 4.66
• 1% rule: 3.23%
• Cash to close: $27,972

Investor read

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $100k.
• At list price, monthly cash flow is $2k ($23k/yr) — positive. Per door: $638/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#389 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime D+, amenities D+, commute F.
• Middletown City (suburban): math 21% / reading 28% proficiency, ranked #610 of 656 in OH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Rosa Parks Elementary School (math 5% / reading 14%, grade F, #1,505 of 1,584 statewide, top 95%, 582 students, 0% FRL); Middletown Middle School (math 24% / reading 33%, grade F, #580 of 654 statewide, top 89%, 941 students, 0% FRL); Middletown High School (math 18% / reading 19%, grade F, #683 of 781 statewide, top 88%, 1,753 students, 0% FRL) — zoned schools average 0% FRL vs 69% district-wide (69 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.3%/yr); 203 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• 2 sale attempts 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 $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 29.3% vs local median 3.8% in Middletown — 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 $3,226/mo this rent would consume 53% of the median local household income ($74k/yr) (locally 1532% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• Crime grade is D 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.
• What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.