1443-1445 Hyde Park Ave

Akron, OH 44310

$230,000D

5 bd · 2.0 ba · 1,680 sqft · Built 1965 · MultiFamily · Active · 91 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,328/mo
• Mortgage (P&I): −$1,206
• Tax + insurance: −$406
• HOA: −$0
• Vac / Maint / Mgmt: −$489
• Net cashflow: $227/mo
• Annual: $2,722/yr
• Cap rate: 7.48%
• Cash-on-cash: 4.23%
• DSCR: 1.19
• 1% rule: 1.01%
• Cash to close: $64,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $230k.
• At list price, monthly cash flow is $227 ($3k/yr) — positive. Per door: $113/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $230k).
• It's been on market 91 days — a 9% lower offer ($209k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $209k (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 81/100 on livability (#104 in OH, #1,591 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Akron City (urban): math 22% / reading 30% proficiency, ranked #602 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Jennings Community Learning Center (math 12% / reading 18%, grade F, #627 of 654 statewide, top 96%, 757 students, 0% FRL); North High School (math 2% / reading 15%, grade F, #755 of 781 statewide, top 97%, 916 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 12% at this address vs 26% district-wide (-14 pts) — the specific schools serving this property underperform the Akron City average; the district grade overstates school quality for this exact location.
• Market conditions: Rents rising fast (+4.8%/yr); 88 active listings in the ZIP; lower-income renter base — watch delinquency; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 14y ago; this cycle's ask is 17592% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $185k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At $2,328/mo this rent would consume 68% of the median local household income ($41k/yr) (locally 2058% 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 91 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 1965 — 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?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?