12-14 Columbia St

Brookville, OH 45309

$115,000B+

4 bd · 2.0 ba · 1,920 sqft · Built 1919 · MultiFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,597/mo
• Mortgage (P&I): −$603
• Tax + insurance: −$245
• HOA: −$0
• Vac / Maint / Mgmt: −$545
• Net cashflow: $1,204/mo
• Annual: $14,444/yr
• Cap rate: 18.85%
• Cash-on-cash: 44.86%
• DSCR: 3.00
• 1% rule: 2.26%
• Cash to close: $32,200

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $115k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $602/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• It's been on market 21 days — a 2% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $113k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 78/100 on livability (#179 in OH, #2,767 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Brookville Local (suburban): math 70% / reading 80% proficiency, ranked #102 of 656 in OH (top 16%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Brookville Elementary School (math 77% / reading 72%, grade A, #272 of 1,584 statewide, top 19%, 491 students, 25% FRL); Brookville Intermediate School (math 72% / reading 80%, grade A, #74 of 654 statewide, top 12%, 567 students, 0% FRL); Brookville High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 418 students, 55% FRL) — zoned schools at 27% FRL track the district average.
• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 77 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $48k; list at $115k implies a 140% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.9% vs local median 4.4% in Brookville — 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 43% of the median local income ($73k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1919 — 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 A-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.
• 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.
• How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.