401 N Main St

Bellefontaine, OH 43311

$1,699D+

5 bd · 3.0 ba · 3,206 sqft · Built — · MultiFamily · Active · 18 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,555/mo
• Mortgage (P&I): −$9
• Tax + insurance: −$3
• HOA: −$0
• Vac / Maint / Mgmt: −$327
• Net cashflow: $1,217/mo
• Annual: $14,602/yr
• Cap rate: 865.76%
• Cash-on-cash: 3069.52%
• DSCR: 137.58
• 1% rule: 91.54%
• Cash to close: $476

Investor read

• This is a 5-bed/3.0-bath multifamily listed at $2k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $2k).
• It's been on market 18 days — a 2% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $11 of loan paydown is wiped out by about $51 of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#213 in OH, #3,316 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bellefontaine City (town): math 55% / reading 59% proficiency, ranked #348 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 152 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 12y 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 projected returns (-3.0% appreciation + 3.0% rent growth), your $476 cash investment doubles in ~1 year — after that, you're playing with house money.
• Cap rate 865.8% vs local median 3.7% in Bellefontaine — 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.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.