9034 Wiencek Rd

Streetsboro, OH 44241

$260,000B

6 bd · 3.0 ba · 2,000 sqft · Built 1973 · MultiFamily · Pending · 2 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,900/mo
• Mortgage (P&I): −$1,363
• Tax + insurance: −$412
• HOA: −$0
• Vac / Maint / Mgmt: −$819
• Net cashflow: $1,305/mo
• Annual: $15,664/yr
• Cap rate: 12.32%
• Cash-on-cash: 21.52%
• DSCR: 1.96
• 1% rule: 1.50%
• Cash to close: $72,800

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $260k.
• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $653/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $260k).
• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 77/100 on livability (#194 in OH, #2,965 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Streetsboro City (suburban): math 44% / reading 56% proficiency, ranked #425 of 656 in OH (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 68 active listings in the ZIP; solid renter incomes; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• 2 sale attempts since 4y 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.
• Current owner paid $220k; 18% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $73k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.3% vs local median 3.6% in Streetsboro — 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 $3,900/mo this rent would consume 57% of the median local household income ($81k/yr) — 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 1973 — 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 B-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.