11 E Main St

Lucas, OH 44843

$210,000B+

2 bd · 1.0 ba · 4,944 sqft · Built 1940 · MultiFamily · Active · 46 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,298/mo
• Mortgage (P&I): −$1,101
• Tax + insurance: −$205
• HOA: −$0
• Vac / Maint / Mgmt: −$903
• Net cashflow: $2,090/mo
• Annual: $25,075/yr
• Cap rate: 18.23%
• Cash-on-cash: 42.64%
• DSCR: 2.90
• 1% rule: 2.05%
• Cash to close: $58,800

Investor read

• This is a 3×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $210k.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $522/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• It's been on market 46 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (7.6% local appreciation)).
• Location reads 66/100 on livability (#684 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: crime C-, amenities F, commute F.
• Lucas Local (rural): math 55% / reading 65% proficiency, ranked #281 of 656 in OH (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 12 active listings in the ZIP; solid renter incomes; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 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.
• At projected returns (7.6% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $4,298/mo this rent would consume 58% of the median local household income ($89k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — 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.