400 & 402 W 4th St

East Liverpool, OH 43920

$108,000C

6 bd · 2.5 ba · 2,965 sqft · Built 1930 · MultiFamily · Active · 137 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,425/mo
• Mortgage (P&I): −$566
• Tax + insurance: −$141
• HOA: −$0
• Vac / Maint / Mgmt: −$299
• Net cashflow: $419/mo
• Annual: $5,024/yr
• Cap rate: 10.94%
• Cash-on-cash: 16.61%
• DSCR: 1.74
• 1% rule: 1.32%
• Cash to close: $30,240

Investor read

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $108k.
• At list price, monthly cash flow is $419 ($5k/yr) — positive. Per door: $209/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $108k).
• It's been on market 137 days — a 12% lower offer ($95k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $95k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $747 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 67/100 on livability (#613 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F, employment F.
• East Liverpool City (town): math 28% / reading 37% proficiency, ranked #571 of 656 in OH (top 87%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 78% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 114 active listings in the ZIP; 49 units permitted in Columbiana County in 2024 (0 in 5+ unit buildings).
• Columbiana County population projected at -23% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $25k; list at $108k implies a 332% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $30k cash investment doubles in ~8 years — after that, you're playing with house money.
• This rent runs 34% of the median local income ($51k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 137 days. Have you received any prior offers? Is the seller open to a 12% 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 1930 — 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.
• 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.