126 Mckinley St

Huron, OH 44839

$265,400B

4 bd · 2.0 ba · 1,800 sqft · Built 1995 · MultiFamily · Active · 10 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,256/mo
• Mortgage (P&I): −$1,392
• Tax + insurance: −$368
• HOA: −$0
• Vac / Maint / Mgmt: −$1,314
• Net cashflow: $3,183/mo
• Annual: $38,192/yr
• Cap rate: 20.68%
• Cash-on-cash: 51.39%
• DSCR: 3.29
• 1% rule: 2.36%
• Cash to close: $74,312

Investor read

• This is a 4-bed/2.0-bath multifamily listed at $265k.
• At list price, monthly cash flow is $3k ($38k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $265k).
• Only 10 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 79/100 on livability (#137 in OH, #2,149 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: amenities D-, commute F.
• Huron City Schools (town): math 60% / reading 76% proficiency, ranked #164 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• Erie County population projected at -15% 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 (-3.0% appreciation + 3.0% rent growth), your $74k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 20.7% vs local median 2.9% in Huron — 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 $6,256/mo this rent would consume 97% of the median local household income ($77k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• 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.