27 E New Haven St

Bloomville, OH 44818

$375,000B+

5 bd · None ba · 5,812 sqft · Built 1881 · MultiFamily · Active · 110 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,834/mo
• Mortgage (P&I): −$1,967
• Tax + insurance: −$271
• HOA: −$0
• Vac / Maint / Mgmt: −$1,015
• Net cashflow: $1,581/mo
• Annual: $18,973/yr
• Cap rate: 11.35%
• Cash-on-cash: 18.07%
• DSCR: 1.80
• 1% rule: 1.29%
• Cash to close: $105,000

Investor read

• This is a 5-bed/?-bath multifamily listed at $375k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $375k).
• It's been on market 110 days — a 9% lower offer ($341k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $341k (9.0% below list) — sets the bar for market timing.
• In year one you build about $30k of equity ($3k loan paydown + $27k appreciation (7.2% local appreciation)).
• Location reads 61/100 on livability (#930 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, schools F, amenities F.
• Buckeye Central Local (rural): math 73% / reading 73% proficiency, ranked #123 of 656 in OH (top 19%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 4 active listings in the ZIP; 45 units permitted in Seneca County in 2024 (0 in 5+ unit buildings).
• Seneca County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Current owner paid $52k; list at $375k implies a 621% gain — meaningful room to come down on a strong offer.
• At projected returns (7.2% appreciation + 3.0% rent growth), your $105k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$47k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $4,834/mo this rent would consume 90% of the median local household income ($65k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 110 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1881 — 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.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.