108 Jefferson St

Pitsburg, OH 45358

$224,900C+

6 bd · 4.5 ba · 2,400 sqft · Built 1970 · MultiFamily · Active · 159 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,522/mo
• Mortgage (P&I): −$1,179
• Tax + insurance: −$375
• HOA: −$0
• Vac / Maint / Mgmt: −$530
• Net cashflow: $438/mo
• Annual: $5,258/yr
• Cap rate: 8.63%
• Cash-on-cash: 8.35%
• DSCR: 1.37
• 1% rule: 1.12%
• Cash to close: $62,972

Investor read

• This is a 3 × 2.0-bed/1.5-bath units multifamily listed at $225k. Condition is rated good.
• At list price, monthly cash flow is $438 ($5k/yr) — positive. Per door: $146/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• It's been on market 159 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (9.8% local appreciation)).
• Location reads 64/100 on livability (#770 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Franklin Monroe Local (rural): math 67% / reading 83% proficiency, ranked #98 of 656 in OH (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Franklin Monroe Elementary School (math 82% / reading 87%, grade A+, #68 of 1,584 statewide, top 6%, 247 students, 0% FRL); Franklin Monroe High School (math 52% / reading 82%, grade B, #137 of 781 statewide, top 19%, 263 students, 30% FRL).
• Market conditions: 2 active listings in the ZIP; 43 units permitted in Darke County in 2024 (0 in 5+ unit buildings).
• Darke County population projected at -20% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 5 sale attempts since 19y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $20k; list at $225k implies a 1024% gain — meaningful room to come down on a strong offer.
• At projected returns (9.8% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $2,522/mo this rent would consume 52% of the median local household income ($58k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 159 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 1970 — 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 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.