31 Mc Naughton St

Akron, OH 44305

$149,900C+

16 bd · 16.0 ba · 4,096 sqft · Built 1927 · MultiFamily · Active · 151 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,117/mo
• Mortgage (P&I): −$786
• Tax + insurance: −$274
• HOA: −$0
• Vac / Maint / Mgmt: −$865
• Net cashflow: $2,193/mo
• Annual: $26,312/yr
• Cap rate: 23.85%
• Cash-on-cash: 62.69%
• DSCR: 3.79
• 1% rule: 2.75%
• Cash to close: $41,972

Investor read

• This is a 4 × 1-bed/1-bath units multifamily listed at $150k.
• At list price, monthly cash flow is $2k ($26k/yr) — positive. Per door: $548/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $150k).
• It's been on market 151 days — a 12% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $132k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#104 in OH, #1,591 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Akron City (urban): math 22% / reading 30% proficiency, ranked #602 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 66% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Henry L Robinson Community Learning Center (math 8% / reading 17%, grade F, #1,434 of 1,584 statewide, top 92%, 285 students, 0% FRL); National Inventors Hall of Fame School Center For Stem (math 45% / reading 56%, grade C, #413 of 654 statewide, top 63%, 406 students, 0% FRL); Akron Early College High School (math 62% / reading 98%, grade A, #34 of 781 statewide, top 4%, 377 students, 0% FRL) — zoned schools average 0% FRL vs 66% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 48% at this address vs 26% district-wide (+22 pts) — the actual schools serving this property are materially stronger than the Akron City average implies; a family-tenant draw the district grade alone would hide.
• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+4.5%/yr); 101 active listings in the ZIP; 1,114 units permitted in Summit County in 2024 (397 in 5+ unit buildings).
• Summit County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• 4 sale attempts since 34y ago 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 + 4.5% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 23.8% vs local median 6.6% in Akron — 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 $4,117/mo this rent would consume 94% of the median local household income ($53k/yr) (locally 1021% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 151 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 1927 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.