1017 Broadway St

Masury, OH 44438

$154,000C

4 bd · 2.0 ba · 1,600 sqft · Built 1940 · MultiFamily · Active · 207 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,512/mo
• Mortgage (P&I): −$808
• Tax + insurance: −$146
• HOA: −$0
• Vac / Maint / Mgmt: −$318
• Net cashflow: $241/mo
• Annual: $2,889/yr
• Cap rate: 8.17%
• Cash-on-cash: 6.70%
• DSCR: 1.30
• 1% rule: 0.98%
• Cash to close: $43,120

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $154k.
• At list price, monthly cash flow is $241 ($3k/yr) — positive. Per door: $120/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $151k (1.8% below list).
• It's been on market 207 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• In year one you build about $16k of equity ($1k loan paydown + $15k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#961 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing B; Watch: schools D-, amenities F, commute F.
• Brookfield Local (rural): math 32% / reading 54% proficiency, ranked #524 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 11 active listings in the ZIP; lower-income renter base — watch delinquency; 129 units permitted in Trumbull County in 2024 (0 in 5+ unit buildings).
• Trumbull County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 8 sale attempts since 29y ago; this cycle's ask has dropped $11k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $154k implies a 84% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $43k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• This rent runs 42% of the median local income ($43k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 207 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 1940 — 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 D-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.