529 N Moening St

Delphos, OH 45833

$125,000B+

4 bd · 2.0 ba · 1,872 sqft · Built 1910 · MultiFamily · Active · 8 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,773/mo
• Mortgage (P&I): −$656
• Tax + insurance: −$114
• HOA: −$0
• Vac / Maint / Mgmt: −$372
• Net cashflow: $631/mo
• Annual: $7,572/yr
• Cap rate: 12.35%
• Cash-on-cash: 21.63%
• DSCR: 1.96
• 1% rule: 1.42%
• Cash to close: $35,000

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $125k.
• At list price, monthly cash flow is $631 ($8k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#378 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Delphos City (town): math 77% / reading 75% proficiency, ranked #91 of 656 in OH (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Franklin Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 339 students, 46% FRL); Jefferson Middle School (math 79% / reading 73%, grade A, #74 of 654 statewide, top 12%, 244 students, 46% FRL); Jefferson High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 272 students, 36% FRL).
• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 17 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 14y 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.
• Current owner paid $40k; list at $125k implies a 212% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~6 years — after that, you're playing with house money.
• Cap rate 12.4% vs local median 3.9% in Delphos — 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.
• This rent runs 32% of the median local income ($67k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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.