6090 Manchester Rd

New Franklin, OH 44319

$119,900B

4 bd · 4.0 ba · 3,420 sqft · Built 1875 · MultiFamily · Active · 204 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,681/mo
• Mortgage (P&I): −$629
• Tax + insurance: −$200
• HOA: −$0
• Vac / Maint / Mgmt: −$773
• Net cashflow: $2,079/mo
• Annual: $24,953/yr
• Cap rate: 27.10%
• Cash-on-cash: 74.33%
• DSCR: 4.31
• 1% rule: 3.07%
• Cash to close: $33,572

Investor read

• This is a 2 × 2-bed/?-bath units multifamily listed at $120k. Condition is rated fair.
• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $120k).
• It's been on market 204 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 71/100 on livability (#424 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Manchester Local (suburban): math 71% / reading 75% proficiency, ranked #112 of 656 in OH (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 90 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~2 years — after that, you're playing with house money.
• Cap rate 27.1% vs local median 4.3% in New Franklin — 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 $3,681/mo this rent would consume 59% of the median local household income ($75k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 204 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1875 — 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.
• 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.

Repairs flagged (vision-AI assessment)

• Major: Kitchen cabinets — The cabinets are damaged and missing doors, indicating a major issue that needs to be addressed.
• Major: Bathroom fixtures — The fixtures are outdated and show signs of wear, indicating a need for replacement.
• Major: Flooring — The flooring is in poor condition and needs to be replaced or repaired.
• Major: Interior walls and ceilings — The walls and ceilings show signs of wear and tear, indicating a need for repainting and possibly repairs.
• Major: HVAC and mechanical systems — The systems are in poor condition and need to be replaced or repaired.