1121 Far Hills Ave

Oakwood, OH 45419

$749,900D+

8 bd · 1.5 ba · 8,340 sqft · Built 1952 · MultiFamily · Active · 14 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,010/mo
• Mortgage (P&I): −$3,933
• Tax + insurance: −$2,186
• HOA: −$0
• Vac / Maint / Mgmt: −$1,892
• Net cashflow: $1,000/mo
• Annual: $11,998/yr
• Cap rate: 7.89%
• Cash-on-cash: 5.71%
• DSCR: 1.25
• 1% rule: 1.20%
• Cash to close: $209,972

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $750k.
• At list price, monthly cash flow is $1k ($12k/yr) — positive. Per door: $250/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($9k rent vs $750k).
• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $22k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Oakwood City (suburban): math 88% / reading 88% proficiency, ranked #7 of 656 in OH (top 1%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Watch-outs: property tax is 3.0% of price; built in 1952 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents flat; 90 active listings in the ZIP; solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 7 sale attempts since 19y 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 $522k; 44% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• Cap rate 7.9% vs local median 1.9% in Oakwood — 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 $9,010/mo this rent would consume 117% of the median local household income ($92k/yr) (locally 359% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 1952 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.