1124 Case Ct

Miamisburg, OH 45342

$775,000C

10 bd · 1.0 ba · 6,780 sqft · Built 1966 · MultiFamily · Pending · 45 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $9,577/mo
• Mortgage (P&I): −$4,064
• Tax + insurance: −$1,283
• HOA: −$0
• Vac / Maint / Mgmt: −$2,011
• Net cashflow: $2,219/mo
• Annual: $26,624/yr
• Cap rate: 9.73%
• Cash-on-cash: 12.27%
• DSCR: 1.55
• 1% rule: 1.24%
• Cash to close: $217,000

Investor read

• This is a 10 × 1-bed/1-bath units multifamily listed at $775k.
• At list price, monthly cash flow is $2k ($27k/yr) — positive. Per door: $222/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $775k).
• It's been on market 45 days — a 3% lower offer ($752k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $752k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $23k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#228 in OH, #3,550 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: health & safety C-, amenities F, commute F.
• Miamisburg City (suburban): math 52% / reading 61% proficiency, ranked #338 of 656 in OH (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mark Twain Elementary School (math 62% / reading 62%, grade B, #590 of 1,584 statewide, top 41%, 331 students, 38% FRL); Miamisburg Middle School (math 53% / reading 58%, grade B-, #321 of 654 statewide, top 51%, 1,160 students, 44% FRL); Miamisburg High School (math 34% / reading 73%, grade C-, #334 of 781 statewide, top 43%, 1,557 students, 33% FRL) — zoned schools at 38% FRL track the district average.
• Market conditions: Rents rising (+3.3%/yr); 116 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.
• 2 sale attempts 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 $560k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $217k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 9.7% vs local median 3.0% in Miamisburg — 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 $9,577/mo this rent would consume 135% of the median local household income ($85k/yr) (locally 790% 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 45 days. Have you received any prior offers? Is the seller open to a 3% 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 1966 — 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 B-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.