111 E Lamartine St

Mount Vernon, OH 43050

$195,000C+

4 bd · 2.5 ba · 2,018 sqft · Built 1900 · MultiFamily · Pending · 21 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,570/mo
• Mortgage (P&I): −$1,023
• Tax + insurance: −$252
• HOA: −$0
• Vac / Maint / Mgmt: −$540
• Net cashflow: $756/mo
• Annual: $9,072/yr
• Cap rate: 10.95%
• Cash-on-cash: 16.62%
• DSCR: 1.74
• 1% rule: 1.32%
• Cash to close: $54,600

Investor read

• This is a 4-bed/2.5-bath multifamily listed at $195k.
• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• It's been on market 21 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#227 in OH, #3,542 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Mount Vernon City (town): math 55% / reading 62% proficiency, ranked #321 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Mount Vernon Middle School (math 53% / reading 55%, grade B-, #352 of 654 statewide, top 55%, 836 students, 42% FRL); Mount Vernon High School (math 37% / reading 70%, grade C-, #334 of 781 statewide, top 43%, 1,036 students, 40% FRL) — zoned schools at 42% FRL track the district average.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 163 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 195 units permitted in Knox County in 2024 (0 in 5+ unit buildings).
• Knox County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $195k implies a 179% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $55k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 10.9% vs local median 3.0% in Mount Vernon — 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 $2,570/mo this rent would consume 47% of the median local household income ($65k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Built in 1900 — 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.