145 Grant St

Conneaut, OH 44030

$169,000B-

4 bd · 4.0 ba · 1,956 sqft · Built 1920 · MultiFamily · Active · 5 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,873/mo
• Mortgage (P&I): −$886
• Tax + insurance: −$171
• HOA: −$0
• Vac / Maint / Mgmt: −$603
• Net cashflow: $1,212/mo
• Annual: $14,549/yr
• Cap rate: 14.90%
• Cash-on-cash: 30.75%
• DSCR: 2.37
• 1% rule: 1.70%
• Cash to close: $47,320

Investor read

• This is a 3 × 4-bed/4.0-bath units multifamily listed at $169k.
• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $169k).
• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 63/100 on livability (#808 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, health & safety D, amenities F.
• Conneaut Area City (town): math 35% / reading 50% proficiency, ranked #527 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Lakeshore Primary Elementary School (456 students, 65% FRL); Conneaut Middle School (math 34% / reading 46%, grade F, #511 of 654 statewide, top 79%, 372 students, 58% FRL); Conneaut High School (math 32% / reading 72%, grade D+, #343 of 781 statewide, top 47%, 390 students, 53% FRL).
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 61 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• Ashtabula County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 14.9% vs local median 4.3% in Conneaut — 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 $2,873/mo this rent would consume 60% of the median local household income ($57k/yr) — 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 1920 — 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.
• 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.