341 Stewart Ave NW

Perry Heights, OH 44646

$200,000D

4 bd · 2.0 ba · 1,344 sqft · Built 1976 · Condo · Pending · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,523/mo
• Mortgage (P&I): −$1,049
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$320
• Net cashflow: $-5/mo
• Annual: $-65/yr
• Cap rate: 6.26%
• Cash-on-cash: -0.12%
• DSCR: 0.99
• 1% rule: 0.76%
• Cash to close: $56,000

Investor read

• This is a 4-bed/2.0-bath condo listed at $200k.
• At list price, monthly cash flow is $-5 ($-65/yr) — negative.
• To cash-flow at today's rent, offer at most $199k (0.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $152k (23.8% below list).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $152k (23.8% below list) — sets the bar for 1% rule.
• 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 68/100 on livability (#575 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Perry Local (suburban): math 63% / reading 73% proficiency, ranked #173 of 656 in OH (top 26%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: T C Knapp Elementary School (math 82% / reading 72%, grade A, #221 of 1,584 statewide, top 16%, 416 students, 24% FRL); Edison Middle School (math 61% / reading 75%, grade A-, #155 of 654 statewide, top 24%, 689 students, 37% FRL); Perry High School (math 36% / reading 72%, grade C-, #331 of 781 statewide, top 43%, 1,478 students, 30% FRL) — zoned schools at 30% FRL track the district average.
• Market conditions: Rents rising fast (+6.0%/yr); 212 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 528 units permitted in Stark County in 2024 (84 in 5+ unit buildings).
• Stark County population projected to shrink 8% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 6.3% vs local median 2.7% in Perry Heights — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• 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.
• 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.