862 9th St NE

Massillon, OH 44646

$179,900C+

4 bd · 2.0 ba · 2,288 sqft · Built 1919 · MultiFamily · Active · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,030/mo
• Mortgage (P&I): −$943
• Tax + insurance: −$133
• HOA: −$0
• Vac / Maint / Mgmt: −$426
• Net cashflow: $528/mo
• Annual: $6,330/yr
• Cap rate: 9.81%
• Cash-on-cash: 12.57%
• DSCR: 1.56
• 1% rule: 1.13%
• Cash to close: $50,372

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k.
• At list price, monthly cash flow is $528 ($6k/yr) — positive. Per door: $264/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Only 7 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 74/100 on livability (#306 in OH, #4,928 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: employment C-, amenities F, commute F.
• Massillon City (urban): math 43% / reading 52% proficiency, ranked #487 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.0%/yr); 208 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.
• Current owner paid $64k; list at $180k implies a 180% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.0% rent growth), your $50k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 9.8% vs local median 3.9% in Massillon — 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.
• This rent runs 35% of the median local income ($69k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 1919 — 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.
• 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.