2204 Harmon Ave

McKinley Heights, OH 44446

$83,000B

3 bd · 2.0 ba · 1,544 sqft · Built 1935 · MultiFamily · Active · 74 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,829/mo
• Mortgage (P&I): −$435
• Tax + insurance: −$130
• HOA: −$0
• Vac / Maint / Mgmt: −$384
• Net cashflow: $880/mo
• Annual: $10,558/yr
• Cap rate: 19.01%
• Cash-on-cash: 45.43%
• DSCR: 3.02
• 1% rule: 2.20%
• Cash to close: $23,240

Investor read

• This is a 3-bed/2.0-bath multifamily listed at $83k.
• At list price, monthly cash flow is $880 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• It's been on market 74 days — a 6% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $574 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 59/100 on livability (#1,016 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing B+; Watch: schools F, amenities F, commute F.
• Niles City (suburban): math 37% / reading 52% proficiency, ranked #507 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 65 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 129 units permitted in Trumbull County in 2024 (0 in 5+ unit buildings).
• Trumbull County population projected at -22% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 26y ago; this cycle's ask has dropped $29k (26%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $83k implies a 127% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $23k cash investment doubles in ~3 years — after that, you're playing with house money.
• This rent runs 43% of the median local income ($50k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.