1326-1328 Seneca Dr

Xenia, OH 45385

$275,000C

4 bd · 2.0 ba · 2,137 sqft · Built 1980 · MultiFamily · Pending · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,010/mo
• Mortgage (P&I): −$1,442
• Tax + insurance: −$399
• HOA: −$0
• Vac / Maint / Mgmt: −$632
• Net cashflow: $537/mo
• Annual: $6,444/yr
• Cap rate: 8.64%
• Cash-on-cash: 8.37%
• DSCR: 1.37
• 1% rule: 1.09%
• Cash to close: $77,000

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $275k.
• At list price, monthly cash flow is $537 ($6k/yr) — positive. Per door: $269/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 75/100 on livability (#244 in OH, #3,892 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: amenities D+, commute F, employment F.
• Xenia Community City (suburban): math 42% / reading 53% proficiency, ranked #478 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Arrowood Elementary (math 55% / reading 50%, grade C-, #846 of 1,584 statewide, top 54%, 419 students, 0% FRL); Warner Middle School (math 35% / reading 45%, grade F, #511 of 654 statewide, top 79%, 848 students, 0% FRL); Xenia High School (math 25% / reading 63%, grade F, #489 of 781 statewide, top 63%, 985 students, 48% FRL) — zoned schools average 16% FRL vs 50% district-wide (34 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.5%/yr); 240 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• Current owner paid $160k; list at $275k implies a 72% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $77k cash investment doubles in ~10 years — after that, you're playing with house money.
• Cap rate 8.6% vs local median 3.7% in Xenia — 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 $3,010/mo this rent would consume 47% of the median local household income ($77k/yr) (locally 906% of renters already pay >50% of income on rent) — 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?
• 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.