619 Light St

Felicity, OH 45120

$285,000B+

6 bd · 3.0 ba · 2,496 sqft · Built 1983 · MultiFamily · Active · 6 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,775/mo
• Mortgage (P&I): −$1,495
• Tax + insurance: −$336
• HOA: −$0
• Vac / Maint / Mgmt: −$793
• Net cashflow: $1,152/mo
• Annual: $13,821/yr
• Cap rate: 11.14%
• Cash-on-cash: 17.32%
• DSCR: 1.77
• 1% rule: 1.32%
• Cash to close: $79,800

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $285k.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $384/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $285k).
• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $30k of equity ($2k loan paydown + $28k appreciation (10.0% local appreciation)).
• Location reads 60/100 on livability (#989 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-; Watch: crime D, amenities F, commute F.
• Felicity-Franklin Local (rural): math 53% / reading 55% proficiency, ranked #388 of 656 in OH (top 59%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 12 active listings in the ZIP; 996 units permitted in Clermont County in 2024 (210 in 5+ unit buildings).
• At projected returns (10.0% appreciation + 3.0% rent growth), your $80k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$49k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• At $3,775/mo this rent would consume 83% of the median local household income ($55k/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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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.