200/202 Meadowbrook Ave

Youngstown, OH 44512

$219,900C-

6 bd · 3.0 ba · 2,640 sqft · Built 1963 · MultiFamily · Pending · 7 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,260/mo
• Mortgage (P&I): −$1,153
• Tax + insurance: −$387
• HOA: −$0
• Vac / Maint / Mgmt: −$475
• Net cashflow: $245/mo
• Annual: $2,942/yr
• Cap rate: 7.63%
• Cash-on-cash: 4.78%
• DSCR: 1.21
• 1% rule: 1.03%
• Cash to close: $61,572

Investor read

• This is a 2 × 3.0-bed/1.5-bath units multifamily listed at $220k.
• At list price, monthly cash flow is $245 ($3k/yr) — positive. Per door: $123/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $220k).
• 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#99 in OH, #1,506 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: crime F, employment F.
• Boardman Local (urban): math 63% / reading 71% proficiency, ranked #189 of 656 in OH (top 29%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Boardman Glenwood Junior High (math 65% / reading 65%, grade A-, #194 of 654 statewide, top 31%, 592 students, 52% FRL); Boardman High School (math 50% / reading 81%, grade B, #159 of 781 statewide, top 21%, 1,166 students, 48% FRL) — zoned schools average 50% FRL vs 34% district-wide (17 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.6%/yr); 137 active listings in the ZIP; 147 units permitted in Mahoning County in 2024 (0 in 5+ unit buildings).
• Mahoning County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $62k cash investment doubles in ~10 years — after that, you're playing with house money.
• This rent runs 43% of the median local income ($63k/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 1963 — 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.
• Crime grade is F 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.