6273 Cheviot Rd

White Oak, OH 45247

$2,300,000C

32 bd · None ba · — sqft · Built 1974 · MultiFamily · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $23,935/mo
• Mortgage (P&I): −$12,061
• Tax + insurance: −$1,898
• HOA: −$0
• Vac / Maint / Mgmt: −$5,026
• Net cashflow: $4,949/mo
• Annual: $59,394/yr
• Cap rate: 8.88%
• Cash-on-cash: 9.22%
• DSCR: 1.41
• 1% rule: 1.04%
• Cash to close: $644,000

Investor read

• This is a 32-bed/?-bath multifamily listed at $2.30M.
• At list price, monthly cash flow is $5k ($59k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($24k rent vs $2.30M).
• It's been on market 76 days — a 6% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $2.16M (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $16k of loan paydown is wiped out by about $69k of value loss. Plan a longer hold.
• Location reads 69/100 on livability (#499 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: health & safety C-, amenities F, commute F.
• Northwest Local (suburban): math 38% / reading 46% proficiency, ranked #508 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Monfort Heights Elementary School (math 66% / reading 59%, grade B, #580 of 1,584 statewide, top 37%, 494 students, 45% FRL); White Oak Middle School (math 41% / reading 44%, grade D-, #493 of 654 statewide, top 76%, 729 students, 46% FRL); Colerain High School (math 26% / reading 50%, grade F, #560 of 781 statewide, top 72%, 1,747 students, 54% FRL) — zoned schools at 48% FRL track the district average.
• Market conditions: 50 active listings in the ZIP; solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 3 sale attempts 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.
• Current owner paid $775k; list at $2.30M implies a 197% gain — meaningful room to come down on a strong offer.
• At $23,935/mo this rent would consume 300% of the median local household income ($96k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Built in 1974 — 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 D-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.