105 N Maple Ave

Fairborn, OH 45324

$600,000C

12 bd · 0.0 ba · 4,914 sqft · Built 1970 · MultiFamily · Active · 12 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,366/mo
• Mortgage (P&I): −$3,146
• Tax + insurance: −$1,113
• HOA: −$0
• Vac / Maint / Mgmt: −$1,337
• Net cashflow: $770/mo
• Annual: $9,237/yr
• Cap rate: 8.75%
• Cash-on-cash: 8.79%
• DSCR: 1.39
• 1% rule: 1.06%
• Cash to close: $168,000

Investor read

• This is a 6 × 2-bed/1-bath units multifamily listed at $600k.
• At list price, monthly cash flow is $770 ($9k/yr) — positive. Per door: $128/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $600k).
• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#374 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities D-.
• Fairborn City (suburban): math 36% / reading 49% proficiency, ranked #520 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairborn Primary School (1,253 students, 0% FRL); Baker Middle School (math 34% / reading 46%, grade F, #511 of 654 statewide, top 79%, 939 students, 0% FRL); Fairborn High School (math 33% / reading 65%, grade D, #422 of 781 statewide, top 54%, 1,048 students, 46% FRL) — zoned schools average 15% FRL vs 51% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: flood insurance adds $460/mo.
• Market conditions: Rents rising fast (+5.8%/yr); 181 active listings in the ZIP; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• 9 sale attempts since 17y 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.
• Current owner paid $205k; list at $600k implies a 193% gain — meaningful room to come down on a strong offer.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• Cap rate 8.8% vs local median 3.7% in Fairborn — 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 $6,366/mo this rent would consume 118% of the median local household income ($65k/yr) (locally 1472% 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?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.