630 W 6th St

Port Clinton, OH 43452

$1,050,000B

None bd · None ba · 8,415 sqft · Built 1973 · MultiFamily · Active · 54 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $21,604/mo
• Mortgage (P&I): −$5,506
• Tax + insurance: −$1,002
• HOA: −$0
• Vac / Maint / Mgmt: −$4,537
• Net cashflow: $10,559/mo
• Annual: $126,704/yr
• Cap rate: 18.36%
• Cash-on-cash: 43.10%
• DSCR: 2.92
• 1% rule: 2.06%
• Cash to close: $294,000

Investor read

• This is a 8×1bd/1ba + 4×2bd/1ba units multifamily listed at $1.05M.
• At list price, monthly cash flow is $11k ($127k/yr) — positive. Per door: $880/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($22k rent vs $1.05M).
• It's been on market 54 days — a 3% lower offer ($1.02M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.02M (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $7k of loan paydown is wiped out by about $32k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#359 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: employment C-, amenities F, commute F.
• Port Clinton City (town): math 55% / reading 59% proficiency, ranked #342 of 656 in OH (top 52%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bataan Memorial Primary School (352 students, 79% FRL); Port Clinton Middle School (math 59% / reading 64%, grade B+, #248 of 654 statewide, top 38%, 350 students, 45% FRL); Port Clinton High School (math 37% / reading 62%, grade D, #390 of 781 statewide, top 54%, 509 students, 38% FRL).
• Market conditions: 224 active listings in the ZIP; 128 units permitted in Ottawa County in 2024 (0 in 5+ unit buildings).
• Ottawa County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $150k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $675k; list at $1.05M implies a 56% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $294k cash investment doubles in ~3 years — after that, you're playing with house money.
• Cap rate 18.4% vs local median 2.4% in Port Clinton — 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 $21,604/mo this rent would consume 406% of the median local household income ($64k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 54 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• 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 1973 — 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.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• 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.