1055 Kerns Dr NE

Wilkshire Hills, OH 44612

$214,900D

4 bd · 2.0 ba · 1,664 sqft · Built 1980 · MultiFamily · Pending · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,774/mo
• Mortgage (P&I): −$1,127
• Tax + insurance: −$304
• HOA: −$0
• Vac / Maint / Mgmt: −$373
• Net cashflow: $-29/mo
• Annual: $-353/yr
• Cap rate: 6.13%
• Cash-on-cash: -0.59%
• DSCR: 0.97
• 1% rule: 0.83%
• Cash to close: $60,172

Investor read

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $215k.
• At list price, monthly cash flow is $-29 ($-353/yr) — negative. Per door: $-15/mo.
• To cash-flow at today's rent, offer at most $210k (2.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $177k (17.4% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $177k (17.4% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Location reads: area grade D — affects rentability + tenant quality, not the cash-flow math above.
• Tuscarawas Valley Local (rural): math 71% / reading 71% proficiency, ranked #138 of 656 in OH (top 21%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 26 active listings in the ZIP; solid renter incomes; 244 units permitted in Tuscarawas County in 2024 (0 in 5+ unit buildings).
• Tuscarawas County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• Current owner paid $46k; list at $215k implies a 367% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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.
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.