3800 Grace Dr

Brimfield, OH 44240

$279,900B

4 bd · 3.0 ba · 2,392 sqft · Built 1981 · MultiFamily · Active · 80 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,338/mo
• Mortgage (P&I): −$1,468
• Tax + insurance: −$499
• HOA: −$0
• Vac / Maint / Mgmt: −$911
• Net cashflow: $1,461/mo
• Annual: $17,527/yr
• Cap rate: 13.09%
• Cash-on-cash: 24.28%
• DSCR: 2.08
• 1% rule: 1.55%
• Cash to close: $78,372

Investor read

• This is a 2 × 4.0-bed/1.5-bath units multifamily listed at $280k.
• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $730/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $280k).
• It's been on market 80 days — a 6% lower offer ($263k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $263k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#584 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools F, amenities F, commute F.
• Field Local (rural): math 65% / reading 66% proficiency, ranked #198 of 656 in OH (top 30%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: flood insurance adds $125/mo.
• Market conditions: Rents rising fast (+6.8%/yr); 140 active listings in the ZIP; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• 3 sale attempts since 25y ago; this cycle's ask has dropped $19k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $190k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 6.8% rent growth), your $78k cash investment doubles in ~5 years — after that, you're playing with house money.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.
• At $4,338/mo this rent would consume 90% of the median local household income ($58k/yr) (locally 2634% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% 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?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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 F-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.