836-838 Rodgers Dr

Springfield, OH 45503

$180,000D+

4 bd · 2.0 ba · 2,862 sqft · Built 1939 · MultiFamily · Active · 316 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,039/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$0
• Vac / Maint / Mgmt: −$428
• Net cashflow: $367/mo
• Annual: $4,402/yr
• Cap rate: 8.74%
• Cash-on-cash: 8.74%
• DSCR: 1.39
• 1% rule: 1.13%
• Cash to close: $50,400

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $180k. Condition is rated good.
• At list price, monthly cash flow is $367 ($4k/yr) — positive. Per door: $183/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 316 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $158k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Springfield City School District (urban): math 20% / reading 27% proficiency, ranked #616 of 656 in OH (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lagonda Elementary School (math 16% / reading 25%, grade F, #1,279 of 1,584 statewide, top 81%, 363 students, 0% FRL); Roosevelt Middle School (math 30% / reading 36%, grade F, #553 of 654 statewide, top 85%, 397 students, 0% FRL); Springfield High School (math 17% / reading 31%, grade F, #665 of 781 statewide, top 85%, 1,516 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1939 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 144 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• Clark County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 8.7% vs local median 4.8% in Springfield — 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.
• This rent runs 45% of the median local income ($55k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 316 days. Have you received any prior offers? Is the seller open to a 12% 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 1939 — 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.
• Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
• 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?