289 2nd St NW

Carrollton, OH 44615

$123,500C+

4 bd · 2.0 ba · 1,968 sqft · Built 1900 · MultiFamily · Pending · 78 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,660/mo
• Mortgage (P&I): −$648
• Tax + insurance: −$174
• HOA: −$0
• Vac / Maint / Mgmt: −$349
• Net cashflow: $489/mo
• Annual: $5,872/yr
• Cap rate: 11.05%
• Cash-on-cash: 16.98%
• DSCR: 1.76
• 1% rule: 1.34%
• Cash to close: $34,580

Investor read

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $124k.
• At list price, monthly cash flow is $489 ($6k/yr) — positive. Per door: $245/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• It's been on market 78 days — a 6% lower offer ($116k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $116k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $854 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 80/100 on livability (#131 in OH, #1,863 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Carrollton Exempted Village (town): math 46% / reading 58% proficiency, ranked #419 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 43 active listings in the ZIP; 2 units permitted in Carroll County in 2024 (0 in 5+ unit buildings).
• Carroll County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 9 sale attempts since 23y 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 $95k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~8 years — after that, you're playing with house money.
• This rent runs 30% of the median local income ($66k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• It's been on market 78 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?
• Built in 1900 — 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.
• 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.