321-323 Slack St

Steubenville, OH 43952

$30,000D+

6 bd · 2.0 ba · 2,577 sqft · Built 1920 · MultiFamily · Active · 79 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,271/mo
• Mortgage (P&I): −$157
• Tax + insurance: −$20
• HOA: −$0
• Vac / Maint / Mgmt: −$477
• Net cashflow: $1,617/mo
• Annual: $19,403/yr
• Cap rate: 70.97%
• Cash-on-cash: 230.99%
• DSCR: 11.28
• 1% rule: 7.57%
• Cash to close: $8,400

Investor read

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $30k.
• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $808/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $30k).
• It's been on market 79 days — a 6% lower offer ($28k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $28k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $207 of loan paydown is wiped out by about $900 of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#214 in OH, #3,318 nationally) — a middle-class / working-renter tenant base. Strengths: schools A+, commute A+, cost of living A+; Watch: amenities F, employment F.
• Steubenville City (urban): math 74% / reading 71% proficiency, ranked #150 of 656 in OH (top 23%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 98 active listings in the ZIP; 2 units permitted in Jefferson County in 2024 (0 in 5+ unit buildings).
• Jefferson County population projected at -19% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $8k cash investment doubles in ~1 year — after that, you're playing with house money.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 71.0% vs local median 5.2% in Steubenville — 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 $2,271/mo this rent would consume 57% of the median local household income ($48k/yr) (locally 601% 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 79 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 1920 — 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?
• 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?