3591 St Rt 131

Fayetteville, OH 45118

$72,500B

4 bd · 1.0 ba · 2,328 sqft · Built — · MultiFamily · Active · 207 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,643/mo
• Mortgage (P&I): −$380
• Tax + insurance: −$66
• HOA: −$0
• Vac / Maint / Mgmt: −$345
• Net cashflow: $852/mo
• Annual: $10,227/yr
• Cap rate: 20.40%
• Cash-on-cash: 50.38%
• DSCR: 3.24
• 1% rule: 2.27%
• Cash to close: $20,300

Investor read

• This is a 4-bed/1.0-bath multifamily listed at $72k.
• At list price, monthly cash flow is $852 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $72k).
• It's been on market 207 days — a 12% lower offer ($64k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $64k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $501 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#561 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: employment C-, amenities F, commute F.
• Fayetteville-Perry Local (rural): math 56% / reading 62% proficiency, ranked #293 of 656 in OH (top 45%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; solid renter incomes; 147 units permitted in Brown County in 2024 (0 in 5+ unit buildings).
• Brown County population projected at -26% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 2 sale attempts since 4y 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 $45k; list at $72k implies a 61% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $20k cash investment doubles in ~3 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 207 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• 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 B-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.
• 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.