48903-48905 N Ridge Rd

Amherst, OH 44001

$369,900D-

6 bd · 3.0 ba · 3,840 sqft · Built 2000 · MultiFamily · Active · 3 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,000/mo
• Mortgage (P&I): −$1,940
• Tax + insurance: −$618
• HOA: −$0
• Vac / Maint / Mgmt: −$630
• Net cashflow: $-188/mo
• Annual: $-2,259/yr
• Cap rate: 5.68%
• Cash-on-cash: -2.18%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $103,572

Investor read

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $370k.
• At list price, monthly cash flow is $-188 ($-2k/yr) — negative. Per door: $-94/mo.
• To cash-flow at today's rent, offer at most $337k (9.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $300k (18.9% below list).
• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $300k (18.9% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $11k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#100 in OH, #1,523 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D-, commute F.
• Firelands Local (rural): math 65% / reading 67% proficiency, ranked #180 of 656 in OH (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Firelands Elementary School (math 72% / reading 68%, grade A-, #380 of 1,584 statewide, top 25%, 783 students, 35% FRL); Firelands Middle School (math 63% / reading 68%, grade A-, #186 of 654 statewide, top 29%, 414 students, 39% FRL); Firelands High School (math 57% / reading 62%, grade C+, #243 of 781 statewide, top 33%, 487 students, 41% FRL).
• Market conditions: 120 active listings in the ZIP; solid renter incomes; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• 3 sale attempts 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.
• Cap rate 5.7% vs local median 3.3% in Amherst — 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 40% of the median local income ($91k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• 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?
• 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?
• 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.