340 N Locust St

Oxford, OH 45056

$567,600C-

6 bd · 3.0 ba · 2,732 sqft · Built 1944 · MultiFamily · Active · 67 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,855/mo
• Mortgage (P&I): −$2,977
• Tax + insurance: −$567
• HOA: −$0
• Vac / Maint / Mgmt: −$1,230
• Net cashflow: $1,082/mo
• Annual: $12,983/yr
• Cap rate: 8.58%
• Cash-on-cash: 8.17%
• DSCR: 1.36
• 1% rule: 1.03%
• Cash to close: $158,928

Investor read

• This is a 3 × 6.0-bed/3.0-bath units multifamily listed at $568k.
• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $361/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $568k).
• It's been on market 67 days — a 6% lower offer ($534k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $534k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• Location reads 87/100 on livability (#30 in OH, #267 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment F.
• Talawanda City (rural): math 55% / reading 61% proficiency, ranked #323 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Watch-outs: built in 1944 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 66 active listings in the ZIP; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• 9 sale attempts since 8y ago; this cycle's ask has dropped $61k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $285k; list at $568k implies a 99% gain — meaningful room to come down on a strong offer.
• Cap rate 8.6% vs local median 3.6% in Oxford — 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 $5,855/mo this rent would consume 143% of the median local household income ($49k/yr) (locally 1724% 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 67 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 1944 — 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.