The Akron double, one flat stacked over another with separate entrances, is one of the most common rental buildings in the city. Add the converted triplexes near the university and the brick fourplexes in West Akron, and small multifamily is a real part of the local market.
In short: LendingStreet finances Akron duplexes, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns. Loans start at $150,000, purchases go up to 80% LTV, the standard minimum DSCR is 1.0x and LLC borrowers are standard. Because many Akron doubles sell below what a $150,000 loan needs, triplexes, fourplexes and pricier doubles are often the cleanest fit.
Akron grew fast in the 1910s and 1920s, and builders put up two-family houses alongside single-family homes for factory workers. The result is a large supply of up-and-down doubles in North Hill, Highland Square, Firestone Park and East Akron, plus side-by-side units and older homes split into three or four apartments near the University of Akron.
Purpose-built fourplexes and small brick apartment buildings appear in West Akron, Wallhaven and along arterial roads. Buildings of five to eight units are covered on our Akron 5-8 unit page.
Tenant demand is broad: hospital staff at Akron Children's, Summa and Cleveland Clinic Akron General, students and university staff, and working families who want more space than an apartment complex offers. Doubles with separate utilities and a garage tend to rent faster and turn over less.
Rents differ by neighborhood and condition, so use leases or a rent schedule specific to the building rather than a citywide average. A renovated upper unit in Highland Square can rent for noticeably more than a dated lower unit a few miles east, and the appraiser's rent schedule will reflect those differences.
Because the loan qualifies on combined rent, small multifamily often clears 1.0x more easily than a single-family home at the same price. Two or four rent checks against one tax bill and one roof is the basic appeal of an Akron double or fourplex.
Plenty of Akron doubles and triplexes trade in rough condition: dated kitchens, old boilers, peeling porches and one or two units vacant. Many investors buy those with cash or a short-term loan, renovate, lease every unit and then refinance into a long-term DSCR loan based on the new rents and value.
If you go this route, keep receipts, permits and new leases organized. A refinance at up to 80% LTV on rate-and-term programs, or up to 75% LTV on cash-out, depends on the appraised value after the work, and seasoning rules vary by program. Our Akron fix and flip and bridge pages cover the short-term side of that plan.
A typical Akron double priced at $178,000 financed at 80% LTV produces a loan of about $142,400, below our $150,000 minimum. That does not rule out doubles, but it shapes the deal: higher-priced doubles in Highland Square or West Akron, a triplex or fourplex, or several properties combined under a blanket loan.
| Building | Typical Akron fit | Loan size note |
|---|---|---|
| Up-and-down double | North Hill, Firestone Park, Highland Square | Lower-priced doubles may fall under $150,000 |
| Triplex | Converted homes near the university and West Akron | Often clears the minimum |
| Fourplex | West Akron, Wallhaven, arterial roads | Usually clears the minimum |
| Five or more doubles | Spread across several neighborhoods | Consider a blanket portfolio loan |
This example is illustrative and not a quote. An investor buys a West Akron fourplex for $262,000. Each unit rents for $875, for $3,500 a month.
At 75% LTV the loan is $196,500. Estimated principal and interest is about $1,374, taxes are budgeted at $440 and insurance at $215, for a total payment of about $2,029. DSCR is about 1.73x.
A $228,000 triplex with rents of $900, $850 and $850 works the same way: a $171,000 loan, about $1,766 in total payment and DSCR near 1.47x.
| Item | Fourplex | Triplex |
|---|---|---|
| Price | $262,000 | $228,000 |
| Loan at 75% LTV | $196,500 | $171,000 |
| Estimated principal and interest | $1,374 | $1,196 |
| Taxes and insurance | $655 | $570 |
| Total payment | $2,029 | $1,766 |
| Combined rent | $3,500 | $2,600 |
| DSCR | 1.73x | 1.47x |
Many existing doubles are legal two-family uses, but a single-family home that was split into apartments without approval is a different story. Before you buy, confirm with the City of Akron that the current number of units is allowed in that zoning district and that there are no open code cases.
An appraiser will value the building as its legal use. If a "triplex" is legally a two-family, the third unit's rent may not count.
Ohio uses a 35% assessment ratio, and Summit County rates vary by school district. Check the actual parcel bill. Older doubles often have shared water meters, so confirm who pays water and sewer, and budget for roofs, porches and basement moisture typical of century-old frame buildings.
Ohio law asks rental owners to register with the county auditor, handled in Summit County by the Fiscal Office. Insurers also look hard at old wiring, galvanized plumbing and roof age on two- and three-family frame houses, so get a quote before you set your offer. A higher premium on a building with four units is spread across four rents, but it still belongs in the DSCR.
Lenders and tenants both prefer units with separate entrances, separate heat and electric meters and a clear lease for each unit. If an owner has been renting rooms rather than units, expect the appraiser to treat it differently.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, rents and target leverage through the form below, or call (877) 298-1001. For statewide context see the Ohio 2-4 unit page.
Yes, if the loan amount is at least $150,000 and the combined rent supports the payment. Lower-priced doubles may need to be combined with other properties.
Lenders use the rent for every unit, either from leases or a market rent estimate. Vacant units can still be underwritten on market rent on many programs.
The standard minimum is 1.0x, meaning the combined rent at least covers principal, interest, taxes, insurance and any HOA dues. Sub-1.0 programs exist for some deals, usually with lower leverage.
Yes. LLC borrowers are standard, and many Akron investors hold each building or each group of buildings in its own LLC.
Purchases go up to 80% LTV, so at least 20% down, and max LTV can vary by program.
The appraisal reflects the legal unit count. Confirm with the city before you buy, because rent from an unpermitted unit may not count.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so every unit must be a rental.
That falls under our 5-8 unit DSCR programs, where max LTV can be lower.
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