Akron investors who bought doubles and single-family homes in West Akron, Kenmore or Firestone Park years ago often hold more equity than they realize. A DSCR cash-out refinance turns that equity into cash using the rent the property already earns.
In short: Yes, LendingStreet finances DSCR cash-out refinances on 1-8 unit rentals in the Akron area, up to 75% LTV and qualified on the property's rent instead of tax returns. Loans start at $150,000 with a 620 minimum credit score, and the rent must cover the new payment at the program minimum, 1.0x on standard programs. In Akron, the age of the housing, Summit County's reappraisal cycle and the city's rental requirements are the local items to check first.
You take a new loan larger than your current balance, pay off the existing mortgage and keep the difference. On a DSCR loan the new balance is sized off the appraised value, up to 75% LTV on cash-out, and the borrower signs for the loan personally while the property can stay in an LLC.
Qualification uses the debt service coverage ratio: rent divided by the new monthly payment, including principal, interest, taxes, insurance and any HOA dues. A bigger loan means a bigger payment, so the ratio after the cash-out is the one that must clear 1.0x on standard programs.
The cash can go toward your next acquisition, upgrades across the portfolio, replacing a short-term loan with long-term financing or simply a stronger reserve cushion.
Much of Akron's rental stock was built in the first half of the 1900s for workers at the rubber plants, including the company-built homes of Goodyear Heights and Firestone Park. Those wood-frame singles and up-and-down doubles still make up a large share of the rentals that investors refinance today.
West Akron, Highland Square, Ellet, Kenmore and North Hill draw long-term tenants, and students and staff near the University of Akron keep demand steady close to downtown. Suburban rentals in Cuyahoga Falls, Stow, Tallmadge, Barberton and Fairlawn tend to carry higher values and fewer repair questions.
Because purchase prices in Akron have been modest compared with many metros, rent often covers the payment comfortably, and a cash-out can fund the next down payment without pushing the ratio below the minimum.
Ohio counties reappraise property every six years and update values at the three-year mark. When Summit County values move up, the tax bill follows, and on a DSCR loan the tax line sits inside the payment that the rent has to cover.
Owner-occupants receive credits that rentals do not, so the bill on a home bought from an owner-occupant can change after the sale. For a cash-out, use the current bill from the county fiscal office, not an older figure, and note whether your property is in a school district with recent levies.
Some Summit County cities also levy local income taxes, but those apply to people and businesses, not to the property, so they do not enter the DSCR payment.
Most Akron rentals were built before 1978, which means lead-based paint disclosure rules apply and peeling paint can come up on the appraisal. Older doubles may also have dated electrical, original windows or basements with water history, and appraisers note visible deferred maintenance.
Insurance on older wood-frame homes can run higher than on newer suburban houses, especially where the roof or wiring is near the end of its life. Get a current quote before you apply, since the premium counts in the ratio.
Akron and several surrounding Summit County cities have rental registration or inspection requirements, and the details differ by city. Check with the city where the property sits whether registration, a rental inspection or a pre-sale review applies before you refinance, and keep any certificate current.
Short-term rentals are a small part of the Akron market. Most cash-out files here are underwritten on 12-month leases, which appraisers and underwriters can support with local rent comparables.
This example is illustrative and not a quote. An investor owns an up-and-down double in West Akron with both units leased. The appraisal comes in at $240,000 and the existing loan payoff is $95,000. Combined rent is $2,150 a month, taxes run $330 a month and insurance is $120.
At 75% LTV the new loan is $180,000, which leaves about $85,000 after the $95,000 payoff, before closing costs. Estimated principal and interest on a 30-year schedule is about $1,259, so the total payment is about $1,709 and the DSCR is about 1.26x, above the 1.0x standard minimum.
Small changes move the ratio. A higher insurance quote, a tax increase or a lower appraised rent each raise the payment's share of rent, so run the numbers with current figures before you ask for a specific cash amount.
| Item | At 75% LTV |
|---|---|
| Appraised value | $240,000 |
| New loan amount | $180,000 |
| Existing loan payoff | $95,000 |
| Cash before closing costs | $85,000 |
| Estimated principal and interest | About $1,259 |
| Taxes and insurance | $450 |
| Total monthly payment | About $1,709 |
| DSCR at $2,150 rent | About 1.26x |
Ohio does not charge a mortgage recording tax, and the county conveyance fee applies to deed transfers rather than to a refinance. Expect title insurance, recording fees, the appraisal and lender fees, all shown on your term sheet. Confirm the final figures with your title company.
If you bought or renovated recently, seasoning matters. Some programs lend on the new appraised value quickly; others look back to your purchase price and improvement receipts for the first months.
A complete file means a faster appraisal order and a clearer answer.
Our investor loans are business-purpose loans on non-owner-occupied property, held personally or in an LLC. Share the property address, value estimate, current payoff and rent, and we will size the loan against the actual Summit County tax bill and a current insurance quote.
We typically show two or three loan amounts so you can weigh cash against cushion. Use the form below or call (877) 298-1001. Our Ohio cash-out refinance page covers statewide rules.
Yes. Two-unit properties qualify on the combined rent of both units, and the new payment has to be covered at the program minimum, 1.0x on standard programs.
It can. A higher value can support a larger loan, but it usually brings a higher tax bill, which raises the payment and lowers the ratio. Use the current bill in your numbers.
Up to 75% of the appraised value, minus your payoff and closing costs. The rent also has to cover the new payment at the program minimum, which can limit the amount.
It depends on the program. Some lend on the new appraised value quickly, while others look back to the purchase price and improvement costs for the first months.
No. The loan qualifies on the property's rent. You still need a 620 or higher credit score, reserves and entity documents if the property is in an LLC.
Not by itself. Appraisers look at condition, so peeling paint, roof wear or water in the basement can affect value or require repairs. Fix obvious items before the appraisal.
Yes. We finance 1-8 unit rentals across Summit County and the rest of Ohio, as long as the loan is at least $150,000 and the rent supports the payment.
Yes. Student and staff rentals near campus qualify on their leases or market rent, as long as the loan is at least $150,000 and the property is a legal rental.
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