Akron's rental market runs on older housing built for the rubber plants: wood-frame single-family homes, up-and-down doubles and small multi-unit buildings that investors buy cheap, renovate and then need to move off short-term debt.
In short: A DSCR rate-and-term refinance pays off the hard money, bridge or existing loan on an Akron rental with a 30-year loan that qualifies on the property's rent. LendingStreet refinances 1-8 unit rentals in Summit County starting at $150,000, with up to 80% LTV on some programs and a 1.0x standard minimum DSCR. Because many Akron homes are worth less than $150,000 on their own, the refinances that fit best are usually doubles, triplexes, fourplexes and higher-value suburban homes.
Most Akron refinance requests come from investors who bought a dated property, renovated it with a short-term loan and leased it up. Neighborhoods like Highland Square, Firestone Park, Kenmore, Ellet, North Hill and Goodyear Heights have deep stocks of early twentieth century homes and two-family houses that fit this pattern.
Outside the city, Cuyahoga Falls, Stow, Tallmadge and Barberton offer newer ranches and split-levels that rent to families who want suburban school districts. Rents in the area are moderate, but purchase prices are low enough that the ratio often works well once the renovation is finished.
| Area | Typical rental stock | What to check before you refinance |
|---|---|---|
| Highland Square, North Hill | Up-and-down doubles, older single-family | Separate utilities, lead-safe condition of pre-1978 units |
| Firestone Park, Kenmore, Goodyear Heights | Worker cottages and bungalows | Loan size: smaller homes may fall under the $150,000 minimum |
| Ellet, Cuyahoga Falls, Stow | Ranches, split-levels, some duplexes | School district tax levies on the bill |
| Near the University of Akron | Converted homes and small buildings | Lease terms, occupancy limits and unit count |
A rate-and-term refinance replaces the short-term note with a 30-year DSCR loan sized to pay off the existing balance and closing costs. The new loan qualifies on the property's rent, not your W-2s or tax returns, and the standard minimum DSCR is 1.0x. On some programs rate-and-term goes up to 80% LTV.
In Akron, the appraisal is often the hinge. Renovated homes on blocks with few recent sales can appraise below what the investor expected, so bring the rehab invoices, before-and-after photos and any sales of renovated comparables you know about. A strong file on value lets the payoff fit inside the program's LTV limit.
This example is illustrative and not a quote. An investor bought and renovated a fourplex in the Kenmore area with a hard money loan. The work is done, all four units are leased at $850 each, and the building appraises at $260,000. The hard money balance is $182,000.
The new loan of $189,000 covers the $182,000 payoff plus $7,000 in closing costs, about 73% of the $260,000 value. Estimated principal and interest on a 30-year term is about $1,305. With taxes of $380 and insurance of $210 a month, the full payment is about $1,895 and DSCR is about 1.79x on $3,400 of rent.
Because the four rents together carry the payment, the ratio is comfortable, and the investor trades a short maturity for a 30-year term.
What changes most is the structure: the balloon or maturity date goes away, the payment includes principal so the balance falls each month, and taxes and insurance are counted up front. Run your own numbers with the DSCR calculator before you apply.
| Item | Before: hard money note | After: DSCR rate-and-term |
|---|---|---|
| Loan balance | $182,000 | $189,000 |
| Monthly principal and interest | $1,744 (interest only) | $1,305 |
| Taxes, insurance | $590 | $590 |
| Total monthly payment | $2,334 | $1,895 |
| DSCR at $3,400 rent | About 1.46x | About 1.79x |
| Term | Short-term, due soon | 30 years |
Ohio counties reappraise property on a six-year cycle with an update at the midpoint, and Summit County is no exception. A refinance appraisal at a much higher value does not change your tax bill right away, but the next county update can. Budget on the current bill and keep a cushion for the next reappraisal.
Akron-area tax bills also reflect school and municipal levies, which differ between Akron, Cuyahoga Falls, Barberton and the townships. Pull the current bill from the Summit County Fiscal Office rather than estimating from the price, and confirm any special assessments for sidewalks or street lighting.
Much of Akron's rental stock was built before 1978, so lead-safe work practices and disclosures matter on every renovation. Check with the City of Akron for any registration or inspection requirements that apply to your property, and keep records of the work you completed.
Insurers look closely at roof age, old wiring and heating systems in older homes. A renovation that replaced those items should help the premium, so bring the invoices to your insurance agent before the refinance closes.
With DSCR loans starting at $150,000, a single renovated Akron bungalow can be too small to refinance on its own. Two-family homes, triplexes and fourplexes usually clear the minimum and qualify on the combined rent of all units. If you own several smaller homes, a blanket portfolio loan may combine five or more into one loan.
The choice comes down to the goal. If you want to replace a short-term note or an expensive loan and keep the balance about where it is, use rate-and-term. If you want equity out to fund the next purchase, cash-out reaches 75% LTV, with seasoning that varies by program.
For Akron investors who bought low and renovated, the appraised value may support more than the payoff. Taking only rate-and-term keeps the balance and payment lower, which helps when rents are moderate.
Send these with your request and the financing team can size the loan on the first pass.
LendingStreet is an investment property financing company. Our investor loans are business-purpose loans on non-owner-occupied property, and we refinance 1-8 unit rentals across Summit County and nearby Portage, Medina and Stark counties. Send the address, the payoff, the rent and the value you expect, or call (877) 298-1001. The financing team will run the ratio at a few loan amounts and come back with options. For statewide rules, see our Ohio rate-and-term refinance page.
Not on its own, since DSCR loans start at $150,000. Many Akron investors refinance two-family homes or small multi-unit buildings instead, or combine five or more properties in a blanket portfolio loan.
A refinance by itself does not reset your tax bill. Taxes change when the county reappraises or updates values, or when levies change, so budget on the current bill plus a cushion.
Yes. A two-family home qualifies on the combined rent of both units, which often makes the ratio stronger than a single-family home at a similar price.
Provide the rehab budget, invoices and photos, and share sales of renovated comparables with the appraiser. If the value still comes in low, a smaller loan or a sub-1.0 program may be options.
Seasoning rules vary by program and can differ between rate-and-term and cash-out refinances. Share your purchase date, rehab costs and payoff, and we will tell you which programs fit your timeline.
No. The loan qualifies on the property's rent compared with the full monthly payment. We still review credit, reserves and the property itself.
Yes. LLC borrowers are standard on our DSCR programs. Members typically sign for the loan personally, and we review the operating agreement and EIN letter.
The minimum credit score is 620. Stronger credit and lower leverage can open more program options.
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