1225 W Osborne St · Sandusky, OH 44870

$250,000

3 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 85 Days on market

Built 1905 3,668 sqft lot $130/sqft · 89% above area

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Why this score? — see what drove the C+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +28.7/30.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Investor's Dream! This newly renovated duplex is ideally located just minutes from Cedar Point, Kalahari Water Park, and Lake Erie Arms, making it a prime addition to any investment portfolio. The property is currently bringing in $3,000 per month. With low yearly expenses and insurance at $1,117 and taxes at $1,662 for a combined total of $2,779 you'll enjoy an impressive net income. Both units have been extensively updated, featuring separate electric, upgraded HVAC and AC, tankless hot water systems, rebuilt kitchens and bathrooms, and brand-new appliances. Outside, the property includes a detached garage, a driveway, and a backyard that adds appeal for tenants. This is a truly turnkey opportunity. Make it yours and start enjoying immediate income!

Key facts

• Extensively updated
• Rebuilt kitchens
• Separate electric

Tags

• NEWLY RENOVATED DUPLEX
• EXTENSIVELY UPDATED
• SEPARATE ELECTRIC
• UPGRADED HVAC
• TANKLESS HOT WATER SYSTEMS
• REBUILT KITCHENS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $832 ($10k/yr) — positive. Per door: $416/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Recommended offer: $235k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% vs local median 5.4% in Sandusky — 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.

Location & tenants

• Location reads 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 209 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $3,016/mo this rent would consume 58% of the median local household income ($62k/yr) (locally 1602% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Erie County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($235k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $50k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $84k; list at $250k implies a 196% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $235,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
8. 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.
9. 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.
10. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 1.21% ✓
• Cap rate: 10.29%
• Cash-on-cash: 14.26%
• DSCR: 1.63
• GRM: 6.9

CMA / ARV

• ARV (median comp): $131,950
• List price: $250,000
• Delta: 89.47%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.6%
• Equity multiple: 1.18×
• Total profit: $12,419
• Equity at exit: $37,276

10-year hold

• IRR: 14.0%
• Equity multiple: 2.13×
• Total profit: $78,795
• Equity at exit: $21,615

Cash invested: $70,000 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 44870

• Active inventory: 209
• Price-to-rent: 13.8×

Monthly cashflow live

• Estimated rent: $3,016 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$135 /mo · $1,625/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$633
• Net cashflow: $832

Break-even live

Break-even rent $1,963

Max offer price $250,000

Occupancy floor 67%

2-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,016
Total (2 units)			$3,016

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
156 E Market St Sandusky, OH	1.0–2.0	1.0–2.5	1266	$3,539	$2.79	43d	5	1.00mi
1032 Perry St Sandusky, OH	4.0	2.5	1845	$850	$0.46	43d	1	1.13mi

Listing history 20 events

1. 2026-06-19
   days on market $250,000 Active 85 DOM
2. 2026-06-18
   days on market $250,000 Active 84 DOM
3. 2026-06-17
   days on market $250,000 Active 83 DOM
4. 2026-06-16
   days on market $250,000 Active 82 DOM
5. 2026-06-15
   days on market $250,000 Active 81 DOM
6. 2026-06-14
   days on market $250,000 Active 79 DOM
7. 2026-06-12
   days on market $250,000 Active 78 DOM
8. 2026-06-09
   days on market $250,000 Active 75 DOM
9. 2026-06-08
   days on market $250,000 Active 74 DOM
10. 2026-06-07
    days on market $250,000 Active 73 DOM
11. 2026-06-03
    days on market $250,000 Active 69 DOM
12. 2026-06-02
    days on market $250,000 Active 68 DOM
13. 2026-06-01
    days on market $250,000 Active 67 DOM
14. 2026-05-31
    days on market $250,000 Active 66 DOM
15. 2026-05-30
    days on market $250,000 Active 65 DOM
16. 2026-05-05
    price $250,000 761-char remark

    Show marketing remark (761 chars)

    Investor's Dream! This newly renovated duplex is ideally located just minutes from Cedar Point, Kalahari Water Park, and Lake Erie Arms, making it a prime addition to any investment portfolio. The property is currently bringing in $3,000 per month. With low yearly expenses and insurance at $1,117 and taxes at $1,662 for a combined total of $2,779 you'll enjoy an impressive net income. Both units have been extensively updated, featuring separate electric, upgraded HVAC and AC, tankless hot water systems, rebuilt kitchens and bathrooms, and brand-new appliances. Outside, the property includes a detached garage, a driveway, and a backyard that adds appeal for tenants. This is a truly turnkey opportunity. Make it yours and start enjoying immediate income!

17. 2026-03-26
    listed $300,000 Active 761-char remark

    Show marketing remark (761 chars)

    Investor's Dream! This newly renovated duplex is ideally located just minutes from Cedar Point, Kalahari Water Park, and Lake Erie Arms, making it a prime addition to any investment portfolio. The property is currently bringing in $3,000 per month. With low yearly expenses and insurance at $1,117 and taxes at $1,662 for a combined total of $2,779 you'll enjoy an impressive net income. Both units have been extensively updated, featuring separate electric, upgraded HVAC and AC, tankless hot water systems, rebuilt kitchens and bathrooms, and brand-new appliances. Outside, the property includes a detached garage, a driveway, and a backyard that adds appeal for tenants. This is a truly turnkey opportunity. Make it yours and start enjoying immediate income!

18. 2020-01-13
    soldstatus $84,500 244-char remark

    Show marketing remark (244 chars)

    A beautiful well kept home with beautiful oak wood work throughout. Could be turned into a two unit home. This three bedroom 2 full bath with nice sized rooms will not last long. Close to school and move in ready. This home is being sold as is.

19. 2020-01-13
    soldstatus $84,575

    Show marketing remark (244 chars)

    A beautiful well kept home with beautiful oak wood work throughout. Could be turned into a two unit home. This three bedroom 2 full bath with nice sized rooms will not last long. Close to school and move in ready. This home is being sold as is.

20. 2019-10-02
    listed $87,500 244-char remark

    Show marketing remark (244 chars)

    A beautiful well kept home with beautiful oak wood work throughout. Could be turned into a two unit home. This three bedroom 2 full bath with nice sized rooms will not last long. Close to school and move in ready. This home is being sold as is.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,625 · $135/mo
• Projected year-2 tax: $2,762 · $230/mo
• Expected delta: +$1,138/yr (+$95/mo · 70.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $36,192
• − Mortgage interest: −$14,004
• − Property taxes: −$1,625
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,895
• − Management: −$2,895
• − Depreciation: −$7,273
• Taxable income: $6,250
• Est. tax owed @ 24.0%: −$1,500
• After-tax cash flow: $8,485/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

Amenities B Commute A+ Cost of living A+ Crime D- Employment F Housing A+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 73,204 people
• By 2030: 71,341 · -2.5%
• By 2040: 66,771 · -8.8%
• By 2050: 62,512 · -14.6%
• By 2075: 56,154 · -23.3%
• By 2100: 49,045 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Erie

• 2024 margin: R (+14.1) · D 42.5% · R 56.6%
• 2008→2024 swing: -28.0pp toward R · 2008: 13.9pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.6 2016: R+9.8 2012: D+11.3 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, OH
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+185.7% since first listed

5 events — show timeline

• 2026-05-05 Price Changed $250,000 FAOR
• 2026-03-26 Listed $300,000 FAOR
• 2020-01-13 Sold (Public Records) $84,575 Public Records
• 2020-01-13 Sold (MLS) $84,500 FAOR
• 2019-10-02 Listed $87,500 FAOR

Property tax history

+1.6%/yr

Latest (2025): $1,625 · -2.2% YoY. Source: county tax records.