224 Spencer Dr · Van Wert, OH 45891

$115,000

2 bd · 1.0 ba · 840 sqft · SingleFamily public records · 4 Days on market

Built 1953 5,265 sqft lot Est $120k · at est.

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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 +25.4/30.0
• ARV discount +9.4/15.0
• DSCR +8.4/10.0
• 1% rule +5.6/10.0
• Schools +4.0/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Very well maintained 2 bedroom 1 bath ranch. Quiet street with minimal traffic. 2 sheds in the backyard. Simple living at an affordable price.

Key facts

• All new siding
• Two storage sheds
• Gas forced air heat

Tags

• ALL NEW SIDING
• GAS FORCED AIR HEAT
• CENTRAL AIR CONDITIONING
• TWO STORAGE SHEDS

Property features AI

Finance

• Other: Listing broker: Bee Gee Realty & Auction Company

Exterior

• Parking: See remarks for parking details
• Utilities: Public water; Public sewer; Electricity connected; Natural gas connected; Water connected
• Home design: Single-family residence; One level
• Construction: Vinyl siding construction
• Exterior features: Vinyl siding; Shed on property; Lot dimensions approximately 65 x 81; Residential zoning

Interior

• Kitchen: Range; Refrigerator; Dishwasher not listed
• Flooring: Carpet; Laminate
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Washer and Dryer included; Range; Refrigerator; Carpet and laminate flooring; Total of 5 rooms
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $140 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Cap rate 9.1% vs local median 4.6% in Van Wert — 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 72/100 on livability (#392 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A-; Watch: crime D+, amenities F, commute F.
• Van Wert City (rural): math 46% / reading 50% proficiency, ranked #476 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Van Wert Elementary School (math 57% / reading 55%, grade C+, #766 of 1,584 statewide, top 49%, 647 students, 54% FRL); Van Wert Middle School (math 38% / reading 44%, grade F, #505 of 654 statewide, top 78%, 396 students, 0% FRL); Van Wert High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 593 students, 79% FRL).
• Market conditions: 46 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 44 units permitted in Van Wert County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $795 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Van Wert County population projected at -11% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 3y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $79k; 45% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $125/mo; built in 1953 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone A (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $115,000

Questions for the listing agent

1. Built in 1953 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-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?
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.06% ✓
• Cap rate: 9.06%
• Cash-on-cash: 9.89%
• DSCR: 1.44
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $120,120
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
923 Pratt St	0.51mi	3/1.0 (+1)	856 (+2%)	1mo	$108,000	$126	67
323 Gordon Ave	0.38mi	2/1.0	942 (+12%)	5mo	$135,000	$143	58
825 S Race St	0.34mi	2/1.0	962 (+14%)	5mo	$161,000	$167	56
337 S Fulton St	0.65mi	2/1.0	832 (-1%)	16mo	$25,000	$30	54
609 S Franklin St	0.39mi	2/1.0	768 (-9%)	17mo	$139,000	$181	53
408 S Chestnut St	0.39mi	1/1.0 (-1)	925 (+10%)	10mo	$149,000	$161	51
310 E Sycamore St	0.59mi	2/1.0	780 (-7%)	15mo	$139,000	$178	48
606 State St	0.71mi	2/1.0	768 (-9%)	13mo	$95,000	$124	42
626 S Wayne St	0.55mi	2/1.5	900 (+7%)	23mo	$174,500	$194	41
411 E Sycamore St	0.62mi	2/1.0	952 (+13%)	9mo	$88,000	$92	41
627 William St	0.58mi	3/1.5 (+1)	960 (+14%)	13mo	$91,000	$95	31
412 E Sycamore St	0.60mi	2/1.0	720 (-14%)	24mo	$85,000	$118	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

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

5-year hold

• IRR: -8.2%
• Equity multiple: 0.70×
• Total profit: $-9,662
• Equity at exit: $17,147

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $3,247
• Equity at exit: $9,943

Cash invested: $32,200 (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 45891

• Home prices YoY: -17.0%
• Active inventory: 46
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $1,225 medium
• Mortgage (P&I): −$603
• Tax from tax record: −$51 /mo · $612/yr
• Insurance: −$48
• Flood insurance flood zone: −$125 /mo · $1,502/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$257
• Net cashflow: $140

Break-even live

Break-even rent $1,047

Max offer price $115,000

Occupancy floor 84%

Sensitivity live

Price	-10% $205	-5% $173	+0% $140	+5% $108	+10% $75
Rent	-10% $44	-5% $92	+0% $140	+5% $189	+10% $237
Rate	-1.0pp $198	-0.5pp $170	base $140	+0.5pp $110	+1.0pp $80

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
330 Davis St Van Wert, OH	2.0	1.0	768	$1,250	$1.63	45d	1	1.03mi
693 N Cherry St Van Wert, OH	3.0	1.0	864	$1,200	$1.39	45d	1	1.07mi

Listing history 4 events

1. 2026-06-09
   statusdays on market $115,000 Pending 4 DOM
2. 2026-06-08
   days on market $115,000 Active 3 DOM
3. 2026-06-08
   remarks 690-char remark
4. 2026-06-08
   listed $115,000 Active 2 DOM

ⓘ 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: $612 · $51/mo
• Projected year-2 tax: $1,203 · $100/mo
• Expected delta: +$591/yr (+$49/mo · 96.5%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone A · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $14,696
• − Mortgage interest: −$6,442
• − Property taxes: −$612
• − Insurance: −$2,078
• − Repairs & maintenance: −$1,176
• − Management: −$1,176
• − Depreciation: −$3,345
• Taxable loss: −$132
• Est. tax savings @ 24.0%: +$32
• After-tax cash flow: $1,715/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: Van Wert City
• NCES district ID: 3910023
• Math proficiency: 46% ▼ -16.00%
• Reading proficiency: 50% ▼ -13.00%
• Median HH income: $41,846
• Composite: 40.34/100
• National rank: #3745
• State rank: #476 of 656 in OH

Livability — Van Wert

• Score: 72/100
• State rank: #392
• US rank: #6388

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Van Wert, OH
• County: Van Wert · 34,605 people
• City population: 15,522
• Population (ZIP): 15,522
• Household income: $62,944
• Rent vs Own: 23.6% rent · 76.4% own
• Severe rent burden: 9.1

Population outlook (Van Wert County) Hauer SSP2

• Today (2025): 28,235 people
• By 2030: 27,793 · -1.6%
• By 2040: 26,650 · -5.6%
• By 2050: 25,251 · -10.6%
• By 2075: 22,247 · -21.2%
• By 2100: 18,559 · -34.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 4% Hispanic / Latino 4%
• Common ancestry: Iranian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Van Wert

• 2024 margin: Solid R (+58.5) · D 20.4% · R 78.9%
• 2008→2024 swing: -31.3pp toward R · 2008: -27.2pp · 2024: -58.5pp
• All cycles: 2024: R+58.5 2020: R+57.4 2016: R+56.4 2012: R+40.5 2008: R+27.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.58%
• Current HPI: 242.1743
• Rent YoY: —
• Metro: —
• 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

+43.8% since first listed

5 events — show timeline

• 2026-06-05 Listed $115,000 WCARE
• 2023-12-08 Sold (Public Records) $79,400 Public Records
• 2023-12-07 Sold (MLS) $79,400 WCARE
• 2023-11-09 Pending — WCARE
• 2023-10-31 Listed $80,000 WCARE

Property tax history

-1.5%/yr

Latest (2025): $612 · +1.6% YoY. Source: county tax records.