180 Gallagher Ave · Logan, OH 43138

$154,900

3 bd · 3.5 ba · 2,532 sqft · MultiFamily public records · 75 Days on market

Built 1906 7,405 sqft lot $61/sqft · 12% above area Est $138k · 12% over

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Why this score? — see what drove the B- 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

The unit has 3 one-bedroom apts. Walking distance to downtown Logan. Nice size yard which provides for additional off-street parking and still room to enjoy a yard. Great investment property. Property is professionally managed. Some appliances convey with the property. Tenants pay gas, electric, the owner will pay water, sewer and trash.

Key facts

• Size yard
• Off-street parking
• 7,405 sq ft lot

Tags

• SIZE YARD
• OFF-STREET PARKING
• SOME APPLIANCES CONVEY

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $155k).
• Recommended offer: $146k (6.0% below list) — sets the bar for market timing.
• Cap rate 25.3% vs local median 2.7% in Logan — 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 78/100 on livability (#162 in OH, #2,412 nationally) — a middle-class / working-renter tenant base. Strengths: amenities A+, cost of living A+, housing A+; Watch: commute F, employment F.
• Logan-Hocking Local (rural): math 55% / reading 58% proficiency, ranked #354 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 164 active listings in the ZIP; 11 units permitted in Hocking County in 2024 (0 in 5+ unit buildings).
• At $4,383/mo this rent would consume 81% of the median local household income ($65k/yr) — 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hocking County population projected at -22% 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 $43k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $52k; list at $155k implies a 198% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1906 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $145,606 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1906 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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.
8. 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.
9. 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: 2.83% ✓
• Cap rate: 25.32%
• Cash-on-cash: 67.96%
• DSCR: 4.02
• GRM: 2.9

CMA / ARV

• ARV (median comp): $138,013
• List price: $154,900
• Delta: 12.24%
• Verdict: OVERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
242 E 2nd St	0.54mi	4/— (+1)	2,169 (-14%)	22mo	$135,000	$62	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: 53.6%
• Equity multiple: 3.36×
• Total profit: $102,334
• Equity at exit: $23,096

10-year hold

• IRR: 58.8%
• Equity multiple: 6.86×
• Total profit: $254,061
• Equity at exit: $13,393

Cash invested: $43,372 (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 43138

• Home prices YoY: -29.9%
• Active inventory: 164
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $4,383 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$129 /mo · $1,552/yr
• Insurance: −$65
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$920
• Net cashflow: $1,996

Break-even live

Break-even rent $1,856

Max offer price $154,900

Occupancy floor 49%

Sensitivity live

Price	-10% $2,084	-5% $2,040	+0% $1,996	+5% $1,952	+10% $1,908
Rent	-10% $1,650	-5% $1,823	+0% $1,996	+5% $2,169	+10% $2,342
Rate	-1.0pp $2,074	-0.5pp $2,035	base $1,996	+0.5pp $1,956	+1.0pp $1,915

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$4,383
Total (3 units)			$4,383

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $154,900 Active 75 DOM
2. 2026-06-18
   days on market $154,900 Active 72 DOM
3. 2026-06-17
   days on market $154,900 Active 71 DOM
4. 2026-06-16
   days on market $154,900 Active 70 DOM
5. 2026-06-15
   days on market $154,900 Active 69 DOM
6. 2026-06-13
   days on market $154,900 Active 67 DOM
7. 2026-06-13
   days on market $154,900 Active 66 DOM
8. 2026-06-10
   price $154,900 Active 63 DOM
9. 2026-06-09
   days on market $160,000 Active 63 DOM
10. 2026-06-08
    days on market $160,000 Active 62 DOM
11. 2026-06-07
    days on market $160,000 Active 61 DOM
12. 2026-06-05
    days on market $160,000 Active 58 DOM
13. 2026-06-03
    days on market $160,000 Active 57 DOM
14. 2026-06-02
    days on market $160,000 Active 56 DOM
15. 2026-06-01
    days on market $160,000 Active 55 DOM
16. 2026-05-31
    days on market $160,000 Active 54 DOM
17. 2026-04-07
    listed $164,900 Active 339-char remark

    Show marketing remark (339 chars)

    The unit has 3 one-bedroom apts. Walking distance to downtown Logan. Nice size yard which provides for additional off-street parking and still room to enjoy a yard. Great investment property. Property is professionally managed. Some appliances convey with the property. Tenants pay gas, electric, the owner will pay water, sewer and trash.

18. 2020-12-11
    soldstatus $52,000 86-char remark

    Show marketing remark (86 chars)

    House with 3 one bedroom apt. Walking distance to downtown. Great investment property.

19. 2020-08-24
    listed $69,000 86-char remark

    Show marketing remark (86 chars)

    House with 3 one bedroom apt. Walking distance to downtown. Great investment property.

ⓘ 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: $1,552 · $129/mo
• Projected year-2 tax: $1,984 · $165/mo
• Expected delta: +$432/yr (+$36/mo · 27.9%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone AE · 22% chance over 30 yrs
• 🔥 Wildfire 2/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,596
• − Mortgage interest: −$8,677
• − Property taxes: −$1,552
• − Insurance: −$6,300
• − Repairs & maintenance: −$4,208
• − Management: −$4,208
• − Depreciation: −$4,506
• Taxable income: $23,146
• Est. tax owed @ 24.0%: −$5,555
• After-tax cash flow: $18,397/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: Logan-Hocking Local
• NCES district ID: 3904424
• Math proficiency: 55% ▼ -16.00%
• Reading proficiency: 58% ▼ -11.00%
• Median HH income: $42,737
• Composite: 47.48/100
• National rank: #2276
• State rank: #354 of 656 in OH

Livability — Logan

• Score: 78/100
• State rank: #162
• US rank: #2412

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Logan, OH
• County: Hocking · 26,658 people
• Metro: Columbus, OH
• Population (ZIP): 19,147
• Household income: $65,028
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 13.8

Population outlook (Hocking County) Hauer SSP2

• Today (2025): 26,807 people
• By 2030: 25,723 · -4.0%
• By 2040: 23,370 · -12.8%
• By 2050: 20,947 · -21.9%
• By 2075: 15,624 · -41.7%
• By 2100: 11,134 · -58.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Hispanic / Latino 1%
• Common ancestry: Slovak 2% Iranian 2% Italian 1%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Hocking

• 2024 margin: Solid R (+44.3) · D 27.5% · R 71.8%
• 2008→2024 swing: -43.5pp toward R · 2008: -0.8pp · 2024: -44.3pp
• All cycles: 2024: R+44.3 2020: R+42.4 2016: R+36.5 2012: R+1.1 2008: R+0.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.44%
• Current HPI: 253.6737
• 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

+139.0% since first listed

3 events — show timeline

• 2026-04-07 Listed $164,900 CBRMLS
• 2020-12-11 Sold (MLS) $52,000 CBRMLS
• 2020-08-24 Listed $69,000 CBRMLS

Property tax history

+7.1%/yr

Latest (2025): $1,552 · +22.7% YoY. Source: county tax records.