715 Wayne St · Sandusky, OH 44870

$165,000

2 bd · 3.0 ba · 1,614 sqft · MultiFamily public records · 80 Days on market

Built 1917 0.27 ac lot $102/sqft · 11% above area Est $151k · 9% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.3/10.0
• Livability +4.2/5.0
• ARV discount +3.3/15.0
• 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

Check out this CASH FLOWING duplex just blocks away from Sandusky's downtown district. This property would be a wonderful owner occupied property or a great addition to any investors portfolio. (2) One bedroom, one bath units generating $1,725 a month. Tenants are also responsible for their own utilities. GROUP SHOWINGS ONLY. FIRST GROUP SHOWING WILL BE SATURDAY APRIL 4TH @ 11:00AM PLEASE HAVE YOUR AGENT REQUEST SHOWING FOR THIS EVENT.

Key facts

• 0.27 acre lot
• Built 1917
• Listed 79 days

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $701 ($8k/yr) — positive. Per door: $351/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $155k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.4% 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; 1 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• This rent runs 42% of the median local income ($62k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• 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 $46k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($155k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $87k; list at $165k implies a 90% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $155,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1917 — 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: 1.33% ✓
• Cap rate: 11.39%
• Cash-on-cash: 18.22%
• DSCR: 1.81
• GRM: 6.3

CMA / ARV

• ARV (median comp): $151,000
• List price: $165,000
• Delta: 9.27%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 9.8%
• Equity multiple: 1.39×
• Total profit: $17,905
• Equity at exit: $24,602

10-year hold

• IRR: 18.9%
• Equity multiple: 2.58×
• Total profit: $72,976
• Equity at exit: $14,266

Cash invested: $46,200 (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 44870

• Active inventory: 209
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,190 medium
• Mortgage (P&I): −$865
• Tax from tax record: −$95 /mo · $1,135/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$460
• Net cashflow: $701

Break-even live

Break-even rent $1,302

Max offer price $165,000

Occupancy floor 63%

Sensitivity live

Price	-10% $795	-5% $748	+0% $701	+5% $655	+10% $608
Rent	-10% $528	-5% $615	+0% $701	+5% $788	+10% $874
Rate	-1.0pp $785	-0.5pp $743	base $701	+0.5pp $659	+1.0pp $615

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$2,190
Total (2 units)			$2,190

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Rent comps 1 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	44d	5	0.47mi

Listing history 19 events

1. 2026-06-19
   days on market $165,000 Active 80 DOM
2. 2026-06-18
   days on market $165,000 Active 79 DOM
3. 2026-06-17
   days on market $165,000 Active 78 DOM
4. 2026-06-16
   days on market $165,000 Active 77 DOM
5. 2026-06-15
   days on market $165,000 Active 76 DOM
6. 2026-06-14
   days on market $165,000 Active 74 DOM
7. 2026-06-12
   days on market $165,000 Active 73 DOM
8. 2026-06-09
   days on market $165,000 Active 70 DOM
9. 2026-06-08
   days on market $165,000 Active 69 DOM
10. 2026-06-07
    days on market $165,000 Active 68 DOM
11. 2026-06-03
    days on market $165,000 Active 64 DOM
12. 2026-06-02
    days on market $165,000 Active 63 DOM
13. 2026-06-01
    days on market $165,000 Active 62 DOM
14. 2026-05-31
    days on market $165,000 Active 61 DOM
15. 2026-05-30
    days on market $165,000 Active 60 DOM
16. 2026-04-01
    listed $165,000 Active 439-char remark

    Show marketing remark (439 chars)

    Check out this CASH FLOWING duplex just blocks away from Sandusky's downtown district. This property would be a wonderful owner occupied property or a great addition to any investors portfolio. (2) One bedroom, one bath units generating $1,725 a month. Tenants are also responsible for their own utilities. GROUP SHOWINGS ONLY. FIRST GROUP SHOWING WILL BE SATURDAY APRIL 4TH @ 11:00AM PLEASE HAVE YOUR AGENT REQUEST SHOWING FOR THIS EVENT.

17. 2026-03-26
    historical $165,000 439-char remark

    Show marketing remark (439 chars)

    Check out this CASH FLOWING duplex just blocks away from Sandusky's downtown district. This property would be a wonderful owner occupied property or a great addition to any investors portfolio. (2) One bedroom, one bath units generating $1,725 a month. Tenants are also responsible for their own utilities. GROUP SHOWINGS ONLY. FIRST GROUP SHOWING WILL BE SATURDAY APRIL 4TH @ 11:00AM PLEASE HAVE YOUR AGENT REQUEST SHOWING FOR THIS EVENT.

18. 2022-03-01
    soldstatus $87,000 382-char remark

    Show marketing remark (382 chars)

    Spacious duplex located near the downtown district area, excellent income opportunity for a first time or long time investor, live in one unit and rent out the other, property practically pays for itself. Each unit has separate furnace, hot water heater and meters. Both units are currently vacant, easy to show, screen your new tenants and set your own rent! Possession at closing.

19. 2021-11-04
    listed $89,000 382-char remark

    Show marketing remark (382 chars)

    Spacious duplex located near the downtown district area, excellent income opportunity for a first time or long time investor, live in one unit and rent out the other, property practically pays for itself. Each unit has separate furnace, hot water heater and meters. Both units are currently vacant, easy to show, screen your new tenants and set your own rent! Possession at closing.

ⓘ 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: $1,135 · $95/mo
• Projected year-2 tax: $1,855 · $155/mo
• Expected delta: +$719/yr (+$60/mo · 63.4%)

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

Taxation est. · year 1

• Rental income: $26,280
• − Mortgage interest: −$9,243
• − Property taxes: −$1,135
• − Insurance: −$825
• − Repairs & maintenance: −$2,102
• − Management: −$2,102
• − Depreciation: −$4,800
• Taxable income: $6,072
• Est. tax owed @ 24.0%: −$1,457
• After-tax cash flow: $6,960/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

+85.4% since first listed

4 events — show timeline

• 2026-04-01 Listed $165,000 FAOR
• 2026-03-26 Coming Soon $165,000 FAOR
• 2022-03-01 Sold (MLS) $87,000 FAOR
• 2021-11-04 Listed $89,000 FAOR

Property tax history

-0.1%/yr

Latest (2025): $1,135 · -1.0% YoY. Source: county tax records.