16 Harris Ave · Norwalk, OH 44857

$140,000

3 bd · 2.0 ba · 1,063 sqft · MultiFamily public records · 7 Days on market

Built 2000 3,472 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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

This duplex has income potential with one vacant and one occupied unit. The occupied unit is currently being vacated and both units are move-in ready. Unit 16 features 2 bedrooms and 1 full bath and includes the range. Unit 16 1/2 features 1 bedroom, 1 full bath, main-floor laundry, and includes the range, refrigerator, microwave, and washer & dryer. Previously owner-occupied and ready for a new tenant or owner-occupant. Both units have had recent updates, including new water heaters installed in 2026 and a new metal partial roof on Unit 16 1/2 that was replaced in 2025.This is an excellent investment opportunity, allowing you to live in one unit while earning rental income from the o

Key facts

• 3,472 sq ft lot
• Listed 6 days

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Cable available
• Home design: Residential income property — duplex
• Construction: Vinyl siding construction; Metal roof
• Exterior features: Metal roof; Vinyl siding; Shed(s) on property

Interior

• Kitchen: Range; Microwave; Refrigerator
• Heating & cooling: Natural gas forced-air heating; Ceiling fan(s) for cooling
• Interior features: Ceiling fan(s); Partial basement with sump pump; Washer and dryer included; Microwave, range, and refrigerator included
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 1×1bd/1.0ba units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $566 ($7k/yr) — positive. Per door: $283/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Cap rate 11.1% vs local median 4.0% in Norwalk — 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 80/100 on livability (#120 in OH, #1,771 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Norwalk City (town): math 59% / reading 64% proficiency, ranked #279 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Maplehurst Elementary School (467 students, 32% FRL); Norwalk Middle School (math 52% / reading 59%, grade B-, #321 of 654 statewide, top 51%, 404 students, 35% FRL); Norwalk High School (math 37% / reading 68%, grade C-, #340 of 781 statewide, top 44%, 739 students, 29% FRL).
• Market conditions: 51 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 40 units permitted in Huron County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($64k/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 $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Huron 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 $39k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $65k; list at $140k implies a 115% gain — meaningful room to come down on a strong offer.

Recommended offer $140,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.30% ✓
• Cap rate: 11.14%
• Cash-on-cash: 17.32%
• DSCR: 1.77
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.6%
• Equity multiple: 1.34×
• Total profit: $13,308
• Equity at exit: $20,874

10-year hold

• IRR: 17.8%
• Equity multiple: 2.48×
• Total profit: $57,852
• Equity at exit: $12,105

Cash invested: $39,200 (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 44857

• Home prices YoY: -28.3%
• Active inventory: 51
• Price-to-rent: 11.9×

Monthly cashflow live

• Estimated rent: $1,821 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$80 /mo · $965/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$382
• Net cashflow: $566

Break-even live

Break-even rent $1,105

Max offer price $140,000

Occupancy floor 64%

Sensitivity live

Price	-10% $645	-5% $605	+0% $566	+5% $526	+10% $486
Rent	-10% $422	-5% $494	+0% $566	+5% $638	+10% $709
Rate	-1.0pp $636	-0.5pp $601	base $566	+0.5pp $529	+1.0pp $492

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$976
1× unit	1	1	$844
Total (2 units)			$1,821

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
72 W Chestnut St Norwalk, OH	1.0–2.0	1.0	875	$999	$1.14	45d	1	0.50mi

Listing history 10 events

1. 2026-06-21
   statusdays on market $140,000 Active Under Contract 7 DOM
2. 2026-06-19
   days on market $140,000 Active 5 DOM
3. 2026-06-18
   days on market $140,000 Active 4 DOM
4. 2026-06-17
   days on market $140,000 Active 3 DOM
5. 2026-06-16
   days on market $140,000 Active 2 DOM
6. 2026-06-15
   statusdays on market $140,000 Active 1 DOM
7. 2026-06-14
   days on market $140,000 Coming Soon 5 DOM
8. 2026-06-12
   days on market $140,000 Coming Soon 4 DOM
9. 2026-06-09
   remarks 695-char remark
10. 2026-06-09
    listed $140,000 Coming Soon 1 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: $965 · $80/mo
• Projected year-2 tax: $1,575 · $131/mo
• Expected delta: +$609/yr (+$51/mo · 63.1%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,852
• − Mortgage interest: −$7,842
• − Property taxes: −$965
• − Insurance: −$700
• − Repairs & maintenance: −$1,748
• − Management: −$1,748
• − Depreciation: −$4,073
• Taxable income: $4,775
• Est. tax owed @ 24.0%: −$1,146
• After-tax cash flow: $5,641/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: Norwalk City
• NCES district ID: 3904456
• Math proficiency: 59% ▼ -7.00%
• Reading proficiency: 64% ▬ 0.00%
• Median HH income: $44,253
• Composite: 51.76/100
• National rank: #1680
• State rank: #279 of 656 in OH

Livability — Norwalk

• Score: 80/100
• State rank: #120
• US rank: #1771

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwalk, OH
• County: Huron County · 23,288 people
• City population: 23,288
• Metro: Norwalk, OH
• Population (ZIP): 23,288
• Household income: $64,297
• Rent vs Own: 28.9% rent · 71.1% own
• Severe rent burden: 620.0

Population outlook (Huron County) Hauer SSP2

• Today (2025): 55,572 people
• By 2030: 53,514 · -3.7%
• By 2040: 48,770 · -12.2%
• By 2050: 43,611 · -21.5%
• By 2075: 32,349 · -41.8%
• By 2100: 21,849 · -60.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Hispanic / Latino 7% Two or more races 6%
• Hispanic origin (detail): Mexican 6%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 3%

Political lean MEDSL · Huron

• 2024 margin: Solid R (+44.0) · D 27.6% · R 71.6%
• 2008→2024 swing: -40.9pp toward R · 2008: -3.1pp · 2024: -44.0pp
• All cycles: 2024: R+44.0 2020: R+41.2 2016: R+36.4 2012: R+8.9 2008: R+3.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -88.69%
• Current HPI: 225.1408
• Rent YoY: —
• Metro: Norwalk, 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

+409.1% since first listed

3 events — show timeline

• 2026-06-08 Coming Soon $140,000 FAOR
• 2012-05-01 Sold (Public Records) $65,000 Public Records
• 1994-04-14 Sold (Public Records) $27,500 Public Records

Property tax history

+1.7%/yr

Latest (2025): $965 · +0.4% YoY. Source: county tax records.