2234 Putnam St · Sandusky, OH 44870

$399,700

None bd · None ba · 3,316 sqft · MultiFamily public records · 18 Days on market

Built 1940 2,744 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 +8.6/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Beautiful 5-unit apartment property located on the corner of E. Perkins and and Putnam just on the edge of Sandusky near Perkins Township. This well maintained investment property offers a strong rental setup with tenants paying their own electric and heat, while the owner currently pays for gas for hot water and garbage. The property features a great unit mix, including a 2-bedroom second-floor unit, a 2-bedroom first-floor unit, a 1-bedroom first-floor unit, a 1-bedroom stand-alone home, and a first-floor efficiency. This setup gives an investor multiple income streams with a variety of unit types that appeal to different rental needs. The property has been very well cared for and include

Key facts

• Strong rental setup
• Two boilers
• Great unit mix

Tags

• 5 UNIT APARTMENT PROPERTY
• STRONG RENTAL SETUP
• GREAT UNIT MIX
• MULTIPLE INCOME STREAMS
• EXTREMELY CLEAN BASEMENT
• TWO BOILERS

Property features AI

Exterior

• Parking: Paved parking; 1-car garage
• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Residential income property; Multi-family (5–15 units)
• Construction: Aluminum siding; Wood siding
• Exterior features: Asphalt roof

Interior

• Heating & cooling: Natural gas heating; Forced air; Hot water heating
• Interior features: Partial basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 3×1bd/1ba units multifamily listed at $400k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $375/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $400k).
• Recommended offer: $394k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.9% 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; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $5,452/mo this rent would consume 105% 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 $3k of loan paydown is wiped out by about $12k 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 $112k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($394k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $125k; list at $400k implies a 220% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $393,704 (1.5% below list)

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. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.36% ✓
• Cap rate: 11.92%
• Cash-on-cash: 20.09%
• DSCR: 1.89
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $205,592
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1405 Perkins Ave	0.28mi	—/—	3,125 (-6%)	5mo	$150,000	$48	73
2211 Forest Dr	0.17mi	—/—	2,900 (-12%)	4mo	$180,000	$62	68

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: 12.2%
• Equity multiple: 1.49×
• Total profit: $54,423
• Equity at exit: $59,597

10-year hold

• IRR: 21.2%
• Equity multiple: 2.79×
• Total profit: $200,538
• Equity at exit: $34,559

Cash invested: $111,916 (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: 28.8×

Monthly cashflow live

• Estimated rent: $5,452 medium
• Mortgage (P&I): −$2,096
• Tax from tax record: −$171 /mo · $2,054/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,145
• Net cashflow: $1,873

Break-even live

Break-even rent $3,081

Max offer price $399,700

Occupancy floor 61%

Sensitivity live

Price	-10% $2,100	-5% $1,986	+0% $1,873	+5% $1,760	+10% $1,647
Rent	-10% $1,443	-5% $1,658	+0% $1,873	+5% $2,089	+10% $2,304
Rate	-1.0pp $2,075	-0.5pp $1,975	base $1,873	+0.5pp $1,770	+1.0pp $1,664

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,310
▸ 3× units	1	1	$3,141
Total (5 units)			$5,452

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: $99,925
• Closing costs: $11,991
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-19
   days on market $399,700 Active 18 DOM
2. 2026-06-18
   days on market $399,700 Active 17 DOM
3. 2026-06-17
   days on market $399,700 Active 16 DOM
4. 2026-06-16
   days on market $399,700 Active 15 DOM
5. 2026-06-15
   days on market $399,700 Active 14 DOM
6. 2026-06-14
   days on market $399,700 Active 12 DOM
7. 2026-06-12
   days on market $399,700 Active 11 DOM
8. 2026-06-09
   days on market $399,700 Active 8 DOM
9. 2026-06-08
   days on market $399,700 Active 7 DOM
10. 2026-06-07
    days on market $399,700 Active 6 DOM
11. 2026-06-03
    days on market $399,700 Active 2 DOM
12. 2026-06-02
    remarks 699-char remark
13. 2026-06-02
    listed $399,700 Active 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: $2,054 · $171/mo
• Projected year-2 tax: $4,145 · $345/mo
• Expected delta: +$2,091/yr (+$174/mo · 101.8%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥95°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: $65,424
• − Mortgage interest: −$22,389
• − Property taxes: −$2,054
• − Insurance: −$1,998
• − Repairs & maintenance: −$5,234
• − Management: −$5,234
• − Depreciation: −$11,628
• Taxable income: $16,887
• Est. tax owed @ 24.0%: −$4,053
• After-tax cash flow: $18,427/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

+219.8% since first listed

2 events — show timeline

• 2026-06-01 Listed $399,700 FAOR
• 1989-06-07 Sold (Public Records) $125,000 Public Records

Property tax history

+1.1%/yr

Latest (2025): $2,054 · +0.7% YoY. Source: county tax records.