423 Crystal Ave · Findlay, OH 45840

$199,000

2 bd · 1.0 ba · 1,512 sqft · SingleFamily public records · 20 Days on market

Built 1910 Est $187k · 6% over

---

Why this score? — see what drove the D 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 +14.4/30.0
• ARV discount +4.7/15.0
• Schools +4.7/10.0
• DSCR +4.4/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large early 1900's home with updates throughout, split levels, great floor plan including open dining and living room. Located on beautiful corner lot, desirable location you are conveniently located for local travel in Findlay. This 3 bedroom, 1 bath home is large and accommodating. Featuring a split central heating and air system. Great structure, bones and are waiting for new owners to bring their decorating ideas. Wonderful opportunity! Note - Agent is related to the seller and tenants currently occupy the property. Tenants Rights Apply.

Key facts

• Wrap around porch
• Fenced in back yard
• Corner lot

Tags

• CORNER LOT
• NEWLY UPDATED GARAGE
• WRAP AROUND PORCH
• FENCED IN BACK YARD

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $199k.

Deal economics

• At list price, monthly cash flow is $40 ($483/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $165k (17.3% below list).
• Recommended offer: $165k (17.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 5.0% in Findlay — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 81/100 on livability (#98 in OH, #1,496 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Findlay City (town): math 56% / reading 56% proficiency, ranked #357 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.7%/yr); 219 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $164,596 (17.3% below list)

Questions for the listing agent

1. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.83% ✗
• Cap rate: 6.54%
• Cash-on-cash: 0.87%
• DSCR: 1.04
• GRM: 10.1

CMA / ARV

• ARV (on-the-fly): $187,488
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
533 Hull Ave	0.19mi	3/2.0 (+1)	1,516 (+0%)	1mo	$189,900	$125	81
606 Hull Ave	0.25mi	3/1.0 (+1)	1,500 (-1%)	6mo	$155,000	$103	77
741 Central Ave	0.36mi	3/1.5 (+1)	1,515 (+0%)	3mo	$225,540	$149	74
230 Midland Ave	0.33mi	3/2.0 (+1)	1,535 (+2%)	6mo	$115,000	$75	68
1010 Brenda Ct	0.52mi	3/1.0 (+1)	1,476 (-2%)	5mo	$180,000	$122	63
213 Cherry St	0.55mi	3/2.0 (+1)	1,578 (+4%)	1mo	$155,000	$98	58
1108 Glen Meadow Dr	0.62mi	3/2.0 (+1)	1,568 (+4%)	2mo	$235,000	$150	54
715 Christina Ct	0.53mi	3/1.5 (+1)	1,426 (-6%)	6mo	$209,000	$147	54
416 Cherry St	0.45mi	3/1.0 (+1)	1,377 (-9%)	8mo	$151,000	$110	53
655 Clinton Ct	0.73mi	3/2.0 (+1)	1,488 (-2%)	2mo	$185,000	$124	52
1142 Concord Ct	0.72mi	3/2.0 (+1)	1,450 (-4%)	1mo	$180,500	$124	50
1209 Heather Dr	0.69mi	3/2.0 (+1)	1,398 (-8%)	2mo	$215,000	$154	45

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 · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -12.2%
• Equity multiple: 0.55×
• Total profit: $-25,173
• Equity at exit: $29,672

10-year hold

• IRR: 0.2%
• Equity multiple: 1.02×
• Total profit: $950
• Equity at exit: $17,206

Cash invested: $55,720 (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 45840

• Rents YoY: 5.7%
• Active inventory: 219
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $1,646 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$134 /mo · $1,603/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$346
• Net cashflow: $40

Break-even live

Break-even rent $1,595

Max offer price $199,000

Occupancy floor 93%

Sensitivity live

Price	-10% $153	-5% $97	+0% $40	+5% $-16	+10% $-72
Rent	-10% $-90	-5% $-25	+0% $40	+5% $105	+10% $170
Rate	-1.0pp $140	-0.5pp $91	base $40	+0.5pp $-11	+1.0pp $-64

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 South St Findlay, OH	3.0	1.0	1351	$1,700	$1.26	44d	1	1.11mi
1411 Sawmill Bnd Findlay, OH	3.0	2.0	2199	$2,400	$1.09	44d	1	1.37mi

Listing history 20 events

1. 2026-06-15
   days on market $199,000 Active 20 DOM
2. 2026-06-14
   days on market $199,000 Active 18 DOM
3. 2026-06-12
   days on market $199,000 Active 17 DOM
4. 2026-06-09
   days on market $199,000 Active 14 DOM
5. 2026-06-08
   days on market $199,000 Active 13 DOM
6. 2026-06-07
   days on market $199,000 Active 12 DOM
7. 2026-06-05
   days on market $199,000 Active 9 DOM
8. 2026-06-02
   days on market $199,000 Active 7 DOM
9. 2026-06-01
   days on market $199,000 Active 6 DOM
10. 2026-05-31
    days on market $199,000 Active 5 DOM
11. 2026-05-30
    days on market $199,000 Active 4 DOM
12. 2026-05-26
    listed $199,000 Active
13. 2025-10-14
    price $179,000 552-char remark

    Show marketing remark (552 chars)

    Large early 1900's home with updates throughout, split levels, great floor plan including open dining and living room. Located on beautiful corner lot, desirable location you are conveniently located for local travel in Findlay. This 3 bedroom, 1 bath home is large and accommodating. Featuring a split central heating and air system. Great structure, bones and are waiting for new owners to bring their decorating ideas. Wonderful opportunity! Note - Agent is related to the seller and tenants currently occupy the property. Tenants Rights Apply.

14. 2023-12-22
    soldstatus $179,000 Closed 552-char remark

    Show marketing remark (552 chars)

    Large early 1900's home with updates throughout, split levels, great floor plan including open dining and living room. Located on beautiful corner lot, desirable location you are conveniently located for local travel in Findlay. This 3 bedroom, 1 bath home is large and accommodating. Featuring a split central heating and air system. Great structure, bones and are waiting for new owners to bring their decorating ideas. Wonderful opportunity! Note - Agent is related to the seller and tenants currently occupy the property. Tenants Rights Apply.

15. 2023-11-30
    historical Contingent 552-char remark

    Show marketing remark (552 chars)

    Large early 1900's home with updates throughout, split levels, great floor plan including open dining and living room. Located on beautiful corner lot, desirable location you are conveniently located for local travel in Findlay. This 3 bedroom, 1 bath home is large and accommodating. Featuring a split central heating and air system. Great structure, bones and are waiting for new owners to bring their decorating ideas. Wonderful opportunity! Note - Agent is related to the seller and tenants currently occupy the property. Tenants Rights Apply.

16. 2023-09-29
    listed $189,900 Active 552-char remark

    Show marketing remark (552 chars)

    Large early 1900's home with updates throughout, split levels, great floor plan including open dining and living room. Located on beautiful corner lot, desirable location you are conveniently located for local travel in Findlay. This 3 bedroom, 1 bath home is large and accommodating. Featuring a split central heating and air system. Great structure, bones and are waiting for new owners to bring their decorating ideas. Wonderful opportunity! Note - Agent is related to the seller and tenants currently occupy the property. Tenants Rights Apply.

17. 2019-11-14
    soldstatus $35,000 891-char remark

    Show marketing remark (891 chars)

    Three bedroom, 1 bath home with basement and detached two car garage. House sits on a corner lot and has a very deep lot with back yard fenced. One bedroom on main floor. HUD Case #412-246973. Marketed and managed by Sage Acquisition (www.SageAcq.com). Prior to showing please check the availability, financing insurability, escrow items, earnest money requirements and bidding procedures at www.HUDHomeStore.com. Any available property listing disclosures and/or property condition reports can be found on www.hudhomestore.com. ALL bids must be submitted online at www.HUDHomeStore.com. The buyer selects the closing agent. Please contact the listing agent for assistance with the bidding process. Utilities must be in buyer's name for inspections. Keys will not be provided at closing (must be re-keyed by buyer). You are required to register on the sign-in sheet when viewing property.

18. 2019-11-14
    soldstatus $35,000

    Show marketing remark (891 chars)

    Three bedroom, 1 bath home with basement and detached two car garage. House sits on a corner lot and has a very deep lot with back yard fenced. One bedroom on main floor. HUD Case #412-246973. Marketed and managed by Sage Acquisition (www.SageAcq.com). Prior to showing please check the availability, financing insurability, escrow items, earnest money requirements and bidding procedures at www.HUDHomeStore.com. Any available property listing disclosures and/or property condition reports can be found on www.hudhomestore.com. ALL bids must be submitted online at www.HUDHomeStore.com. The buyer selects the closing agent. Please contact the listing agent for assistance with the bidding process. Utilities must be in buyer's name for inspections. Keys will not be provided at closing (must be re-keyed by buyer). You are required to register on the sign-in sheet when viewing property.

19. 2019-10-09
    listed $35,000 891-char remark

    Show marketing remark (891 chars)

    Three bedroom, 1 bath home with basement and detached two car garage. House sits on a corner lot and has a very deep lot with back yard fenced. One bedroom on main floor. HUD Case #412-246973. Marketed and managed by Sage Acquisition (www.SageAcq.com). Prior to showing please check the availability, financing insurability, escrow items, earnest money requirements and bidding procedures at www.HUDHomeStore.com. Any available property listing disclosures and/or property condition reports can be found on www.hudhomestore.com. ALL bids must be submitted online at www.HUDHomeStore.com. The buyer selects the closing agent. Please contact the listing agent for assistance with the bidding process. Utilities must be in buyer's name for inspections. Keys will not be provided at closing (must be re-keyed by buyer). You are required to register on the sign-in sheet when viewing property.

20. 2019-10-09
    listed $35,000

    Show marketing remark (891 chars)

    Three bedroom, 1 bath home with basement and detached two car garage. House sits on a corner lot and has a very deep lot with back yard fenced. One bedroom on main floor. HUD Case #412-246973. Marketed and managed by Sage Acquisition (www.SageAcq.com). Prior to showing please check the availability, financing insurability, escrow items, earnest money requirements and bidding procedures at www.HUDHomeStore.com. Any available property listing disclosures and/or property condition reports can be found on www.hudhomestore.com. ALL bids must be submitted online at www.HUDHomeStore.com. The buyer selects the closing agent. Please contact the listing agent for assistance with the bidding process. Utilities must be in buyer's name for inspections. Keys will not be provided at closing (must be re-keyed by buyer). You are required to register on the sign-in sheet when viewing 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: $1,603 · $134/mo
• Projected year-2 tax: $2,354 · $196/mo
• Expected delta: +$751/yr (+$63/mo · 46.8%)

ⓘ 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 ≥98°F today · 17 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: $19,752
• − Mortgage interest: −$11,147
• − Property taxes: −$1,603
• − Insurance: −$995
• − Repairs & maintenance: −$1,580
• − Management: −$1,580
• − Depreciation: −$5,789
• Taxable loss: −$2,943
• Est. tax savings @ 24.0%: +$706
• After-tax cash flow: $1,189/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: Findlay City
• NCES district ID: 3910000
• Math proficiency: 56% ▼ -11.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $45,261
• Composite: 47.31/100
• National rank: #2300
• State rank: #357 of 656 in OH

Livability — Findlay

• Score: 81/100
• State rank: #98
• US rank: #1496

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Findlay, OH
• County: Hancock County · 54,559 people
• City population: 54,559
• Metro: Findlay, OH
• Population (ZIP): 54,559
• Household income: $68,083
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1540.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,526 people
• By 2030: 77,777 · +0.3%
• By 2040: 76,976 · -0.7%
• By 2050: 74,479 · -3.9%
• By 2075: 65,741 · -15.2%
• By 2100: 52,942 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+38.4) · D 30.2% · R 68.7% · Other 1.1%
• 2008→2024 swing: -15.3pp toward R · 2008: -23.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+37.5 2016: R+40.8 2012: R+28.3 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.43%
• Current HPI: 194.9132
• Rent YoY: ▲ 5.68%
• Metro: Findlay, 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

+468.6% since first listed

9 events — show timeline

• 2026-05-26 Listed $199,000 FSBO.com
• 2025-10-14 Price Changed $179,000 NORIS
• 2023-12-22 Sold (MLS) $179,000 NORIS
• 2023-11-30 Contingent — NORIS
• 2023-09-29 Listed $189,900 NORIS
• 2019-11-14 Sold (MLS) $35,000 NORIS
• 2019-11-14 Sold (MLS) $35,000 NORIS
• 2019-10-09 Listed $35,000 NORIS
• 2019-10-09 Listed $35,000 NORIS

Property tax history

+4.5%/yr

Latest (2025): $1,603 · +18.4% YoY. Source: county tax records.