411 S Limestone St · Springfield, OH 45505

$295,000

6 bd · 6.0 ba · 3,506 sqft · MultiFamily public records · 1072 Days on market

Built 1900 6,098 sqft lot $84/sqft · 170% above area ↓ 2% since listing

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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
• ARV discount +7.5/15.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 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 MLS

Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

Key facts

• 6,098 sq ft lot
• Built 1900
• Listed 1071 days

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 4×1bd/?ba units multifamily listed at $295k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $295k).
• Recommended offer: $260k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.4% vs local median 4.7% in Springfield — 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 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Springfield City School District (urban): math 20% / reading 27% proficiency, ranked #616 of 656 in OH (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 158 active listings in the ZIP; lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $4,830/mo this rent would consume 132% of the median local household income ($44k/yr) (locally 950% 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Clark County population projected at -16% 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 $83k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 1072 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $259,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 1072 days. Have you received any prior offers? Is the seller open to a 12% 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 1900 — 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 F 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: 1.64% ✓
• Cap rate: 13.42%
• Cash-on-cash: 25.47%
• DSCR: 2.13
• GRM: 5.1

CMA / ARV

• ARV (median comp): $109,096
• List price: $295,000
• Delta: 170.40%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
659 W Mulberry St	0.70mi	6/2.0	3,048 (-13%)	12mo	$100,000	$33	20

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: 19.1%
• Equity multiple: 1.77×
• Total profit: $63,926
• Equity at exit: $43,985

10-year hold

• IRR: 27.4%
• Equity multiple: 3.42×
• Total profit: $199,778
• Equity at exit: $25,506

Cash invested: $82,600 (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 45505

• Home prices YoY: -34.3%
• Active inventory: 158
• Price-to-rent: 30.5×

Monthly cashflow live

• Estimated rent: $4,830 medium
• Mortgage (P&I): −$1,547
• Tax from tax record: −$393 /mo · $4,715/yr
• Insurance: −$123
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,014
• Net cashflow: $1,753

Break-even live

Break-even rent $2,611

Max offer price $295,000

Occupancy floor 59%

Sensitivity live

Price	-10% $1,920	-5% $1,836	+0% $1,753	+5% $1,669	+10% $1,586
Rent	-10% $1,371	-5% $1,562	+0% $1,753	+5% $1,944	+10% $2,134
Rate	-1.0pp $1,901	-0.5pp $1,828	base $1,753	+0.5pp $1,676	+1.0pp $1,599

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,610
▸ 4× units	1	0	$3,220
Total (6 units)			$4,830

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Listing history 33 events

1. 2026-06-19
   days on market $295,000 Active 1072 DOM
2. 2026-06-18
   days on market $295,000 Active 1071 DOM
3. 2026-06-17
   days on market $295,000 Active 1070 DOM
4. 2026-06-16
   days on market $295,000 Active 1069 DOM
5. 2026-06-15
   days on market $295,000 Active 1068 DOM
6. 2026-06-14
   days on market $295,000 Active 1066 DOM
7. 2026-06-12
   days on market $295,000 Active 1065 DOM
8. 2026-06-09
   days on market $295,000 Active 1062 DOM
9. 2026-06-08
   days on market $295,000 Active 1061 DOM
10. 2026-06-07
    days on market $295,000 Active 1060 DOM
11. 2026-06-05
    days on market $295,000 Active 1057 DOM
12. 2026-06-02
    days on market $295,000 Active 1055 DOM
13. 2026-06-01
    days on market $295,000 Active 1054 DOM
14. 2026-05-31
    days on market $295,000 Active 1053 DOM
15. 2026-05-30
    days on market $295,000 Active 1052 DOM
16. 2026-02-19
    price $295,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

17. 2026-02-19
    price $295,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

18. 2026-02-19
    price $295,000

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

19. 2025-08-18
    price $300,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

20. 2025-08-18
    price $300,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

21. 2025-08-18
    price $300,000

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

22. 2025-02-28
    price $295,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

23. 2025-02-28
    price $295,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

24. 2025-02-28
    price $295,000

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

25. 2024-08-23
    price $290,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

26. 2024-08-23
    price $290,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

27. 2024-08-23
    price $290,000

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

28. 2024-02-23
    price $295,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

29. 2024-02-23
    price $295,000 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

30. 2024-02-23
    price $295,000

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

31. 2023-07-11
    listed $300,000 Active 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

32. 2023-07-11
    listed $300,000 Active 222-char remark

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

33. 2023-07-11
    listed $300,000 Active

    Show marketing remark (222 chars)

    Looking for an income producing property? Located in the Historic District is this beautiful 6-unit building, bringing in $3,200.00 per month income. There are 4 efficiencies and 2 1-bedroom units, detached 3 car carports.

ⓘ 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: $4,715 · $393/mo
• Projected year-2 tax: $4,715 · $393/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,960
• − Mortgage interest: −$16,525
• − Property taxes: −$4,715
• − Insurance: −$1,475
• − Repairs & maintenance: −$4,637
• − Management: −$4,637
• − Depreciation: −$8,582
• Taxable income: $17,390
• Est. tax owed @ 24.0%: −$4,174
• After-tax cash flow: $16,861/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: Springfield City School District
• NCES district ID: 3904481
• Math proficiency: 20% ▼ -16.00%
• Reading proficiency: 27% ▼ -12.00%
• Median HH income: $32,541
• Composite: 19.12/100
• National rank: #8834
• State rank: #616 of 656 in OH

Livability — Springfield

• Score: 56/100
• State rank: #1108
• US rank: #22551

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, OH
• County: Clark County · 33,261 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 19,826
• Household income: $43,819
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 950.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 130,703 people
• By 2030: 126,952 · -2.9%
• By 2040: 118,344 · -9.5%
• By 2050: 109,590 · -16.2%
• By 2075: 89,464 · -31.6%
• By 2100: 68,810 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 14% Two or more races 7% Hispanic / Latino 4%
• Common ancestry: Slovak 1% German 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -27.0pp toward R · 2008: -2.5pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+23.3 2016: R+19.5 2012: R+1.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.16%
• Current HPI: 258.9037
• Rent YoY: —
• Metro: Springfield, 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

-1.7% since first listed

18 events — show timeline

• 2026-02-19 Price Changed $295,000 CBRMLS
• 2026-02-19 Price Changed $295,000 Dayton MLS
• 2026-02-19 Price Changed $295,000 WRIST
• 2025-08-18 Price Changed $300,000 CBRMLS
• 2025-08-18 Price Changed $300,000 Dayton MLS
• 2025-08-18 Price Changed $300,000 WRIST
• 2025-02-28 Price Changed $295,000 Dayton MLS
• 2025-02-28 Price Changed $295,000 CBRMLS
• 2025-02-28 Price Changed $295,000 WRIST
• 2024-08-23 Price Changed $290,000 Dayton MLS
• 2024-08-23 Price Changed $290,000 CBRMLS
• 2024-08-23 Price Changed $290,000 WRIST
• 2024-02-23 Price Changed $295,000 Dayton MLS
• 2024-02-23 Price Changed $295,000 CBRMLS
• 2024-02-23 Price Changed $295,000 WRIST
• 2023-07-11 Listed $300,000 WRIST
• 2023-07-11 Listed $300,000 Dayton MLS
• 2023-07-11 Listed $300,000 CBRMLS

Property tax history

+15.9%/yr

Latest (2025): $4,715 · +464.7% YoY. Source: county tax records.