104 S Pierce Ave · Lancaster, OH 43130

$145,000

2 bd · 1.5 ba · 1,524 sqft · SingleFamily public records · 61 Days on market

Built 1900 7,405 sqft lot $95/sqft · 23% below area Est $188k · 23% under

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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 +24.0/30.0
• ARV discount +15.0/15.0
• DSCR +7.7/10.0
• 1% rule +6.3/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fall in love with the timeless charm of this vintage 2-story home that is within close access to the bypass and also Kroger. Bursting with character, from the beautiful built-ins to the generously sized rooms, this home offers a warmth and uniqueness you don't find every day. Featuring 3 bedrooms and 2 full baths, there's plenty of space to spread out, while the mostly finished basement--complete with additional built-ins--adds even more functionality for living. This home is full of potential and presents an incredible opportunity to add your own personal touches and truly make it your own. Enjoy relaxing on the inviting wrap-around porch, hosting gatherings on the patio, and taking advantage of the carport plus a detached 1-car garage with a workshop--perfect for hobbies, storage, or projects. If you've been searching for character, space, and the chance to create something special, this is the one you've been waiting for!

Key facts

• 7,405 sq ft lot
• Garage
• Built 1900

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $145k.

Deal economics

• At list price, monthly cash flow is $285 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $136k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.7% vs local median 4.0% in Lancaster — 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 86/100 on livability (#41 in OH, #423 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Lancaster City (town): math 38% / reading 51% proficiency, ranked #504 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 475 units permitted in Fairfield County in 2024 (0 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 $4k of value loss. Plan a longer hold.
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $41k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $62k; list at $145k implies a 132% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.13% ✓
• Cap rate: 8.65%
• Cash-on-cash: 8.42%
• DSCR: 1.37
• GRM: 7.3

CMA / ARV

• ARV (median comp): $188,102
• List price: $145,000
• Delta: -22.91%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
104 S Pierce Ave	0.00mi	3/2.0 (+1)	1,524 (0%)	4mo	$125,000	$82	90
323 Garfield Ave	0.24mi	3/1.5 (+1)	1,574 (+3%)	8mo	$70,000	$44	71
610 W Wheeling St	0.27mi	3/1.5 (+1)	1,460 (-4%)	10mo	$164,900	$113	67
401 Busby Ave	0.40mi	3/1.5 (+1)	1,612 (+6%)	5mo	$255,000	$158	62
961 Elizabeth Dr	0.54mi	3/1.5 (+1)	1,500 (-2%)	9mo	$245,000	$163	60
215 Harrison Ave	0.21mi	2/1.0	1,300 (-15%)	7mo	$145,000	$112	58
734 Pierce Ave	0.60mi	3/1.0 (+1)	1,521 (-0%)	9mo	$210,000	$138	57
334 Eagle Ave	0.68mi	3/1.0 (+1)	1,512 (-1%)	4mo	$50,000	$33	56
452 Westview Dr	0.63mi	3/2.0 (+1)	1,484 (-3%)	8mo	$224,750	$151	52
404 Miller Ave	0.35mi	3/2.0 (+1)	1,320 (-13%)	4mo	$143,000	$108	51
703 N Roosevelt Ave	0.57mi	3/1.0 (+1)	1,414 (-7%)	10mo	$130,000	$92	46
461 N Shoshone Dr	0.71mi	3/1.0 (+1)	1,300 (-15%)	4mo	$151,500	$117	32

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -1.0%
• Equity multiple: 0.96×
• Total profit: $-1,566
• Equity at exit: $21,620

10-year hold

• IRR: 10.9%
• Equity multiple: 1.94×
• Total profit: $38,259
• Equity at exit: $12,537

Cash invested: $40,600 (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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,645 high
• Mortgage (P&I): −$760
• Tax from tax record: −$194 /mo · $2,328/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$345
• Net cashflow: $285

Break-even live

Break-even rent $1,285

Max offer price $145,000

Occupancy floor 78%

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 N Columbus St Unit 205 Lancaster, OH	2.0	2.0	1103	$1,875	$1.70	43d	1	0.76mi
219 N Columbus St Lancaster, OH	1.0–2.0	1.0–2.0	1184	$1,895	$1.60	1d	31	0.76mi
532 N Columbus St Unit A Lancaster, OH	2.0	1.0	1300	$1,550	$1.19	43d	1	0.89mi
1508 Greyfield ST Lancaster, OH	1.0–3.0	1.0–2.0	953	$1,564	$1.64	1d	1	0.93mi
635 N High St Lancaster, OH	3.0	2.0	1608	$2,200	$1.37	43d	1	1.20mi
1733 Bellmeadow Dr Lancaster, OH	1.0–3.0	1.0–2.5	993	$1,607	$1.62	1d	10	1.32mi

Listing history 12 events

1. 2026-06-07
   days on market $145,000 Active 61 DOM
2. 2026-06-03
   days on market $145,000 Active 57 DOM
3. 2026-06-02
   days on market $145,000 Active 56 DOM
4. 2026-06-01
   days on market $145,000 Active 55 DOM
5. 2026-05-31
   days on market $145,000 Active 54 DOM
6. 2026-05-03
   price $155,000 938-char remark

   Show marketing remark (938 chars)

   Fall in love with the timeless charm of this vintage 2-story home that is within close access to the bypass and also Kroger. Bursting with character, from the beautiful built-ins to the generously sized rooms, this home offers a warmth and uniqueness you don't find every day. Featuring 3 bedrooms and 2 full baths, there's plenty of space to spread out, while the mostly finished basement--complete with additional built-ins--adds even more functionality for living. This home is full of potential and presents an incredible opportunity to add your own personal touches and truly make it your own. Enjoy relaxing on the inviting wrap-around porch, hosting gatherings on the patio, and taking advantage of the carport plus a detached 1-car garage with a workshop--perfect for hobbies, storage, or projects. If you've been searching for character, space, and the chance to create something special, this is the one you've been waiting for!

7. 2026-04-21
   price $160,000 938-char remark

   Show marketing remark (938 chars)

   Fall in love with the timeless charm of this vintage 2-story home that is within close access to the bypass and also Kroger. Bursting with character, from the beautiful built-ins to the generously sized rooms, this home offers a warmth and uniqueness you don't find every day. Featuring 3 bedrooms and 2 full baths, there's plenty of space to spread out, while the mostly finished basement--complete with additional built-ins--adds even more functionality for living. This home is full of potential and presents an incredible opportunity to add your own personal touches and truly make it your own. Enjoy relaxing on the inviting wrap-around porch, hosting gatherings on the patio, and taking advantage of the carport plus a detached 1-car garage with a workshop--perfect for hobbies, storage, or projects. If you've been searching for character, space, and the chance to create something special, this is the one you've been waiting for!

8. 2026-04-07
   listed $165,000 Active 938-char remark

   Show marketing remark (938 chars)

   Fall in love with the timeless charm of this vintage 2-story home that is within close access to the bypass and also Kroger. Bursting with character, from the beautiful built-ins to the generously sized rooms, this home offers a warmth and uniqueness you don't find every day. Featuring 3 bedrooms and 2 full baths, there's plenty of space to spread out, while the mostly finished basement--complete with additional built-ins--adds even more functionality for living. This home is full of potential and presents an incredible opportunity to add your own personal touches and truly make it your own. Enjoy relaxing on the inviting wrap-around porch, hosting gatherings on the patio, and taking advantage of the carport plus a detached 1-car garage with a workshop--perfect for hobbies, storage, or projects. If you've been searching for character, space, and the chance to create something special, this is the one you've been waiting for!

9. 2026-03-09
   soldstatus $62,500
10. 2026-02-27
    soldstatus $125,000 Closed 458-char remark

    Show marketing remark (458 chars)

    Located in the heart of Lancaster, this well-situated home offers an exceptional opportunity for its next chapter. The property includes 3 bedrooms, 2 full bathrooms, and is complimented by retro charm throughout. Recent updates include HVAC (2023) and water heater (2021). A garage and additional carport provide off-street parking. Conveniently positioned near downtown Lancaster, local shops, dining, and community amenities. The home is being sold as-is.

11. 2026-02-09
    status Pending 458-char remark

    Show marketing remark (458 chars)

    Located in the heart of Lancaster, this well-situated home offers an exceptional opportunity for its next chapter. The property includes 3 bedrooms, 2 full bathrooms, and is complimented by retro charm throughout. Recent updates include HVAC (2023) and water heater (2021). A garage and additional carport provide off-street parking. Conveniently positioned near downtown Lancaster, local shops, dining, and community amenities. The home is being sold as-is.

12. 2026-02-07
    listed $125,000 Active 458-char remark

    Show marketing remark (458 chars)

    Located in the heart of Lancaster, this well-situated home offers an exceptional opportunity for its next chapter. The property includes 3 bedrooms, 2 full bathrooms, and is complimented by retro charm throughout. Recent updates include HVAC (2023) and water heater (2021). A garage and additional carport provide off-street parking. Conveniently positioned near downtown Lancaster, local shops, dining, and community amenities. The home is being sold as-is.

ⓘ 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: $2,328 · $194/mo
• Projected year-2 tax: $2,328 · $194/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 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,741
• − Mortgage interest: −$8,122
• − Property taxes: −$2,328
• − Insurance: −$725
• − Repairs & maintenance: −$1,579
• − Management: −$1,579
• − Depreciation: −$4,218
• Taxable income: $1,189
• Est. tax owed @ 24.0%: −$285
• After-tax cash flow: $3,133/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: Lancaster City
• NCES district ID: 3904420
• Math proficiency: 38% ▼ -21.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $41,696
• Composite: 37.39/100
• National rank: #4427
• State rank: #504 of 656 in OH

Livability — Lancaster

• Score: 86/100
• State rank: #41
• US rank: #423

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, OH
• County: Fairfield County · 109,896 people
• City population: 62,933
• Metro: Columbus, OH
• Population (ZIP): 62,933
• Household income: $72,153
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1400.0

Population outlook (Fairfield County) Hauer SSP2

• Today (2025): 162,442 people
• By 2030: 166,796 · +2.7%
• By 2040: 172,835 · +6.4%
• By 2050: 174,822 · +7.6%
• By 2075: 174,938 · +7.7%
• By 2100: 160,988 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fairfield

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.6%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.1pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.5 2016: R+27.0 2012: R+16.1 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.81%
• Current HPI: 239.6352
• Rent YoY: ▲ 5.22%
• Metro: Columbus, 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

+24.0% since first listed

7 events — show timeline

• 2026-05-03 Price Changed $155,000 CBRMLS
• 2026-04-21 Price Changed $160,000 CBRMLS
• 2026-04-07 Listed $165,000 CBRMLS
• 2026-03-09 Sold (Public Records) $62,500 Public Records
• 2026-02-27 Sold (MLS) $125,000 CBRMLS
• 2026-02-09 Pending — CBRMLS
• 2026-02-07 Listed $125,000 CBRMLS

Property tax history

+11.7%/yr

Latest (2025): $2,328 · +25.1% YoY. Source: county tax records.