224 Harrison Ave · Lancaster, OH 43130

$90,000

3 bd · 1.0 ba · 1,316 sqft · SingleFamily public records · 29 Days on market

Built 1900 5,227 sqft lot $68/sqft · 37% below area Est $144k · 37% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Attention investors! 3 bedroom, 1 bath, 2 story home. Convenient to shopping and restaurants.

Key facts

• 5,227 sq ft lot
• Built 1900
• Listed 29 days

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Built in 1900; No shared/common walls
• Construction: Block foundation noted; Originally built in 1900
• Exterior features: Block foundation; Lot approximately 0.12 acre

Interior

• Bedrooms: One main-level bedroom
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating
• Interior features: Walk-up access, partial cellar, and crawl space basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $806 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Recommended offer: $89k (1.5% below list) — sets the bar for market timing.
• Cap rate 17.0% 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; 8 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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($89k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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 $88,650 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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.
5. 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.
6. 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: 1.92% ✓
• Cap rate: 17.04%
• Cash-on-cash: 38.37%
• DSCR: 2.71
• GRM: 4.3

CMA / ARV

• ARV (median comp): $143,950
• List price: $90,000
• Delta: -37.48%
• 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
215 Harrison Ave	0.03mi	2/1.0 (-1)	1,300 (-1%)	7mo	$145,000	$112	86
520 W Wheeling St	0.17mi	3/1.0	1,288 (-2%)	4mo	$110,000	$85	86
404 Miller Ave	0.40mi	3/2.0	1,320 (+0%)	4mo	$143,000	$108	73
233 Union St	0.51mi	3/1.0	1,250 (-5%)	3mo	$190,000	$152	65
628 Harrison Ave	0.35mi	3/1.0	1,144 (-13%)	6mo	$107,000	$94	57
701 Washington Ave	0.40mi	4/1.5 (+1)	1,176 (-11%)	4mo	$227,500	$193	54
334 Eagle Ave	0.60mi	3/1.0	1,512 (+15%)	4mo	$50,000	$33	43
526 N Columbus St	0.65mi	2/2.0 (-1)	1,444 (+10%)	2mo	$206,000	$143	43
1715 W Walnut St	0.65mi	3/1.0	1,128 (-14%)	6mo	$185,000	$164	40
1223 W Fair Ave	0.66mi	3/2.0	1,168 (-11%)	8mo	$193,000	$165	40
1643 W Mulberry St	0.63mi	2/1.0 (-1)	1,140 (-13%)	8mo	$194,000	$170	37
452 Westview Dr	0.74mi	3/2.0	1,484 (+13%)	8mo	$224,750	$151	34

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: 36.9%
• Equity multiple: 2.61×
• Total profit: $40,676
• Equity at exit: $13,419

10-year hold

• IRR: 44.6%
• Equity multiple: 5.70×
• Total profit: $118,415
• Equity at exit: $7,782

Cash invested: $25,200 (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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,729 high
• Mortgage (P&I): −$472
• Tax from tax record: −$51 /mo · $610/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $806

Break-even live

Break-even rent $709

Max offer price $90,000

Occupancy floor 48%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Washington Ave Lancaster, OH	4.0	1.0	1296	$1,650	$1.27	12d	1	0.20mi
219 N Columbus St Unit 231 Lancaster, OH	2.0	2.0	975	$1,735	$1.78	44d	1	0.53mi
219 N Columbus St Unit 205 Lancaster, OH	2.0	2.0	1103	$1,875	$1.70	44d	1	0.53mi
219 N Columbus St Lancaster, OH	1.0–2.0	1.0–2.0	1184	$1,895	$1.60	2d	31	0.53mi
532 N Columbus St Unit A Lancaster, OH	2.0	1.0	1300	$1,550	$1.19	44d	1	0.64mi
1508 Greyfield ST Lancaster, OH	1.0–3.0	1.0–2.0	953	$1,869	$1.96	2d	1	0.73mi
635 N High St Lancaster, OH	3.0	2.0	1608	$2,200	$1.37	44d	1	0.95mi
1733 Bellmeadow Dr Lancaster, OH	1.0–3.0	1.0–2.5	993	$1,855	$1.87	2d	10	1.16mi

Listing history 12 events

1. 2026-06-03
   days on market $90,000 Active 29 DOM
2. 2026-06-02
   days on market $90,000 Active 28 DOM
3. 2026-06-01
   days on market $90,000 Active 27 DOM
4. 2026-05-31
   days on market $90,000 Active 26 DOM
5. 2026-05-05
   listed $90,000 Active 169-char remark
6. 2025-11-02
   historical
7. 2025-10-01
   listed $90,000 Active
8. 2025-08-01
   soldstatus $79,000
9. 2025-07-23
   soldstatus $79,000 Closed

   Show marketing remark (93 chars)

   Attention investors! 3 bedroom, 1 bath, 2 story home. Convenient to shopping and restaurants.

10. 2025-07-09
    status Pending

    Show marketing remark (93 chars)

    Attention investors! 3 bedroom, 1 bath, 2 story home. Convenient to shopping and restaurants.

11. 2025-07-07
    listed $87,000 Active

    Show marketing remark (93 chars)

    Attention investors! 3 bedroom, 1 bath, 2 story home. Convenient to shopping and restaurants.

12. 1997-05-29
    soldstatus $17,093

ⓘ 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: $610 · $51/mo
• Projected year-2 tax: $1,007 · $84/mo
• Expected delta: +$397/yr (+$33/mo · 65.0%)

ⓘ 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 ≥99°F today · 19 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: $20,752
• − Mortgage interest: −$5,041
• − Property taxes: −$610
• − Insurance: −$450
• − Repairs & maintenance: −$1,660
• − Management: −$1,660
• − Depreciation: −$2,618
• Taxable income: $8,712
• Est. tax owed @ 24.0%: −$2,091
• After-tax cash flow: $7,579/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

+409.0% since first listed

10 events — show timeline

• 2026-06-06 Listing Removed — CBRMLS
• 2026-06-04 Price Changed $87,000 CBRMLS
• 2026-05-05 Listed $90,000 CBRMLS
• 2025-11-02 Listing Removed — CBRMLS
• 2025-10-01 Listed $90,000 CBRMLS
• 2025-08-01 Sold (Public Records) $79,000 Public Records
• 2025-07-23 Sold (MLS) $79,000 CBRMLS
• 2025-07-09 Pending — CBRMLS
• 2025-07-07 Listed $87,000 CBRMLS
• 1997-05-29 Sold (Public Records) $17,093 Public Records

Property tax history

-3.4%/yr

Latest (2025): $610 · -8.1% YoY. Source: county tax records.