945 Virginia Ave · Ashland, OH 44805

$150,000

3 bd · 2.0 ba · 2,117 sqft · MultiFamily public records · 16 Days on market

Built 1944 Est $131k · 14% over ↓ 16% 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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Schools +5.8/10.0
• Rent growth +4.3/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• ARV discount +1.1/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Introducing a prime investment opportunity in Ashland, Ohio – a recently renovated Cape Cod duplex perfect for landlords looking to grow their portfolio. Ideally located just minutes from downtown, this property offers both a strong return on investment and peace of mind with recent exterior upgrades, including a new roof and windows. Inside, you'll find contemporary light fixtures and soft, plush carpeting, creating an inviting space for future tenants. With these valuable updates, this duplex offers a turnkey solution for investors seeking a low-maintenance, high-quality property. Don't miss the chance to enhance your real estate holdings in Ashland, where excellent location and thoughtful updates combine for lasting value.

Key facts

• Thoughtful updates
• Recently renovated
• New roof

Tags

• RECENTLY RENOVATED
• NEW ROOF
• NEW WINDOWS
• THOUGHTFUL UPDATES

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $747 ($9k/yr) — positive. Per door: $373/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 12.3% vs local median 3.8% in Ashland — 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 72/100 on livability (#373 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities D-, commute F.
• Ashland City (town): math 70% / reading 69% proficiency, ranked #165 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.1%/yr); 122 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 61 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($68k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Ashland County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $42k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,750 (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 1944 — 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. 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?
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: 1.37% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.33%
• DSCR: 1.95
• GRM: 6.1

CMA / ARV

• ARV (median comp): $131,447
• List price: $150,000
• Delta: 17.92%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
530 Cleveland Ave	0.40mi	3/2.0	2,092 (-1%)	20mo	$115,000	$55	63
469 Cleveland Ave	0.45mi	4/2.0 (+1)	1,926 (-9%)	15mo	$185,000	$96	47

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 · 7.07% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.76×
• Total profit: $31,947
• Equity at exit: $22,365

10-year hold

• IRR: 28.9%
• Equity multiple: 4.05×
• Total profit: $127,929
• Equity at exit: $12,969

Cash invested: $42,000 (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 44805

• Rents YoY: 7.1%
• Active inventory: 122
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,058 high
• Mortgage (P&I): −$787
• Tax from tax record: −$30 /mo · $362/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$432
• Net cashflow: $747

Break-even live

Break-even rent $1,113

Max offer price $150,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,058
Total (2 units)			$2,058

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
606 Edgehill Ave Ashland, OH	4.0	2.0	1858	$1,850	$1.00	44d	1	0.82mi
200 Race St Unit 200 Ashland, OH	2.0	1.0	1532	$735	$0.48	44d	1	1.01mi
510 Broad St Ashland, OH	3.0	1.0	1681	$1,650	$0.98	44d	1	1.18mi

Listing history 21 events

1. 2026-06-18
   days on market $150,000 Active 16 DOM
2. 2026-06-17
   days on market $150,000 Active 15 DOM
3. 2026-06-16
   days on market $150,000 Active 14 DOM
4. 2026-06-15
   days on market $150,000 Active 13 DOM
5. 2026-06-14
   days on market $150,000 Active 11 DOM
6. 2026-06-12
   days on market $150,000 Active 10 DOM
7. 2026-06-09
   days on market $150,000 Active 7 DOM
8. 2026-06-08
   days on market $150,000 Active 6 DOM
9. 2026-06-07
   days on market $150,000 Active 5 DOM
10. 2026-06-03
    pricedays on marketlisting id $150,000 Active 1 DOM
11. 2026-05-31
    days on market $155,000 Active 117 DOM
12. 2026-05-30
    days on market $155,000 Active 116 DOM
13. 2026-04-17
    status Active 741-char remark

    Show marketing remark (741 chars)

    Introducing a prime investment opportunity in Ashland, Ohio – a recently renovated Cape Cod duplex perfect for landlords looking to grow their portfolio. Ideally located just minutes from downtown, this property offers both a strong return on investment and peace of mind with recent exterior upgrades, including a new roof and windows. Inside, you'll find contemporary light fixtures and soft, plush carpeting, creating an inviting space for future tenants. With these valuable updates, this duplex offers a turnkey solution for investors seeking a low-maintenance, high-quality property. Don't miss the chance to enhance your real estate holdings in Ashland, where excellent location and thoughtful updates combine for lasting value.

14. 2026-03-30
    historical Active Under Contract 741-char remark

    Show marketing remark (741 chars)

    Introducing a prime investment opportunity in Ashland, Ohio – a recently renovated Cape Cod duplex perfect for landlords looking to grow their portfolio. Ideally located just minutes from downtown, this property offers both a strong return on investment and peace of mind with recent exterior upgrades, including a new roof and windows. Inside, you'll find contemporary light fixtures and soft, plush carpeting, creating an inviting space for future tenants. With these valuable updates, this duplex offers a turnkey solution for investors seeking a low-maintenance, high-quality property. Don't miss the chance to enhance your real estate holdings in Ashland, where excellent location and thoughtful updates combine for lasting value.

15. 2026-02-03
    listed $155,000 Active 741-char remark

    Show marketing remark (741 chars)

    Introducing a prime investment opportunity in Ashland, Ohio – a recently renovated Cape Cod duplex perfect for landlords looking to grow their portfolio. Ideally located just minutes from downtown, this property offers both a strong return on investment and peace of mind with recent exterior upgrades, including a new roof and windows. Inside, you'll find contemporary light fixtures and soft, plush carpeting, creating an inviting space for future tenants. With these valuable updates, this duplex offers a turnkey solution for investors seeking a low-maintenance, high-quality property. Don't miss the chance to enhance your real estate holdings in Ashland, where excellent location and thoughtful updates combine for lasting value.

16. 2025-12-23
    price $160,000
17. 2025-12-08
    price $165,000
18. 2025-11-22
    price $169,000
19. 2025-03-05
    listed $175,000 Active
20. 2024-07-24
    price $180,000
21. 2024-01-04
    listed $185,000 Active

ⓘ 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: $362 · $30/mo
• Projected year-2 tax: $1,351 · $113/mo
• Expected delta: +$989/yr (+$82/mo · 273.2%)

ⓘ 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 · 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: $24,696
• − Mortgage interest: −$8,402
• − Property taxes: −$362
• − Insurance: −$750
• − Repairs & maintenance: −$1,976
• − Management: −$1,976
• − Depreciation: −$4,364
• Taxable income: $6,867
• Est. tax owed @ 24.0%: −$1,648
• After-tax cash flow: $7,310/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: Ashland City
• NCES district ID: 3904350
• Math proficiency: 70% ▼ -2.00%
• Reading proficiency: 69% ▼ -4.00%
• Median HH income: $43,164
• Composite: 58.31/100
• National rank: #1015
• State rank: #165 of 656 in OH

Livability — Ashland

• Score: 72/100
• State rank: #373
• US rank: #6095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashland, OH
• County: Ashland County · 30,805 people
• City population: 30,805
• Metro: Ashland, OH
• Population (ZIP): 30,805
• Household income: $68,299
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 706.0

Population outlook (Ashland County) Hauer SSP2

• Today (2025): 52,732 people
• By 2030: 51,728 · -1.9%
• By 2040: 48,956 · -7.2%
• By 2050: 46,070 · -12.6%
• By 2075: 38,945 · -26.1%
• By 2100: 30,883 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Black 2% Hispanic / Latino 2%
• Common ancestry: Italian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Ashland

• 2024 margin: Solid R (+50.0) · D 24.5% · R 74.5%
• 2008→2024 swing: -26.7pp toward R · 2008: -23.3pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+48.7 2016: R+47.8 2012: R+30.0 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.79%
• Current HPI: 201.96
• Rent YoY: ▲ 7.07%
• Metro: Ashland, 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

-16.2% since first listed

9 events — show timeline

• 2026-04-17 Relisted — MARMLS
• 2026-03-30 Contingent — MARMLS
• 2026-02-03 Listed $155,000 MARMLS
• 2025-12-23 Price Changed $160,000 MARMLS
• 2025-12-08 Price Changed $165,000 MARMLS
• 2025-11-22 Price Changed $169,000 MARMLS
• 2025-03-05 Listed $175,000 MARMLS
• 2024-07-24 Price Changed $180,000 MARMLS
• 2024-01-04 Listed $185,000 MARMLS

Property tax history

-2.5%/yr

Latest (2025): $362 · +0.0% YoY. Source: county tax records.