727 W High St · Springfield, OH 45506

$49,900

4 bd · 1.5 ba · 1,867 sqft · MultiFamily public records · 108 Days on market

Built 1896 6,600 sqft lot $27/sqft · 43% below area Est $87k · 43% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

Key facts

• Alley access
• Wide hillside stairs
• L-shaped staircase

Tags

• LARGE COVERED PORCH
• WIDE HILLSIDE STAIRS
• DOUBLE RAILING
• ALLEY ACCESS
• LARGE FOYER
• L-SHAPED STAIRCASE

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath multifamily listed at $50k.

Deal economics

• At list price, monthly cash flow is $4k ($48k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $50k).
• Recommended offer: $45k (9.0% below list) — sets the bar for market timing.
• Cap rate 102.7% 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: 45 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $5,528/mo this rent would consume 158% of the median local household income ($42k/yr) (locally 684% 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 $345 of loan paydown is wiped out by about $1k 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 $14k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 108 days — a 9% lower offer ($45k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 2y ago; this cycle's ask has dropped $10k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1896 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $45,409 (9.0% below list)

Questions for the listing agent

1. It's been on market 108 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1896 — 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 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?
6. 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?
7. 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.
8. 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.
9. 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: 11.08% ✓
• Cap rate: 102.67%
• Cash-on-cash: 344.22%
• DSCR: 16.32
• GRM: 0.8

CMA / ARV

• ARV (median comp): $87,048
• List price: $49,900
• Delta: -42.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
423 N Jackson St	0.49mi	4/2.5	1,836 (-2%)	1mo	$80,000	$44	69
1124 W Mulberry St	0.38mi	3/1.0 (-1)	1,786 (-4%)	2mo	$115,000	$64	66
410 N Isabella St	0.62mi	4/2.5	1,836 (-2%)	23mo	$158,900	$87	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 18.70×
• Total profit: $247,268
• Equity at exit: $7,440

10-year hold

• IRR: —
• Equity multiple: 39.96×
• Total profit: $544,381
• Equity at exit: $4,314

Cash invested: $13,972 (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 45506

• Home prices YoY: -14.1%
• Active inventory: 45
• Price-to-rent: 3.0×

Monthly cashflow live

• Estimated rent: $5,528 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$77 /mo · $922/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,161
• Net cashflow: $4,008

Break-even live

Break-even rent $455

Max offer price $49,900

Occupancy floor 22%

Sensitivity live

Price	-10% $4,036	-5% $4,022	+0% $4,008	+5% $3,994	+10% $3,980
Rent	-10% $3,571	-5% $3,789	+0% $4,008	+5% $4,226	+10% $4,445
Rate	-1.0pp $4,033	-0.5pp $4,021	base $4,008	+0.5pp $3,995	+1.0pp $3,982

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

Units	Beds	Baths	Est. rent
▸ 4× units	4	2.5	$5,528
Total (4 units)			$5,528

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	24d	1	0.25mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	12d	1	0.26mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	12d	1	0.29mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	12d	1	0.33mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	12d	1	0.35mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	45d	1	0.39mi
307 N Isabella St Unit 309 Springfield, OH	3.0	1.5	1300	$1,400	$1.08	4d	1	0.58mi
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	4d	1	0.79mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	12d	1	1.08mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	20d	1	1.09mi
1306 S Limestone St Springfield, OH	4.0	2.0	1452	$1,695	$1.17	22d	1	1.26mi

Listing history 41 events

1. 2026-06-19
   days on market $49,900 Active 108 DOM
2. 2026-06-18
   days on market $49,900 Active 107 DOM
3. 2026-06-17
   days on market $49,900 Active 106 DOM
4. 2026-06-16
   days on market $49,900 Active 105 DOM
5. 2026-06-15
   days on market $49,900 Active 104 DOM
6. 2026-06-14
   days on market $49,900 Active 102 DOM
7. 2026-06-12
   days on market $49,900 Active 101 DOM
8. 2026-06-09
   days on market $49,900 Active 98 DOM
9. 2026-06-08
   days on market $49,900 Active 97 DOM
10. 2026-06-07
    days on market $49,900 Active 96 DOM
11. 2026-06-05
    days on market $49,900 Active 93 DOM
12. 2026-06-02
    days on market $49,900 Active 91 DOM
13. 2026-06-01
    days on market $49,900 Active 90 DOM
14. 2026-05-31
    days on market $49,900 Active 89 DOM
15. 2026-05-30
    days on market $49,900 Active 88 DOM
16. 2026-05-08
    price $49,900 794-char remark

    Show marketing remark (802 chars)

    Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

17. 2026-05-08
    price $49,900 802-char remark

    Show marketing remark (802 chars)

    Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

18. 2026-03-08
    price $55,000 794-char remark

    Show marketing remark (802 chars)

    Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

19. 2026-03-08
    price $55,000 802-char remark

    Show marketing remark (802 chars)

    Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

20. 2026-03-03
    listed $60,000 Active 794-char remark

    Show marketing remark (794 chars)

    Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

21. 2026-02-06
    listed $60,000 Active 802-char remark

    Show marketing remark (802 chars)

    Discover the potential in this spacious double-4 bedroom, 2 1/2-bathroom, 1867 sq. ft. home (not including finished attic/loft area) located in a quite established neighborhood, sitting high and offering a bird's eye view from the large, covered porch. Wide hillside stairs with double railing. Alley access to ground level. Large foyer with L-shaped staircase opening to a second-floor hub. 2 fireplaces. Unique finished attic square footage for additional bedroom or studio. With vision and creativity, this property can truly shine. If you are ready to take on a rewarding renovation project, don't miss out on this opportunity to add value and make it your own. This was an investment in the supply chain waiting for renovations, but a Florida job opportunity has brought a change of plans.

22. 2025-02-19
    soldstatus $40,000
23. 2025-02-05
    soldstatus $40,000 Closed
24. 2025-02-05
    soldstatus $40,000 Closed
25. 2024-12-16
    status Pending
26. 2024-12-16
    status Pending
27. 2024-11-26
    price $44,000
28. 2024-11-26
    price $44,000
29. 2024-11-11
    price $48,500
30. 2024-11-11
    price $48,500
31. 2024-10-28
    price $49,000
32. 2024-10-28
    price $49,000
33. 2024-10-23
    price $50,000
34. 2024-10-23
    price $50,000
35. 2024-10-09
    status Active
36. 2024-10-09
    status Active
37. 2024-08-09
    status Pending
38. 2024-08-09
    status Pending
39. 2024-07-25
    listed $55,000 Active
40. 2024-07-25
    listed $55,000 Active
41. 2001-07-09
    soldstatus $45,900

ⓘ 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: $922 · $77/mo
• Projected year-2 tax: $922 · $77/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 3/10 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: $66,336
• − Mortgage interest: −$2,795
• − Property taxes: −$922
• − Insurance: −$250
• − Repairs & maintenance: −$5,307
• − Management: −$5,307
• − Depreciation: −$1,452
• Taxable income: $50,304
• Est. tax owed @ 24.0%: −$12,073
• After-tax cash flow: $36,021/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): 13,435
• Household income: $42,104
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 684.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -46.97%
• Current HPI: 286.2883
• 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

+8.7% since first listed

26 events — show timeline

• 2026-05-08 Price Changed $49,900 Dayton MLS
• 2026-05-08 Price Changed $49,900 WRIST
• 2026-03-08 Price Changed $55,000 Dayton MLS
• 2026-03-08 Price Changed $55,000 WRIST
• 2026-03-03 Listed $60,000 Dayton MLS
• 2026-02-06 Listed $60,000 WRIST
• 2025-02-19 Sold (Public Records) $40,000 Public Records
• 2025-02-05 Sold (MLS) $40,000 CBRMLS
• 2025-02-05 Sold (MLS) $40,000 WRIST
• 2024-12-16 Pending — WRIST
• 2024-12-16 Pending — CBRMLS
• 2024-11-26 Price Changed $44,000 CBRMLS
• 2024-11-26 Price Changed $44,000 WRIST
• 2024-11-11 Price Changed $48,500 CBRMLS
• 2024-11-11 Price Changed $48,500 WRIST
• 2024-10-28 Price Changed $49,000 CBRMLS
• 2024-10-28 Price Changed $49,000 WRIST
• 2024-10-23 Price Changed $50,000 CBRMLS
• 2024-10-23 Price Changed $50,000 WRIST
• 2024-10-09 Relisted — WRIST
• 2024-10-09 Relisted — CBRMLS
• 2024-08-09 Pending — CBRMLS
• 2024-08-09 Pending — WRIST
• 2024-07-25 Listed $55,000 CBRMLS
• 2024-07-25 Listed $55,000 WRIST
• 2001-07-09 Sold (Public Records) $45,900 Public Records

Property tax history

+9.9%/yr

Latest (2025): $922 · -89.1% YoY. Source: county tax records.