245 W Fourth St · Mansfield, OH 44903

$79,900

None bd · None ba · — sqft · MultiFamily · 66 Days on market

Built 1900 Fair condition Est $111k · 28% under

---

Why this score? — see what drove the C 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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +5.3/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +2.2/5.0
• 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

INVESTORS! Come bring your ideas to life with this multi-family opportunity situated in the Mansfield City School district! This property is poised to be realized & added to your portfolio! Some updates have already been completed in the last couple of years, including a roof, some plumbing, two new water heaters, some newer electrical, a new gas line for the stove, & a new water line for the property! The rest is ready for you to implement your vision! The property has a mixed use of multi-family/commercial. Come on in & bring this property back to its full potential!

Key facts

• New water line
• Updates completed
• New water heaters

Tags

• MULTI-FAMILY OPPORTUNITY
• MANSFIELD CITY SCHOOL DISTRICT
• UPDATES COMPLETED
• NEW WATER HEATERS
• NEW GAS LINE
• NEW WATER LINE

What this means for you Summary

Snapshot

• This is a multifamily listed at $80k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $97 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($822 rent vs $80k).
• Recommended offer: $75k (6.0% below list) — sets the bar for market timing.
• Cap rate 7.8% vs local median 4.2% in Mansfield — 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 76/100 on livability (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D-, amenities D-.
• Mansfield City (urban): math 24% / reading 33% proficiency, ranked #590 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 122 active listings in the ZIP; 16 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; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• This rent is only 15% of the median local income ($65k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $552 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($75k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $75,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.03% ✓
• Cap rate: 7.75%
• Cash-on-cash: 5.22%
• DSCR: 1.23
• GRM: 8.1

CMA / ARV

• ARV (median comp): $111,423
• List price: $79,900
• Delta: -28.29%
• Verdict: UNDERPRICED
• Comps: 11 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
219 W 5th St	0.15mi	6/—	2,590	1mo	$85,000	$33	80
149 W Fourth St	0.18mi	—/—	—	4mo	$185,000	—	75
81 Penn Ave	0.38mi	5/3.0	—	3mo	$185,000	—	67
131 Sturges Ave	0.41mi	4/2.0	—	3mo	$120,000	—	66
120 Distl Ave	0.44mi	4/—	1,092	1mo	$65,000	$60	66
31 Bartley Ave	0.47mi	—/—	3,008	3mo	$465,000	$155	63
76 Bartley Ave	0.53mi	4/2.0	1,780	4mo	$90,000	$51	59
38 Baldwin Ave	0.45mi	6/8.0	—	9mo	$350,000	—	59
185 Rowland Ave	0.53mi	6/2.0	—	7mo	$69,000	—	57
82 N Adams St	0.69mi	8/3.0	—	8mo	$82,000	—	49
100 Dawson Ave	0.68mi	3/2.0	—	9mo	$135,000	—	48
459 Glessner Ave	0.70mi	5/2.5	—	12mo	$180,250	—	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: -8.2%
• Equity multiple: 0.70×
• Total profit: $-6,740
• Equity at exit: $11,913

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $2,159
• Equity at exit: $6,908

Cash invested: $22,372 (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 44903

• Home prices YoY: -27.7%
• Active inventory: 122
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $822 high
• Mortgage (P&I): −$419
• Tax est. 1.5%: −$100 /mo · $1,198/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$173
• Net cashflow: $97

Break-even live

Break-even rent $699

Max offer price $79,900

Occupancy floor 83%

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: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
102 N Benton St Unit 112 Mansfield, OH	3.0	1.5	—	$995	—	43d	1	0.11mi
131 Pleasant Ave Unit A Mansfield, OH	1.0	1.0	550	$650	$1.18	43d	1	0.25mi
92 W 2nd St Unit 4 Mansfield, OH	1.0	1.0	—	$700	—	43d	1	0.34mi
110 Blymyer Ave Apt 26 Mansfield, OH	1.0	1.0	—	$700	—	43d	1	0.36mi
140 Wood St Mansfield, OH	1.0	1.0	487	$700	$1.44	43d	1	0.42mi
38 Baldwin Ave Apt 3 Mansfield, OH	1.0	1.0	800	$800	$1.00	43d	1	0.47mi
46 Bartley Ave Unit 46 1/2 Mansfield, OH	1.0	1.0	800	$750	$0.94	43d	1	0.52mi
454 Parnell Dr Mansfield, OH	2.0	1.0	757	$795	$1.05	43d	1	0.77mi
520 Lida St Mansfield, OH	3.0	1.0	1300	$850	$0.65	43d	1	0.85mi
383 Wood St Mansfield, OH	1.0	1.0	500	$625	$1.25	43d	1	0.89mi
147 Ford St Mansfield, OH	3.0	1.5	1286	$995	$0.77	43d	1	1.09mi
640 King St Mansfield, OH	1.0–3.0	1.0	938	$938	$1.00	43d	11	1.17mi
750 Burns St Unit A6 Mansfield, OH	2.0	1.0	960	$950	$0.99	43d	1	1.24mi
19 State St Mansfield, OH	3.0	1.0	1040	$995	$0.96	43d	1	1.24mi
776 King St Unit B7 Mansfield, OH	2.0	1.0	960	$950	$0.99	43d	1	1.30mi
100 Winwood Dr Mansfield, OH	2.0	1.0	700	$725	$1.04	43d	1	1.43mi

Listing history 17 events

1. 2026-06-18
   days on market $79,900 Active 66 DOM
2. 2026-06-17
   days on market $79,900 Active 65 DOM
3. 2026-06-16
   days on market $79,900 Active 64 DOM
4. 2026-06-15
   days on market $79,900 Active 63 DOM
5. 2026-06-14
   days on market $79,900 Active 61 DOM
6. 2026-06-12
   days on market $79,900 Active 60 DOM
7. 2026-06-09
   days on market $79,900 Active 57 DOM
8. 2026-06-08
   days on market $79,900 Active 56 DOM
9. 2026-06-07
   days on market $79,900 Active 55 DOM
10. 2026-06-05
    days on market $79,900 Active 52 DOM
11. 2026-06-03
    days on market $79,900 Active 51 DOM
12. 2026-06-02
    days on market $79,900 Active 50 DOM
13. 2026-06-01
    days on market $79,900 Active 49 DOM
14. 2026-05-31
    days on market $79,900 Active 48 DOM
15. 2026-05-30
    days on market $79,900 Active 47 DOM
16. 2026-05-04
    status Pending 594-char remark

    Show marketing remark (594 chars)

    INVESTORS! Come bring your ideas to life with this multi-family opportunity situated in the Mansfield City School district! This property is poised to be realized & added to your portfolio! Some updates have already been completed in the last couple of years, including a roof, some plumbing, two new water heaters, some newer electrical, a new gas line for the stove, & a new water line for the property! The rest is ready for you to implement your vision! The property has a mixed use of multi-family/commercial. Come on in & bring this property back to its full potential!

17. 2026-03-25
    listed $79,900 Active 594-char remark

    Show marketing remark (594 chars)

    INVESTORS! Come bring your ideas to life with this multi-family opportunity situated in the Mansfield City School district! This property is poised to be realized & added to your portfolio! Some updates have already been completed in the last couple of years, including a roof, some plumbing, two new water heaters, some newer electrical, a new gas line for the stove, & a new water line for the property! The rest is ready for you to implement your vision! The property has a mixed use of multi-family/commercial. Come on in & bring this property back to its full potential!

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $9,865
• − Mortgage interest: −$4,476
• − Property taxes: −$1,198
• − Insurance: −$400
• − Repairs & maintenance: −$789
• − Management: −$789
• − Depreciation: −$2,324
• Taxable loss: −$111
• Est. tax savings @ 24.0%: +$27
• After-tax cash flow: $1,194/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property has a good condition with some minor maintenance needed. It's ready for a moderate renovation to enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Landscaping — Improves curb appeal and rental appeal
• Both Replace gutters — Prevents water damage and enhances curb appeal

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Landscaping — Improves curb appeal and rental appeal ↑
• Both Replace gutters — Prevents water damage and enhances curb appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mansfield City
• NCES district ID: 3904429
• Math proficiency: 24% ▼ -19.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $32,435
• Composite: 23.25/100
• National rank: #7934
• State rank: #590 of 656 in OH

Livability — Mansfield

• Score: 76/100
• State rank: #224
• US rank: #3525

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mansfield, OH
• County: Richland · 128,966 people
• City population: 16,349
• Metro: Mansfield, OH
• Population (ZIP): 26,804
• Household income: $65,421
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 9.5

Population outlook (Richland County) Hauer SSP2

• Today (2025): 115,577 people
• By 2030: 111,669 · -3.4%
• By 2040: 103,323 · -10.6%
• By 2050: 95,135 · -17.7%
• By 2075: 76,719 · -33.6%
• By 2100: 57,188 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 9% Black 9% Hispanic / Latino 2% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Romanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+42.3) · D 28.4% · R 70.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.6pp · 2024: -42.3pp
• All cycles: 2024: R+42.3 2020: R+39.7 2016: R+37.5 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.50%
• Current HPI: 241.9342
• Rent YoY: —
• Metro: —
• 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

2 events — show timeline

• 2026-05-04 Pending — MARMLS
• 2026-03-25 Listed $79,900 MARMLS