123 Rainbow St · Wadsworth, OH 44281

$159,900

3 bd · 2.0 ba · 1,152 sqft · SingleFamily public records · 28 Days on market

Built 1900 6,912 sqft lot Est $176k · 9% 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 +25.8/30.0
• ARV discount +11.7/15.0
• DSCR +8.6/10.0
• Schools +6.5/10.0
• 1% rule +5.8/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

Key facts

• Updated living room
• New kitchen
• Dining room

Tags

• UPDATED LIVING ROOM
• NEW KITCHEN
• FORMICA COUNTERTOPS
• LV FLOORING
• DINING ROOM
• MUD ROOM

Property features AI

Exterior

• Parking: Attached garage; Driveway
• Utilities: Public water; Public sewer
• Home design: 2-story house; Above-grade finished area (per assessor): 1,152; Entry level: main floor
• Construction: Built (year per public records); Aluminum siding; Asphalt roof; Block foundation
• Exterior features: Covered porch/patio

Interior

• Kitchen: Range
• Bedrooms: 1 main-level bedroom
• Bathrooms: 1 full bathroom (main level)
• Heating & cooling: Forced air heating (gas); Ceiling fan(s)
• Interior features: 6 total rooms; Basement
• Laundry & utility: Laundry in basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $160k.

Deal economics

• At list price, monthly cash flow is $388 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.3% in Wadsworth — 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 82/100 on livability (#74 in OH, #1,136 nationally) — a professional / high-income tenant draw. Strengths: schools A+, cost of living A+, housing A+; Watch: amenities F, commute F.
• Wadsworth City (suburban): math 74% / reading 77% proficiency, ranked #83 of 656 in OH (top 13%) — strong family-tenant draw, lease renewals of 3-5y typical; only 17% free/reduced lunch — higher-income household profile.
• Market conditions: 135 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 471 units permitted in Medina 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 $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 29y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $160k implies a 281% 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 $157,501 (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. Schools are A-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?
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: 1.08% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.40%
• DSCR: 1.46
• GRM: 7.7

CMA / ARV

• ARV (on-the-fly): $176,256
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
119 Park St	0.27mi	4/2.0 (+1)	1,170 (+2%)	7mo	$226,000	$193	73
217 E Bergey St	0.38mi	2/1.0 (-1)	1,132 (-2%)	1mo	$160,000	$141	70
261 Grandview Ave	0.31mi	3/1.0	1,116 (-3%)	8mo	$164,900	$148	69
268 E Walnut St	0.40mi	4/1.0 (+1)	1,128 (-2%)	7mo	$120,000	$106	63
150 Ohio Ave	0.52mi	3/1.5	1,207 (+5%)	4mo	$184,900	$153	63
253 E Bergey St	0.42mi	3/1.0	1,211 (+5%)	8mo	$175,000	$145	62
242 E Walnut St	0.35mi	2/2.0 (-1)	1,044 (-9%)	3mo	$170,000	$163	61
274 Parkview Ave	0.72mi	3/2.5	1,192 (+4%)	4mo	$195,000	$164	56
5 Stover Ct	0.56mi	2/2.0 (-1)	1,293 (+12%)	0mo	$110,000	$85	48
158 Humbolt Ave	0.68mi	3/1.5	1,256 (+9%)	10mo	$197,500	$157	43
264 1st St	0.62mi	3/1.0	1,316 (+14%)	2mo	$194,000	$147	42
273 E Boyer St	0.74mi	3/2.0	1,275 (+11%)	8mo	$305,000	$239	41

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: -0.7%
• Equity multiple: 0.97×
• Total profit: $-1,254
• Equity at exit: $23,842

10-year hold

• IRR: 8.9%
• Equity multiple: 1.68×
• Total profit: $30,511
• Equity at exit: $13,825

Cash invested: $44,772 (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 44281

• Active inventory: 135
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $1,728 high
• Mortgage (P&I): −$839
• Tax from tax record: −$72 /mo · $864/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$363
• Net cashflow: $388

Break-even live

Break-even rent $1,237

Max offer price $159,900

Occupancy floor 73%

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
285 Water St Unit down Wadsworth, OH	2.0	1.0	750	$1,300	$1.73	7d	1	0.44mi
172 1st St Wadsworth, OH	2.0	2.0	1150	$1,950	$1.70	20d	1	0.70mi
466 S Kaser Dr Unit 468 Wadsworth, OH	3.0	1.0	1500	$1,250	$0.83	44d	1	1.05mi
478 S Kaser Dr Unit 478 Wadsworth, OH	2.0	1.0	1000	$1,450	$1.45	10d	1	1.06mi
149 Meadowcreek Dr Wadsworth, OH	2.0	2.5	1100	$1,616	$1.47	1d	1	1.49mi

Listing history 49 events

1. 2026-06-18
   days on market $159,900 Active 28 DOM
2. 2026-06-17
   days on market $159,900 Active 27 DOM
3. 2026-06-16
   days on market $159,900 Active 26 DOM
4. 2026-06-15
   days on market $159,900 Active 25 DOM
5. 2026-06-13
   days on market $159,900 Active 23 DOM
6. 2026-06-09
   days on market $159,900 Active 19 DOM
7. 2026-06-08
   pricedays on market $159,900 Active 18 DOM
8. 2026-06-07
   days on market $169,900 Active 17 DOM
9. 2026-06-05
   days on market $169,900 Active 14 DOM
10. 2026-06-03
    days on market $169,900 Active 13 DOM
11. 2026-06-02
    days on market $169,900 Active 12 DOM
12. 2026-06-01
    days on market $169,900 Active 11 DOM
13. 2026-05-31
    days on market $169,900 Active 10 DOM
14. 2026-05-21
    listed $169,900 Active
15. 2024-09-25
    status Pending 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

16. 2024-09-25
    soldstatus $42,000 Closed 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

17. 2024-09-16
    historical Contingent 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

18. 2024-09-03
    status Active 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

19. 2024-09-03
    price $65,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

20. 2024-08-28
    historical Contingent 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

21. 2024-08-21
    price $70,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

22. 2024-08-16
    price $75,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

23. 2024-08-01
    price $80,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

24. 2024-07-23
    price $95,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

25. 2024-07-23
    price $100,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

26. 2024-07-16
    price $120,000 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

27. 2024-07-10
    listed $130,000 Active 535-char remark

    Show marketing remark (535 chars)

    Handyman Special with one of the biggest back yards on the street. First floor Owners suite with 2 beds upstairs. All appliances stay. 1 car attached garage and walk out basement. Needs roof, electrical updates, and some cosmetic elbow grease. Windows were replaced in 1998. The furnace is newer. The coil for the A/C was installed in the furnace but the outside compressor was never hooked up. HWT is approximately 10 years old. The house next door is renting for $1900 a month. This could be a solid investment or great owner occupy.

28. 2020-11-04
    price $44,900
29. 2020-11-04
    price $44,900
30. 2020-11-04
    price $44,900
31. 2020-11-04
    price $44,900
32. 2020-11-04
    price $44,900
33. 2020-05-02
    price $44,900
34. 2014-02-12
    price $44,900
35. 2014-02-12
    price $44,900
36. 2001-01-20
    historical
37. 2000-07-20
    listed $113,900
38. 1998-07-30
    soldstatus $38,000
39. 1998-07-29
    soldstatus $38,000
40. 1998-07-08
    price $113,900
41. 1998-07-08
    price $113,900
42. 1998-07-08
    price $113,900
43. 1998-07-08
    price $113,900
44. 1998-07-08
    price $113,900
45. 1998-07-08
    price $113,900
46. 1998-07-08
    price $113,900
47. 1998-07-08
    historical
48. 1997-10-30
    listed $44,900
49. 1990-07-30
    soldstatus $72,900

ⓘ 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: $864 · $72/mo
• Projected year-2 tax: $1,679 · $140/mo
• Expected delta: +$815/yr (+$68/mo · 94.4%)

ⓘ 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) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,736
• − Mortgage interest: −$8,957
• − Property taxes: −$864
• − Insurance: −$800
• − Repairs & maintenance: −$1,659
• − Management: −$1,659
• − Depreciation: −$4,652
• Taxable income: $2,146
• Est. tax owed @ 24.0%: −$515
• After-tax cash flow: $4,140/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: Wadsworth City
• NCES district ID: 3910029
• Math proficiency: 74% ▼ -8.00%
• Reading proficiency: 77% ▼ -6.00%
• Median HH income: $62,397
• Composite: 65.1/100
• National rank: #499
• State rank: #83 of 656 in OH

Livability — Wadsworth

• Score: 82/100
• State rank: #74
• US rank: #1136

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wadsworth, OH
• County: Medina County · 145,517 people
• City population: 34,704
• Metro: Cleveland-Elyria, OH
• Population (ZIP): 34,704
• Household income: $89,131
• Rent vs Own: 25.8% rent · 74.2% own
• Severe rent burden: 597.0

Population outlook (Medina County) Hauer SSP2

• Today (2025): 185,249 people
• By 2030: 188,174 · +1.6%
• By 2040: 190,350 · +2.8%
• By 2050: 187,283 · +1.1%
• By 2075: 177,108 · -4.4%
• By 2100: 151,304 · -18.3%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 2% Hispanic / Latino 1% Asian 1%
• Common ancestry: Romanian 4% Slovak 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1% Other Asian/Pacific 0%

Political lean MEDSL · Medina

• 2024 margin: Strong R (+24.8) · D 37.2% · R 62.0%
• 2008→2024 swing: -16.8pp toward R · 2008: -8.0pp · 2024: -24.8pp
• All cycles: 2024: R+24.8 2020: R+23.4 2016: R+24.9 2012: R+13.1 2008: R+8.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -148.82%
• Current HPI: 253.1502
• Rent YoY: —
• Metro: Cleveland-Elyria, 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

+133.1% since first listed

36 events — show timeline

• 2026-05-21 Listed $169,900 MLSNOW
• 2024-09-25 Pending — MLSNOW
• 2024-09-25 Sold (MLS) $42,000 MLSNOW
• 2024-09-16 Contingent — MLSNOW
• 2024-09-03 Relisted — MLSNOW
• 2024-09-03 Price Changed $65,000 MLSNOW
• 2024-08-28 Contingent — MLSNOW
• 2024-08-21 Price Changed $70,000 MLSNOW
• 2024-08-16 Price Changed $75,000 MLSNOW
• 2024-08-01 Price Changed $80,000 MLSNOW
• 2024-07-23 Price Changed $95,000 MLSNOW
• 2024-07-23 Price Changed $100,000 MLSNOW
• 2024-07-16 Price Changed $120,000 MLSNOW
• 2024-07-10 Listed $130,000 MLSNOW
• 2020-11-04 Price Changed $44,900 MLSNOW
• 2020-11-04 Price Changed $44,900 MLSNOW
• 2020-11-04 Price Changed $44,900 MLSNOW
• 2020-11-04 Price Changed $44,900 MLSNOW
• 2020-11-04 Price Changed $44,900 MLSNOW
• 2020-05-02 Price Changed $44,900 MLSNOW
• 2014-02-12 Price Changed $44,900 MLSNOW
• 2014-02-12 Price Changed $44,900 MLSNOW
• 2001-01-20 Listing Removed — MLSNOW
• 2000-07-20 Listed $113,900 MLSNOW
• 1998-07-30 Sold (MLS) $38,000 MLSNOW
• 1998-07-29 Sold (Public Records) $38,000 Public Records
• 1998-07-08 Listing Removed — MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1998-07-08 Price Changed $113,900 MLSNOW
• 1997-10-30 Listed $44,900 MLSNOW
• 1990-07-30 Sold (Public Records) $72,900 Public Records

Property tax history

+0.2%/yr

Latest (2025): $864 · +90.8% YoY. Source: county tax records.