604-606 N Roosevelt Ave · Lancaster, OH 43130

$189,888

2 bd · 1.0 ba · 2,145 sqft · MultiFamily public records · 3 Days on market

Built 1900 5,227 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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

Multi-family units

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

Listing remarks

INVESTOR OPPORTUNITY! Multi-family property with a full basement plus a 2-car garage divided for tenant use. This is a great addition to your investment portfolio! Recent updates include new roof shingles on the home and garage doors in 2026. Unit 606 -- 2 bedrooms - 1 bath - Currently rents for $725 per month - Long-term tenant of 7 years - New hot water tank in 2026. Unit 604 -- 2 bedrooms, 1 bath - Vacant and move-in ready - Remodeled with an updated kitchen - New refrigerator, dishwasher, and microwave in 2026 - Updated bathroom featuring a new tub and vanity - Washer and dryer included, new in 2026 - Fresh paint throughout - New carpeting - Two new windows upstairs - Hot w

Key facts

• New roof shingles
• Full basement
• New refrigerator

Tags

• FULL BASEMENT
• 2 CAR GARAGE
• NEW ROOF SHINGLES
• UPDATED KITCHEN
• NEW REFRIGERATOR
• NEW DISHWASHER

Property features AI

Finance

• Other: Two total units

Exterior

• Utilities: Public water; Public sewer; Natural gas available; Electricity available; Storm sewer
• Home design: Duplex; Built in 1900
• Construction: Built in 1900
• Exterior features: Lot of approximately 0.12 acres (about 5,227 sq ft)

Interior

• Heating & cooling: Forced air heating
• Interior features: Forced air heating

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $542/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Cap rate 13.1% 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; 2 comparable units currently listed for rent nearby; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• At $2,905/mo this rent would consume 48% of the median local household income ($72k/yr) (locally 1400% 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 $1k of loan paydown is wiped out by about $6k 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 $53k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y 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.
• Current owner paid $60k; list at $190k implies a 216% 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 $189,888

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 1900 — 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. 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?
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: 1.53% ✓
• Cap rate: 13.14%
• Cash-on-cash: 24.46%
• DSCR: 2.09
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 20.2%
• Equity multiple: 1.84×
• Total profit: $44,869
• Equity at exit: $28,313

10-year hold

• IRR: 29.8%
• Equity multiple: 3.94×
• Total profit: $156,360
• Equity at exit: $16,418

Cash invested: $53,169 (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: 10.9×

Monthly cashflow live

• Estimated rent: $2,905 high
• Mortgage (P&I): −$996
• Tax from tax record: −$136 /mo · $1,635/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$610
• Net cashflow: $1,084

Break-even live

Break-even rent $1,533

Max offer price $189,888

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,906
Total (2 units)			$2,905

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: $47,472
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
219 N Columbus St Lancaster, OH	1.0–2.0	1.0–2.0	1184	$1,895	$1.60	1d	31	0.92mi
635 N High St Lancaster, OH	3.0	2.0	1608	$2,200	$1.37	43d	1	1.21mi

Listing history 4 events

1. 2026-06-18
   days on market $189,888 Active 3 DOM
2. 2026-06-17
   days on market $189,888 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $189,888 Active 1 DOM

ⓘ 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: $1,635 · $136/mo
• Projected year-2 tax: $2,299 · $192/mo
• Expected delta: +$663/yr (+$55/mo · 40.6%)

ⓘ 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 8 d/yr ≥99°F today · 20 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: $34,860
• − Mortgage interest: −$10,637
• − Property taxes: −$1,635
• − Insurance: −$949
• − Repairs & maintenance: −$2,789
• − Management: −$2,789
• − Depreciation: −$5,524
• Taxable income: $10,537
• Est. tax owed @ 24.0%: −$2,529
• After-tax cash flow: $10,476/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

+522.6% since first listed

9 events — show timeline

• 2026-06-15 Listed $189,888 CBRMLS
• 2014-08-27 Listing Removed — CBRMLS
• 2014-02-26 Listed $89,888 CBRMLS
• 2009-05-15 Listing Removed — CBRMLS
• 2008-08-14 Listed $99,888 CBRMLS
• 2008-04-14 Listing Removed — CBRMLS
• 2007-07-09 Listed $114,888 CBRMLS
• 2007-02-05 Sold (Public Records) $60,000 Public Records
• 1992-12-16 Sold (Public Records) $30,500 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,635 · +10.1% YoY. Source: county tax records.