360 South Main St · Oberlin, OH 44074

$199,000

12 bd · 9.0 ba · 2,514 sqft · MultiFamily · 62 Days on market

Built 1900 Fair condition 0.25 ac lot $79/sqft · 12% above area Est $177k · 12% over

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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
• Schools +4.2/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +1.9/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Charming Triplex Near Oberlin College – Turnkey Investment Opportunity! Located just steps from Oberlin College, this well-maintained triplex offers character, charm, and strong rental potential. Each of the three units has its own private porch, providing a unique sense of space and comfort for tenants or owners. First Floor Unit: Features 2 spacious bedrooms and 1 full bathroom, along with its own private 1-car garage – perfect for added convenience and storage. Second Floor Unit: A bright 1 bedroom, 1 bathroom apartment with ample closet space, including a large walk-in closet in the bedroom. Third Floor Unit: A cozy lofted 1 bedroom, 1 bathroom apartment with great natural light and a unique layout that feels open yet private. With a prime location near campus and downtown amenities, this property is perfect for investors looking to generate immediate rental income or for future owner-occupants seeking long-term value in a vibrant college town. Don't miss this rare opportunity in the highly sought ofter community of Oberlin!

Key facts

• Private porch
• Triplex
• Vibrant college town

Tags

• TRIPLEX
• PRIVATE PORCH
• STRONG RENTAL POTENTIAL
• PRIME LOCATION NEAR CAMPUS
• VIBRANT COLLEGE TOWN

What this means for you Summary

Snapshot

• This is a 3 × 4-bed/3.0-bath units multifamily listed at $199k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $975/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.9% vs local median 4.0% in Oberlin — 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 83/100 on livability (#62 in OH, #923 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, amenities A; Watch: employment D+, commute F.
• Oberlin City Schools (town): math 41% / reading 56% proficiency, ranked #447 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 38 active listings in the ZIP; 1,098 units permitted in Lorain County in 2024 (20 in 5+ unit buildings).
• At $5,445/mo this rent would consume 89% of the median local household income ($74k/yr) — 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 62 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 62 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 2.74% ✓
• Cap rate: 23.94%
• Cash-on-cash: 63.02%
• DSCR: 3.80
• GRM: 3.0

CMA / ARV

• ARV (median comp): $177,018
• List price: $199,000
• Delta: 12.42%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 62.0%
• Equity multiple: 3.77×
• Total profit: $154,214
• Equity at exit: $29,672

10-year hold

• IRR: 66.6%
• Equity multiple: 7.72×
• Total profit: $374,612
• Equity at exit: $17,206

Cash invested: $55,720 (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 44074

• Home prices YoY: -25.8%
• Active inventory: 38
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $5,445 medium
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,143
• Net cashflow: $2,926

Break-even live

Break-even rent $1,741

Max offer price $199,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 3× units	4	3	$5,445
Total (3 units)			$5,445

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-16
   status $199,000 Pending 62 DOM
2. 2026-06-15
   days on market $199,000 Active 62 DOM
3. 2026-06-13
   days on market $199,000 Active 60 DOM
4. 2026-06-13
   days on market $199,000 Active 59 DOM
5. 2026-06-09
   days on market $199,000 Active 56 DOM
6. 2026-06-08
   days on market $199,000 Active 55 DOM
7. 2026-06-07
   pricedays on market $199,000 Active 54 DOM
8. 2026-06-05
   days on market $202,000 Active 51 DOM
9. 2026-06-03
   days on market $202,000 Active 50 DOM
10. 2026-06-02
    pricedays on market $202,000 Active 49 DOM
11. 2026-06-01
    days on market $205,000 Active 48 DOM
12. 2026-05-31
    days on market $205,000 Active 47 DOM
13. 2026-04-13
    listed $215,000 Active 1056-char remark

    Show marketing remark (1056 chars)

    Charming Triplex Near Oberlin College – Turnkey Investment Opportunity! Located just steps from Oberlin College, this well-maintained triplex offers character, charm, and strong rental potential. Each of the three units has its own private porch, providing a unique sense of space and comfort for tenants or owners. First Floor Unit: Features 2 spacious bedrooms and 1 full bathroom, along with its own private 1-car garage – perfect for added convenience and storage. Second Floor Unit: A bright 1 bedroom, 1 bathroom apartment with ample closet space, including a large walk-in closet in the bedroom. Third Floor Unit: A cozy lofted 1 bedroom, 1 bathroom apartment with great natural light and a unique layout that feels open yet private. With a prime location near campus and downtown amenities, this property is perfect for investors looking to generate immediate rental income or for future owner-occupants seeking long-term value in a vibrant college town. Don't miss this rare opportunity in the highly sought ofter community of Oberlin!

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

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 ≥99°F today · 16 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $65,340
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$5,227
• − Management: −$5,227
• − Depreciation: −$5,789
• Taxable income: $33,969
• Est. tax owed @ 24.0%: −$8,153
• After-tax cash flow: $26,963/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 · 13 photos

Fair 45/100 Moderate rehab

This triplex requires significant repairs and updates to its exterior and interior, particularly in the kitchen and bathrooms. Improvements in these areas will significantly increase its resale and rental value.

Repairs flagged

• Major Porch flooring — Severe wear and tear visible on the porch flooring.
• Major Kitchen cabinets — Worn appearance and need for replacement or renovation.
• Major Bathroom fixtures — Worn appearance and need for replacement or renovation.
• Major Exterior siding — Weathered appearance and need for repainting or replacement.

Value-add opportunities

• Both Kitchen renovation — Updating the kitchen will improve both resale and rental value.
• Both Exterior painting and landscaping — Enhancing the curb appeal will attract more buyers and renters.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Porch flooring · Severe wear and tear visible on the porch flooring.	Major	$15,000–50,000
Kitchen cabinets · Worn appearance and need for replacement or renovation.	Major	$15,000–50,000
Bathroom fixtures · Worn appearance and need for replacement or renovation.	Major	$15,000–50,000
Exterior siding · Weathered appearance and need for repainting or replacement.	Major	$15,000–50,000
Total estimated repair cost · 4 items		$60,000–200,000

Value-add ROI direction

• Both Kitchen renovation — Updating the kitchen will improve both resale and rental value. ↑
• Both Exterior painting and landscaping — Enhancing the curb appeal will attract more buyers and renters. ↑

ⓘ 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: Oberlin City Schools
• NCES district ID: 3904459
• Math proficiency: 41% ▼ -21.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $54,514
• Composite: 41.92/100
• National rank: #3362
• State rank: #447 of 656 in OH

Livability — Oberlin

• Score: 83/100
• State rank: #62
• US rank: #923

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Oberlin, OH
• County: Lorain · 305,041 people
• City population: 11,684
• Metro: Cleveland, OH
• Population (ZIP): 11,684
• Household income: $73,697
• Rent vs Own: 31.7% rent · 68.3% own
• Severe rent burden: 7.1

Population outlook (Lorain County) Hauer SSP2

• Today (2025): 314,924 people
• By 2030: 317,546 · +0.8%
• By 2040: 317,962 · +1.0%
• By 2050: 312,872 · -0.7%
• By 2075: 301,806 · -4.2%
• By 2100: 278,271 · -11.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Two or more races 11% Black 9% Hispanic / Latino 6% Asian 3%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Romanian 5% Slovak 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 92% English-only · Spanish 3% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Lorain

• 2024 margin: Lean R (+5.7) · D 46.7% · R 52.4%
• 2008→2024 swing: -23.6pp toward R · 2008: 17.9pp · 2024: -5.7pp
• All cycles: 2024: R+5.7 2020: R+2.5 2016: R+0.3 2012: D+14.4 2008: D+17.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.36%
• Current HPI: 208.1653
• 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

1 event — show timeline

• 2026-04-13 Listed $215,000 MLSNOW