122 Prairie Ave · Springfield, OH 45505

$25,000

3 bd · 1.5 ba · 1,292 sqft · SingleFamily public records · 20 Days on market

Built 1912 6,534 sqft lot ↓ 50% since listing

---

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 +25.9/30.0
• DSCR +8.7/10.0
• ARV discount +7.5/15.0
• 1% rule +5.5/10.0
• 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

Listing remarks

ONSITE PUBLIC AUCTION - Friday, June 19 at 12noon. INVESTORS DREAM. .. cheap rental property with long term tenants. Appraised at only $25,000 this 3 bedroom 1 bath home can be an instant cash flowing rental. Tenants paying $550 a month and would like to stay. Yearly property taxes $289. Tenants pay gas, electric, & water. Owner pays trash. Yes, house will need some updates down the road but worry about that after you've collected rent for awhile. House will be open 1 hour prior to auction. Terms - 10% of the purchase price required at close of auction, balance upon delivery of deed within 40 days. Taxes prorated to day of closing. Possession subject to tenants rights. Real estate has

Key facts

• 6,534 sq ft lot
• Built 1912
• Listed 19 days

Property features AI

Exterior

• Utilities: Supplied water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Built in 1912; Wood siding exterior; Block and stone foundation
• Exterior features: Residential lot; Lot approximately 45 x 150 (0.15 acres)

Interior

• Bedrooms: Total of 2 bathrooms (1 full, 1 half)
• Bathrooms: 1 full bathroom; 1 half bathroom
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Block basement

🔨 Auction listing. The $25,000 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $143,412 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $25k.

Deal economics

• At list price, monthly cash flow is $352 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $25k).
• Recommended offer: $25k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.2% 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: 158 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals leasing fast (median 12d 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).
• This rent runs 41% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $992 of loan paydown is wiped out by about $4k 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.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($25k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $24,625 (1.5% below list)

Questions for the listing agent

1. Built in 1912 — 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. 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?
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: 1.05% ✓
• Cap rate: 9.24%
• Cash-on-cash: 10.51%
• DSCR: 1.47
• GRM: 7.9

CMA / ARV

• ARV (on-the-fly): $143,412
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
305 Catherine St	0.19mi	3/1.5	1,272 (-2%)	9mo	$143,000	$112	81
1617 Clifton Ave	0.07mi	2/1.0 (-1)	1,368 (+6%)	4mo	$51,000	$37	76
230 Rice St	0.31mi	2/1.0 (-1)	1,208 (-6%)	2mo	$40,000	$33	66
551 Georgia Ave	0.36mi	2/1.0 (-1)	1,248 (-3%)	7mo	$37,000	$30	65
1414 Woodward Ave	0.24mi	3/1.5	1,440 (+12%)	7mo	$185,000	$128	64
237 Sturgeon St	0.53mi	3/1.5	1,225 (-5%)	6mo	$155,000	$127	61
260 Indiana Ave	0.42mi	3/1.0	1,161 (-10%)	0mo	$129,000	$111	61
650 E Southern Ave	0.63mi	3/1.0	1,144 (-12%)	4mo	$72,500	$63	46
913 Tibbetts Ave	0.67mi	2/1.5 (-1)	1,184 (-8%)	9mo	$21,000	$18	43
115 W Auburn Ave	0.60mi	3/1.0	1,132 (-12%)	8mo	$145,000	$128	42
311 W Grand Ave	0.63mi	3/2.0	1,470 (+14%)	4mo	$55,000	$37	42
644 Clifton Ave	0.73mi	3/2.0	1,420 (+10%)	7mo	$165,000	$116	42

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: -0.6%
• Equity multiple: 0.98×
• Total profit: $-905
• Equity at exit: $21,383

10-year hold

• IRR: 9.0%
• Equity multiple: 1.69×
• Total profit: $27,768
• Equity at exit: $12,400

Cash invested: $40,155 (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 45505

• Home prices YoY: -34.3%
• Active inventory: 158
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $1,503 high
• Mortgage (P&I): −$752
• Tax from tax record: −$24 /mo · $289/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$316
• Net cashflow: $352

Break-even live

Break-even rent $1,058

Max offer price $143,412

Occupancy floor 72%

Sensitivity live

Price	-10% $433	-5% $392	+0% $352	+5% $147	+10% $97
Rent	-10% $233	-5% $292	+0% $352	+5% $411	+10% $471
Rate	-1.0pp $424	-0.5pp $388	base $352	+0.5pp $315	+1.0pp $277

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: $35,853
• Closing costs: $4,302
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1306 S Limestone St Springfield, OH	4.0	2.0	1452	$1,695	$1.17	22d	1	0.24mi
421 Catherine St Springfield, OH	3.0	2.0	1498	$1,500	$1.00	44d	1	0.30mi
1452 S Wittenberg Ave Springfield, OH	2.0	1.0	937	$1,010	$1.08	2d	1	0.36mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	20d	1	0.42mi
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	4d	1	0.81mi
830 Oak St Unit 830 Springfield, OH	4.0	1.5	1400	$1,250	$0.89	15d	1	1.05mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	12d	1	1.09mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	12d	1	1.12mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	44d	1	1.12mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	12d	1	1.16mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	12d	1	1.21mi
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	24d	1	1.24mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	12d	1	1.26mi

Listing history 15 events

1. 2026-06-19
   days on market $25,000 Active 20 DOM
2. 2026-06-18
   days on market $25,000 Active 19 DOM
3. 2026-06-17
   days on market $25,000 Active 18 DOM
4. 2026-06-16
   days on market $25,000 Active 17 DOM
5. 2026-06-15
   days on market $25,000 Active 16 DOM
6. 2026-06-14
   days on market $25,000 Active 14 DOM
7. 2026-06-12
   days on market $25,000 Active 13 DOM
8. 2026-06-09
   days on market $25,000 Active 10 DOM
9. 2026-06-08
   days on market $25,000 Active 9 DOM
10. 2026-06-07
    days on market $25,000 Active 8 DOM
11. 2026-06-05
    days on market $25,000 Active 5 DOM
12. 2026-06-02
    days on market $25,000 Active 3 DOM
13. 2026-06-01
    days on market $25,000 Active 2 DOM
14. 2026-05-31
    remarks 695-char remark
15. 2026-05-31
    listed $25,000 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: $289 · $24/mo
• Projected year-2 tax: $339 · $28/mo
• Expected delta: +$51/yr (+$4/mo · 17.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% 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: $18,041
• − Mortgage interest: −$8,033
• − Property taxes: −$289
• − Insurance: −$717
• − Repairs & maintenance: −$1,443
• − Management: −$1,443
• − Depreciation: −$4,172
• Taxable income: $1,943
• Est. tax owed @ 24.0%: −$466
• After-tax cash flow: $3,755/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): 19,826
• Household income: $43,819
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 950.0

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: Predominantly White (75%)
• Race & ethnicity: White 75% Black 14% Two or more races 7% Hispanic / Latino 4%
• Common ancestry: Slovak 1% German 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -135.16%
• Current HPI: 258.9037
• 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

-49.9% since first listed

4 events — show timeline

• 2026-05-30 Listed $25,000 WRIST
• 2021-10-06 Listing Removed — WRIST
• 2021-08-13 Price Changed $44,900 WRIST
• 2021-07-13 Listed $49,900 WRIST

Property tax history

+2.1%/yr

Latest (2025): $289 · +16.8% YoY. Source: county tax records.