1606-1608 W High St · Springfield, OH 45506

$215,000

16 bd · 16.0 ba · 2,816 sqft · MultiFamily · 45 Days on market

Built 1900 Fair condition 9,583 sqft lot $76/sqft · 83% above area

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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 +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

This 4-unit apartment building, offering 5,632 square feet, is a strong investment opportunity located on the west side of Springfield. Each of the four units features a 1-bedroom, 1-bath layout. Two upper units are currently vacant, presenting immediate income potential--estimated at an additional $1,300 per month--bringing total projected monthly income to approximately $2,800. Tenants are currently on a yearly lease through 2/2027 & 3/2027. Each unit offers a spacious bedroom and living area enhanced by attractive wood flooring, creating a warm and inviting atmosphere. The kitchens feature durable wood plank flooring, providing both style and functionality for everyday living. Bat

Key facts

• Private deck
• Wood flooring
• Vinyl flooring

Tags

• PRIVATE FRONT PORCH
• PRIVATE DECK
• DETACHED GARAGE
• NATURAL LIGHT
• WOOD FLOORING
• VINYL FLOORING

Property features AI

Exterior

• Parking: Has garage
• Utilities: Public sewer; Supplied water
• Home design: Multi-family property; Originally built in 1900; Lot dimensions approximately 65 x 147 (0.22 acres)
• Construction: Vinyl siding
• Exterior features: Deck; Porch; Residential lot

Interior

• Flooring: Hardwood floors; Vinyl flooring
• Bathrooms: 4 total bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Gas water heater; Smoke detector(s)

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $215k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $520/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $215k).
• Recommended offer: $209k (3.0% below list) — sets the bar for market timing.
• Cap rate 17.9% vs local median 4.8% 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: 45 active listings in the ZIP; lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $4,515/mo this rent would consume 129% of the median local household income ($42k/yr) (locally 684% 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.
• Clark County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($209k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $208,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 2.10% ✓
• Cap rate: 17.91%
• Cash-on-cash: 41.48%
• DSCR: 2.85
• GRM: 4.0

CMA / ARV

• ARV (median comp): $117,500
• List price: $215,000
• Delta: 82.98%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 38.1%
• Equity multiple: 2.62×
• Total profit: $97,771
• Equity at exit: $32,057

10-year hold

• IRR: 44.6%
• Equity multiple: 5.25×
• Total profit: $256,083
• Equity at exit: $18,589

Cash invested: $60,200 (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 45506

• Home prices YoY: -14.1%
• Active inventory: 45
• Price-to-rent: 15.9×

Monthly cashflow live

• Estimated rent: $4,515 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$948
• Net cashflow: $2,081

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,516
Total (4 units)			$4,515

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-19
   days on market $215,000 Active 45 DOM
2. 2026-06-18
   days on market $215,000 Active 44 DOM
3. 2026-06-17
   days on market $215,000 Active 43 DOM
4. 2026-06-16
   days on market $215,000 Active 42 DOM
5. 2026-06-15
   days on market $215,000 Active 41 DOM
6. 2026-06-14
   days on market $215,000 Active 39 DOM
7. 2026-06-12
   days on market $215,000 Active 38 DOM
8. 2026-06-09
   days on market $215,000 Active 35 DOM
9. 2026-06-08
   days on market $215,000 Active 34 DOM
10. 2026-06-07
    days on market $215,000 Active 33 DOM
11. 2026-06-05
    days on market $215,000 Active 30 DOM
12. 2026-06-02
    days on market $215,000 Active 28 DOM
13. 2026-06-01
    days on market $215,000 Active 27 DOM
14. 2026-05-31
    days on market $215,000 Active 26 DOM
15. 2026-05-30
    days on market $215,000 Active 25 DOM
16. 2026-05-04
    listed $215,000 Active 1411-char remark

ⓘ 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 ≥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: $54,180
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$4,334
• − Management: −$4,334
• − Depreciation: −$6,255
• Taxable income: $22,913
• Est. tax owed @ 24.0%: −$5,499
• After-tax cash flow: $19,473/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 · 21 photos

Fair 45/100 Moderate rehab

This 4-unit apartment building requires moderate rehabilitation, focusing on repairs to the roof, exterior paint, and landscaping. Immediate value can be added by addressing these issues, which will improve both resale and rental potential.

Repairs flagged

• Major Roof — Rusty roof visible
• Major Exterior paint — Peeling paint
• Major Landscaping — Overgrown vegetation

Value-add opportunities

• Both Paint exterior — Improves curb appeal and resale value
• Both Landscaping — Enhances curb appeal and rental value
• Both Roof repair — Ensures structural integrity and prevents water damage

Renovation cost estimate screening

Repair item	Severity	Est. cost
Roof · Rusty roof visible	Major	$15,000–50,000
Exterior paint · Peeling paint	Major	$15,000–50,000
Landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint exterior — Improves curb appeal and resale value ↑
• Both Landscaping — Enhances curb appeal and rental value ↑
• Both Roof repair — Ensures structural integrity and prevents water damage ↑

ⓘ 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: 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): 13,435
• Household income: $42,104
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 684.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -46.97%
• Current HPI: 286.2883
• 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

1 event — show timeline

• 2026-05-04 Listed $215,000 WRIST