4504/4506 Middletown Rd E · New Middletown, OH 44442

$224,900

4 bd · 2.0 ba · 1,863 sqft · MultiFamily public records · 7 Days on market

Built 1970 0.48 ac lot Est $220k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +6.5/15.0
• Schools +6.3/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• 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 MLS

This perfectly maintained duplex is a identical on both sides. Both units have 2 bedrooms, full bath up and new showers in the basement. The kitchen cabinets on both sides have been redone along with new appliances. Nice size living rooms with newer carpet as well as in the bedrooms. Here are some of the updates on both sides: roof and windows 6 yrs old, furnaces 5 yrs. old, HWT 2.5 yrs old, electrical services updated 100 amp each side, new lights, fans, blinds, new fixtures in the bathrooms. Both sides have glass block windows in the basement as well as extra insulation in the attic. The owners didn't stop on the inside, outside you will find new sidewalks and steps, both decks have been redone and landscaping around the units. Everything has been done. Perfect for the investor or someone who is just starting out. .live in one side rent the other out. One thing for sure it will be hard for you to find a mutli-family in such good condition.

Key facts

• Tenant occupied
• Private basement
• Rear decks

Tags

• TENANT OCCUPIED
• BRICK RANCH DUPLEX
• PRIVATE BASEMENT
• GORGEOUS BACKYARD
• REAR DECKS
• DURABLE BRICK CONSTRUCTION

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $910 ($11k/yr) — positive. Per door: $455/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Cap rate 11.1% vs local median 1.9% in New Middletown — 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 73/100 on livability (#330 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment D, amenities F, commute F.
• Springfield Local (rural): math 68% / reading 81% proficiency, ranked #111 of 656 in OH (top 17%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 17 active listings in the ZIP; 147 units permitted in Mahoning County in 2024 (0 in 5+ unit buildings).
• At $3,085/mo this rent would consume 68% of the median local household income ($54k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Mahoning County population projected at -14% 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 $63k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y 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 $133k; list at $225k implies a 69% gain — meaningful room to come down on a strong offer.

Recommended offer $224,900

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 1970 — 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. 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?
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: 1.37% ✓
• Cap rate: 11.15%
• Cash-on-cash: 17.34%
• DSCR: 1.77
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $219,834
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4504/4506 Middletown Rd E	0.00mi	4/2.0	1,863 (0%)	0mo	$220,000	$118	100

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: 8.7%
• Equity multiple: 1.34×
• Total profit: $21,541
• Equity at exit: $33,533

10-year hold

• IRR: 17.9%
• Equity multiple: 2.48×
• Total profit: $93,505
• Equity at exit: $19,445

Cash invested: $62,972 (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 44442

• Home prices YoY: -20.0%
• Active inventory: 17
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $3,085 medium
• Mortgage (P&I): −$1,179
• Tax from tax record: −$254 /mo · $3,049/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$648
• Net cashflow: $910

Break-even live

Break-even rent $1,933

Max offer price $224,900

Occupancy floor 66%

Sensitivity live

Price	-10% $1,037	-5% $974	+0% $910	+5% $846	+10% $783
Rent	-10% $666	-5% $788	+0% $910	+5% $1,032	+10% $1,154
Rate	-1.0pp $1,023	-0.5pp $967	base $910	+0.5pp $852	+1.0pp $792

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,084
Total (2 units)			$3,085

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: $56,225
• Closing costs: $6,747
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-05-20
   status Pending
2. 2026-05-13
   listed $224,900 Active
3. 2021-01-04
   soldstatus $133,000 Closed 955-char remark

   Show marketing remark (955 chars)

   This perfectly maintained duplex is a identical on both sides. Both units have 2 bedrooms, full bath up and new showers in the basement. The kitchen cabinets on both sides have been redone along with new appliances. Nice size living rooms with newer carpet as well as in the bedrooms. Here are some of the updates on both sides: roof and windows 6 yrs old, furnaces 5 yrs. old, HWT 2.5 yrs old, electrical services updated 100 amp each side, new lights, fans, blinds, new fixtures in the bathrooms. Both sides have glass block windows in the basement as well as extra insulation in the attic. The owners didn't stop on the inside, outside you will find new sidewalks and steps, both decks have been redone and landscaping around the units. Everything has been done. Perfect for the investor or someone who is just starting out. .live in one side rent the other out. One thing for sure it will be hard for you to find a mutli-family in such good condition.

4. 2020-12-02
   status Pending 955-char remark

   Show marketing remark (955 chars)

   This perfectly maintained duplex is a identical on both sides. Both units have 2 bedrooms, full bath up and new showers in the basement. The kitchen cabinets on both sides have been redone along with new appliances. Nice size living rooms with newer carpet as well as in the bedrooms. Here are some of the updates on both sides: roof and windows 6 yrs old, furnaces 5 yrs. old, HWT 2.5 yrs old, electrical services updated 100 amp each side, new lights, fans, blinds, new fixtures in the bathrooms. Both sides have glass block windows in the basement as well as extra insulation in the attic. The owners didn't stop on the inside, outside you will find new sidewalks and steps, both decks have been redone and landscaping around the units. Everything has been done. Perfect for the investor or someone who is just starting out. .live in one side rent the other out. One thing for sure it will be hard for you to find a mutli-family in such good condition.

5. 2020-11-25
   listed $135,900 Active 955-char remark

   Show marketing remark (955 chars)

   This perfectly maintained duplex is a identical on both sides. Both units have 2 bedrooms, full bath up and new showers in the basement. The kitchen cabinets on both sides have been redone along with new appliances. Nice size living rooms with newer carpet as well as in the bedrooms. Here are some of the updates on both sides: roof and windows 6 yrs old, furnaces 5 yrs. old, HWT 2.5 yrs old, electrical services updated 100 amp each side, new lights, fans, blinds, new fixtures in the bathrooms. Both sides have glass block windows in the basement as well as extra insulation in the attic. The owners didn't stop on the inside, outside you will find new sidewalks and steps, both decks have been redone and landscaping around the units. Everything has been done. Perfect for the investor or someone who is just starting out. .live in one side rent the other out. One thing for sure it will be hard for you to find a mutli-family in such good condition.

6. 2015-10-15
   historical
7. 2015-08-13
   price $104,900
8. 2015-06-09
   price $107,750
9. 2015-04-15
   status Active
10. 2015-04-13
    historical
11. 2015-03-05
    listed $110,000 Active
12. 1991-09-24
    soldstatus $62,500

ⓘ 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: $3,049 · $254/mo
• Projected year-2 tax: $3,279 · $273/mo
• Expected delta: +$230/yr (+$19/mo · 7.5%)

ⓘ 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 2/10 Low 7 d/yr ≥95°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,020
• − Mortgage interest: −$12,598
• − Property taxes: −$3,049
• − Insurance: −$1,124
• − Repairs & maintenance: −$2,962
• − Management: −$2,962
• − Depreciation: −$6,543
• Taxable income: $7,783
• Est. tax owed @ 24.0%: −$1,868
• After-tax cash flow: $9,051/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 Local
• NCES district ID: 3904837
• Math proficiency: 68% ▼ -13.00%
• Reading proficiency: 81% ▼ -2.00%
• Median HH income: $49,532
• Composite: 63.01/100
• National rank: #652
• State rank: #111 of 656 in OH

Livability — New Middletown

• Score: 73/100
• State rank: #330
• US rank: #5410

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Middletown, OH
• County: Mahoning · 224,175 people
• Metro: Youngstown-Warren, OH
• Population (ZIP): 3,856
• Household income: $54,432
• Rent vs Own: 16.5% rent · 83.5% own
• Severe rent burden: 3.8

Population outlook (Mahoning County) Hauer SSP2

• Today (2025): 223,932 people
• By 2030: 218,387 · -2.5%
• By 2040: 205,367 · -8.3%
• By 2050: 193,606 · -13.5%
• By 2075: 173,694 · -22.4%
• By 2100: 151,147 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (97%)
• Race & ethnicity: White 97% Two or more races 2%
• Common ancestry: Romanian 5% Scotch-Irish 2% Italian 2%
• Foreign-born: 0%
• Languages at home: 99% English-only · Other Indo-European 1%

Political lean MEDSL · Mahoning

• 2024 margin: Lean R (+9.4) · D 44.9% · R 54.4%
• 2008→2024 swing: -36.1pp toward R · 2008: 26.6pp · 2024: -9.4pp
• All cycles: 2024: R+9.4 2020: R+1.9 2016: D+3.0 2012: D+27.7 2008: D+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.74%
• Current HPI: 203.0375
• 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

+259.8% since first listed

12 events — show timeline

• 2026-05-20 Pending — MLSNOW
• 2026-05-13 Listed $224,900 MLSNOW
• 2021-01-04 Sold (MLS) $133,000 MLSNOW
• 2020-12-02 Pending — MLSNOW
• 2020-11-25 Listed $135,900 MLSNOW
• 2015-10-15 Listing Removed — MLSNOW
• 2015-08-13 Price Changed $104,900 MLSNOW
• 2015-06-09 Price Changed $107,750 MLSNOW
• 2015-04-15 Relisted — MLSNOW
• 2015-04-13 Listing Removed — MLSNOW
• 2015-03-05 Listed $110,000 MLSNOW
• 1991-09-24 Sold (Public Records) $62,500 Public Records

Property tax history

+4.6%/yr

Latest (2025): $3,049 · +0.0% YoY. Source: county tax records.