701 W Wheeling St · Lancaster, OH 43130

$140,000

3 bd · 1.0 ba · 1,422 sqft · SingleFamily public records · 60 Days on market

Built 1900 10,018 sqft lot $98/sqft · 8% below area Est $179k · 22% under

---

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 +26.3/30.0
• ARV discount +15.0/15.0
• DSCR +8.9/10.0
• 1% rule +7.4/10.0
• 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

Listing remarks MLS

Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

Key facts

• 0.23 acre lot
• 2 garage spots
• Built 1900

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $306 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k 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 $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 10y ago; this cycle's ask has dropped $19k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $40k; list at $140k implies a 250% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $135,800 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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 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: 1.24% ✓
• Cap rate: 9.39%
• Cash-on-cash: 11.07%
• DSCR: 1.49
• GRM: 6.7

CMA / ARV

• ARV (median comp): $179,453
• List price: $140,000
• Delta: -21.99%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 W Wheeling St	0.12mi	3/1.0	1,288 (-9%)	4mo	$110,000	$85	76
215 Harrison Ave	0.07mi	2/1.0 (-1)	1,300 (-9%)	7mo	$145,000	$112	72
104 S Pierce Ave	0.25mi	3/2.0	1,524 (+7%)	4mo	$125,000	$82	69
703 N Roosevelt Ave	0.58mi	3/1.0	1,414 (-1%)	10mo	$130,000	$92	64
323 Garfield Ave	0.22mi	3/1.5	1,574 (+11%)	8mo	$70,000	$44	63
334 Eagle Ave	0.55mi	3/1.0	1,512 (+6%)	4mo	$50,000	$33	60
404 Miller Ave	0.45mi	3/2.0	1,320 (-7%)	4mo	$143,000	$108	59
526 N Columbus St	0.63mi	2/2.0 (-1)	1,444 (+2%)	2mo	$206,000	$143	57
734 Pierce Ave	0.54mi	3/1.0	1,521 (+7%)	9mo	$210,000	$138	56
233 Union St	0.49mi	3/1.0	1,250 (-12%)	3mo	$190,000	$152	54
401 Busby Ave	0.53mi	3/1.5	1,612 (+13%)	5mo	$255,000	$158	46
507 Brumfield Rd	0.65mi	4/2.0 (+1)	1,362 (-4%)	10mo	$217,000	$159	46

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.02×
• Total profit: $854
• Equity at exit: $20,874

10-year hold

• IRR: 12.5%
• Equity multiple: 2.10×
• Total profit: $43,183
• Equity at exit: $12,105

Cash invested: $39,200 (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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,733 high
• Mortgage (P&I): −$734
• Tax from tax record: −$214 /mo · $2,574/yr
• Insurance: −$58
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$364
• Net cashflow: $306

Break-even live

Break-even rent $1,345

Max offer price $140,000

Occupancy floor 77%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Washington Ave Lancaster, OH	4.0	1.0	1296	$1,650	$1.27	12d	1	0.20mi
219 N Columbus St Unit 231 Lancaster, OH	2.0	2.0	975	$1,735	$1.78	44d	1	0.53mi
219 N Columbus St Unit 205 Lancaster, OH	2.0	2.0	1103	$1,875	$1.70	44d	1	0.53mi
219 N Columbus St Lancaster, OH	1.0–2.0	1.0–2.0	1184	$1,895	$1.60	1d	31	0.53mi
532 N Columbus St Unit A Lancaster, OH	2.0	1.0	1300	$1,550	$1.19	44d	1	0.64mi
1508 Greyfield ST Lancaster, OH	1.0–3.0	1.0–2.0	953	$1,869	$1.96	1d	1	0.73mi
635 N High St Lancaster, OH	3.0	2.0	1608	$2,200	$1.37	44d	1	0.95mi
1733 Bellmeadow Dr Lancaster, OH	1.0–3.0	1.0–2.5	993	$1,855	$1.87	1d	10	1.16mi

Listing history 14 events

1. 2026-05-16
   status Pending 999-char remark

   Show marketing remark (999 chars)

   Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

2. 2026-05-15
   price $140,000 999-char remark

   Show marketing remark (999 chars)

   Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

3. 2026-05-13
   status Active 999-char remark

   Show marketing remark (999 chars)

   Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

4. 2026-04-10
   historical Contingent 999-char remark

   Show marketing remark (999 chars)

   Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

5. 2026-04-08
   price $154,000 999-char remark

   Show marketing remark (999 chars)

   Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

6. 2026-03-17
   listed $159,000 Active 999-char remark

   Show marketing remark (999 chars)

   Large , Traditional 2 1/2 story home with unlimited potential. Beautiful original woodwork throughout including Built-ins and pocket doors , great character. Dining room, Living room with fireplace, nice size kitchen and additional bonus room/den on the entry level, , three bedrooms with room for a fourth in the finished upper level. Situated on a huge almost quarter acre sized lot , almost fully fenced with newer fence. HUGE BONUS is the 256 sq. ft. accessory dwelling unit with separate meter bases and full bath , great for additional income as an efficiency apartment or fantastic mancave/she-shed. Some TLC is needed to bring everything up to speed but priced accordingly with room to build equity quickly. Great opportunity for the first time homeowner with room to grow, this property has it all, curb appeal , central location, large classic home, huge fenced yard, attached garage, additional garage/shed for maintenance storage and accessory dwelling unit . Check it out. Cash Only.

7. 2017-03-10
   soldstatus $40,000 Closed 271-char remark

   Show marketing remark (271 chars)

   Large home on a corner lot. 3 bedrooms 1.5 baths. Formal Dining room with built in china cabinet. Living room, kitchen, office space and 1/2 bath all on the first floor. Full walk up attic space has some drywall in place and could be easily finished for additional space.

8. 2017-02-20
   status Pending 271-char remark

   Show marketing remark (271 chars)

   Large home on a corner lot. 3 bedrooms 1.5 baths. Formal Dining room with built in china cabinet. Living room, kitchen, office space and 1/2 bath all on the first floor. Full walk up attic space has some drywall in place and could be easily finished for additional space.

9. 2017-01-26
   listed $42,000 Active 271-char remark

   Show marketing remark (271 chars)

   Large home on a corner lot. 3 bedrooms 1.5 baths. Formal Dining room with built in china cabinet. Living room, kitchen, office space and 1/2 bath all on the first floor. Full walk up attic space has some drywall in place and could be easily finished for additional space.

10. 2016-05-16
    soldstatus $33,000
11. 2016-04-21
    historical
12. 2016-03-09
    listed $38,500
13. 2000-02-14
    soldstatus $66,000
14. 1988-09-28
    soldstatus $33,000

ⓘ 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: $2,574 · $214/mo
• Projected year-2 tax: $2,574 · $214/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 19 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: $20,790
• − Mortgage interest: −$7,842
• − Property taxes: −$2,574
• − Insurance: −$1,366
• − Repairs & maintenance: −$1,663
• − Management: −$1,663
• − Depreciation: −$4,073
• Taxable income: $1,609
• Est. tax owed @ 24.0%: −$386
• After-tax cash flow: $3,288/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

+324.2% since first listed

14 events — show timeline

• 2026-05-16 Pending — CBRMLS
• 2026-05-15 Price Changed $140,000 CBRMLS
• 2026-05-13 Relisted — CBRMLS
• 2026-04-10 Contingent — CBRMLS
• 2026-04-08 Price Changed $154,000 CBRMLS
• 2026-03-17 Listed $159,000 CBRMLS
• 2017-03-10 Sold (MLS) $40,000 CBRMLS
• 2017-02-20 Pending — CBRMLS
• 2017-01-26 Listed $42,000 CBRMLS
• 2016-05-16 Sold (MLS) $33,000 CBRMLS
• 2016-04-21 Listing Removed — CBRMLS
• 2016-03-09 Listed $38,500 CBRMLS
• 2000-02-14 Sold (Public Records) $66,000 Public Records
• 1988-09-28 Sold (Public Records) $33,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $2,574 · +8.1% YoY. Source: county tax records.