1501 E High St · Springfield, OH 45505

$239,500

6 bd · 2.5 ba · 4,058 sqft · MultiFamily public records · 63 Days on market

Built 1901 7,405 sqft lot $59/sqft · 35% above area Est $177k · 35% over

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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 +28.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• 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

Cash-flowing 4,000+ sqft duplex with oversized units and strong in-place income! This fully occupied duplex generates $1,500/month per unit with long-term tenants in place who wish to remain, offering immediate and stable cash flow from day one. Unit 1501 - 3 beds/1 bath Unit 202 - 4 beds/1.5 baths Each unit features approximately 2,000 square feet of living space (to seller's best knowledge), significantly larger than typical duplex units, making this a highly desirable rental option in the Springfield market. The property also includes a spacious parking area accommodating 8 vehicles, adding convenience for tenants and long-term rental appeal. Tenants are currently on month-to-month arrangements, providing flexibility for new ownership while maintaining proven rental history (per seller). Property is in functional condition and positioned as a strong investment opportunity with stability. Ideal for investors seeking: Strong cash flow Large unit layouts Stable occupancy Opportunity to formalize leases and optimize operations

Key facts

• Long-term tenants
• Oversized units
• Cash-flowing duplex

Tags

• CASH-FLOWING DUPLEX
• OVERSIZED UNITS
• STRONG IN-PLACE INCOME
• SPACIOUS PARKING AREA
• LONG-TERM TENANTS
• FUNCTIONAL CONDITION

What this means for you Summary

Snapshot

• This is a 1×3.0bd/1.5ba + 1×4.0bd/1.5ba units multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $808 ($10k/yr) — positive. Per door: $404/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Recommended offer: $225k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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.
• Zoned schools: Mann Elementary School (math 29% / reading 32%, grade F, #1,151 of 1,584 statewide, top 73%, 383 students, 0% FRL); Schaefer Middle School (math 20% / reading 27%, grade F, #597 of 654 statewide, top 92%, 268 students, 0% FRL); Springfield High School (math 17% / reading 31%, grade F, #665 of 781 statewide, top 85%, 1,516 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 158 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 $2,999/mo this rent would consume 82% of the median local household income ($44k/yr) (locally 950% 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 $2k of loan paydown is wiped out by about $7k 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 $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($225k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 20y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $54k; list at $240k implies a 344% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $225,130 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.25% ✓
• Cap rate: 10.34%
• Cash-on-cash: 14.46%
• DSCR: 1.64
• GRM: 6.7

CMA / ARV

• ARV (median comp): $177,446
• List price: $239,500
• Delta: 34.97%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $12,629
• Equity at exit: $35,710

10-year hold

• IRR: 14.3%
• Equity multiple: 2.15×
• Total profit: $77,198
• Equity at exit: $20,708

Cash invested: $67,060 (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: 13.6×

Monthly cashflow live

• Estimated rent: $2,999 high
• Mortgage (P&I): −$1,256
• Tax from tax record: −$206 /mo · $2,468/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$630
• Net cashflow: $808

Break-even live

Break-even rent $1,976

Max offer price $239,500

Occupancy floor 68%

Sensitivity live

Price	-10% $943	-5% $876	+0% $808	+5% $740	+10% $672
Rent	-10% $571	-5% $689	+0% $808	+5% $926	+10% $1,045
Rate	-1.0pp $928	-0.5pp $869	base $808	+0.5pp $746	+1.0pp $683

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

Units	Beds	Baths	Est. rent
1× unit	3.0	1.5	$1,464
1× unit	4.0	1.5	$1,535
Total (2 units)			$2,999

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: $59,875
• Closing costs: $7,185
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-19
   days on market $239,500 Active 63 DOM
2. 2026-06-18
   days on market $239,500 Active 62 DOM
3. 2026-06-17
   days on market $239,500 Active 61 DOM
4. 2026-06-16
   days on market $239,500 Active 60 DOM
5. 2026-06-15
   days on market $239,500 Active 59 DOM
6. 2026-06-14
   days on market $239,500 Active 57 DOM
7. 2026-06-12
   days on market $239,500 Active 56 DOM
8. 2026-06-09
   days on market $239,500 Active 53 DOM
9. 2026-06-08
   days on market $239,500 Active 52 DOM
10. 2026-06-07
    days on market $239,500 Active 51 DOM
11. 2026-06-05
    days on market $239,500 Active 48 DOM
12. 2026-06-02
    days on market $239,500 Active 46 DOM
13. 2026-06-01
    pricedays on market $239,500 Active 45 DOM
14. 2026-05-31
    days on market $243,900 Active 44 DOM
15. 2026-05-30
    days on market $243,900 Active 43 DOM
16. 2026-04-26
    price $243,900 1054-char remark

    Show marketing remark (1054 chars)

    Cash-flowing 4,000+ sqft duplex with oversized units and strong in-place income! This fully occupied duplex generates $1,500/month per unit with long-term tenants in place who wish to remain, offering immediate and stable cash flow from day one. Unit 1501 - 3 beds/1 bath Unit 202 - 4 beds/1.5 baths Each unit features approximately 2,000 square feet of living space (to seller's best knowledge), significantly larger than typical duplex units, making this a highly desirable rental option in the Springfield market. The property also includes a spacious parking area accommodating 8 vehicles, adding convenience for tenants and long-term rental appeal. Tenants are currently on month-to-month arrangements, providing flexibility for new ownership while maintaining proven rental history (per seller). Property is in functional condition and positioned as a strong investment opportunity with stability. Ideal for investors seeking: Strong cash flow Large unit layouts Stable occupancy Opportunity to formalize leases and optimize operations

17. 2026-04-17
    listed $259,900 Active 1054-char remark

    Show marketing remark (1054 chars)

    Cash-flowing 4,000+ sqft duplex with oversized units and strong in-place income! This fully occupied duplex generates $1,500/month per unit with long-term tenants in place who wish to remain, offering immediate and stable cash flow from day one. Unit 1501 - 3 beds/1 bath Unit 202 - 4 beds/1.5 baths Each unit features approximately 2,000 square feet of living space (to seller's best knowledge), significantly larger than typical duplex units, making this a highly desirable rental option in the Springfield market. The property also includes a spacious parking area accommodating 8 vehicles, adding convenience for tenants and long-term rental appeal. Tenants are currently on month-to-month arrangements, providing flexibility for new ownership while maintaining proven rental history (per seller). Property is in functional condition and positioned as a strong investment opportunity with stability. Ideal for investors seeking: Strong cash flow Large unit layouts Stable occupancy Opportunity to formalize leases and optimize operations

18. 2023-08-22
    historical
19. 2023-07-12
    price $268,000
20. 2023-06-20
    listed $280,000 Active
21. 2020-07-20
    soldstatus $54,000
22. 2018-11-27
    historical
23. 2018-11-27
    historical
24. 2018-08-16
    listed $64,900
25. 2018-08-15
    listed $64,900
26. 2015-10-01
    historical
27. 2014-12-02
    listed $85,000
28. 2011-06-03
    soldstatus $27,199
29. 2010-10-22
    listed $33,810
30. 2009-02-07
    historical
31. 2007-07-31
    listed $106,900
32. 2007-07-19
    historical
33. 2007-01-19
    listed $106,900
34. 2007-01-05
    historical
35. 2006-07-05
    listed $109,900
36. 1999-08-02
    soldstatus $94,000
37. 1995-11-08
    soldstatus $90,000
38. 1990-08-07
    soldstatus $51,000
39. 1986-05-07
    soldstatus $26,500

ⓘ 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: $2,468 · $206/mo
• Projected year-2 tax: $3,102 · $258/mo
• Expected delta: +$634/yr (+$53/mo · 25.7%)

ⓘ 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 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: $35,988
• − Mortgage interest: −$13,416
• − Property taxes: −$2,468
• − Insurance: −$1,198
• − Repairs & maintenance: −$2,879
• − Management: −$2,879
• − Depreciation: −$6,967
• Taxable income: $6,182
• Est. tax owed @ 24.0%: −$1,484
• After-tax cash flow: $8,210/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

+820.4% since first listed

24 events — show timeline

• 2026-04-26 Price Changed $243,900 CBRMLS
• 2026-04-17 Listed $259,900 CBRMLS
• 2023-08-22 Listing Removed — CBRMLS
• 2023-07-12 Price Changed $268,000 CBRMLS
• 2023-06-20 Listed $280,000 CBRMLS
• 2020-07-20 Sold (Public Records) $54,000 Public Records
• 2018-11-27 Listing Removed — WRIST
• 2018-11-27 Listing Removed — Dayton MLS
• 2018-08-16 Listed $64,900 Dayton MLS
• 2018-08-15 Listed $64,900 WRIST
• 2015-10-01 Listing Removed — WRIST
• 2014-12-02 Listed $85,000 WRIST
• 2011-06-03 Sold (MLS) $27,199 WRIST
• 2010-10-22 Listed $33,810 WRIST
• 2009-02-07 Listing Removed — WRIST
• 2007-07-31 Listed $106,900 WRIST
• 2007-07-19 Listing Removed — WRIST
• 2007-01-19 Listed $106,900 WRIST
• 2007-01-05 Listing Removed — WRIST
• 2006-07-05 Listed $109,900 WRIST
• 1999-08-02 Sold (Public Records) $94,000 Public Records
• 1995-11-08 Sold (Public Records) $90,000 Public Records
• 1990-08-07 Sold (Public Records) $51,000 Public Records
• 1986-05-07 Sold (Public Records) $26,500 Public Records

Property tax history

-0.4%/yr

Latest (2025): $2,468 · -15.4% YoY. Source: county tax records.