306-308 E Northern Ave · Springfield, OH 45503

$149,900

4 bd · 2.0 ba · 1,484 sqft · MultiFamily · 17 Days on market

Built 1919 Good condition 5,227 sqft lot Est $151k · at est.

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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 +22.8/30.0
• ARV discount +7.9/15.0
• DSCR +7.3/10.0
• 1% rule +5.9/10.0
• Condition / age +3.8/5.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks

Rental property 1 bedroom downstairs, with newer carpet, the front porch has been completely updated with composite decking, the upstairs attic has been converted into 2 bedrooms with 1 bedroom on the second floor, the backyard is fenced in with parking in the rear.

Key facts

• Front porch updated
• Backyard fenced
• Composite decking

Tags

• FRONT PORCH UPDATED
• COMPOSITE DECKING
• UPSTAIRS ATTIC CONVERTED
• BACKYARD FENCED
• PARKING IN REAR

Property features AI

Exterior

• Utilities: Supplied water; Public sewer
• Home design: Multi-family property; 2 total units; Built in 1919; Lot dimensions approximately 40 x 140 feet (0.12 acres); Located in the Northern Estate subdivision
• Construction: Wood siding construction
• Exterior features: Residential lot; Supplied water; Public sewer

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $150k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $260 ($3k/yr) — positive. Per door: $130/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.4% 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: 144 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• This rent runs 36% of the median local income ($55k/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 $1k 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 17 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $147,651 (1.5% below list)

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 1919 — 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. 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?
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: 1.09% ✓
• Cap rate: 8.37%
• Cash-on-cash: 7.42%
• DSCR: 1.33
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $151,368
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1663-1665 Brentwood Dr	0.48mi	4/2.0	1,520 (+2%)	1mo	$155,000	$102	73
472 Stanton Ave	0.36mi	4/2.0	1,471 (-1%)	15mo	$107,100	$73	69
1681 Brentwood Dr	0.51mi	4/2.0	1,552 (+5%)	6mo	$165,000	$106	64
1674 Brentwood Dr	0.49mi	4/2.0	1,552 (+5%)	22mo	$155,000	$100	51

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: -4.9%
• Equity multiple: 0.82×
• Total profit: $-7,727
• Equity at exit: $22,351

10-year hold

• IRR: 4.8%
• Equity multiple: 1.35×
• Total profit: $14,669
• Equity at exit: $12,961

Cash invested: $41,972 (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 45503

• Active inventory: 144
• Price-to-rent: 15.2×

Monthly cashflow live

• Estimated rent: $1,640 medium
• Mortgage (P&I): −$786
• Tax est. 1.5%: −$187 /mo · $2,248/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$344
• Net cashflow: $260

Break-even live

Break-even rent $1,311

Max offer price $149,900

Occupancy floor 79%

Sensitivity live

Price	-10% $363	-5% $311	+0% $260	+5% $208	+10% $156
Rent	-10% $130	-5% $195	+0% $260	+5% $324	+10% $389
Rate	-1.0pp $335	-0.5pp $298	base $260	+0.5pp $221	+1.0pp $181

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,640
Total (2 units)			$1,640

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
509 E Northern Ave Unit 511 Springfield, OH	3.0	1.0	995	$995	$1.00	3d	1	0.19mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	12d	1	0.92mi
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	24d	1	1.32mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	45d	1	1.32mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	12d	1	1.37mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	12d	1	1.43mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	12d	1	1.46mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	12d	1	1.49mi

Listing history 14 events

1. 2026-06-19
   days on market $149,900 Active 17 DOM
2. 2026-06-18
   days on market $149,900 Active 16 DOM
3. 2026-06-17
   days on market $149,900 Active 15 DOM
4. 2026-06-16
   days on market $149,900 Active 14 DOM
5. 2026-06-15
   days on market $149,900 Active 13 DOM
6. 2026-06-14
   days on market $149,900 Active 11 DOM
7. 2026-06-12
   days on market $149,900 Active 10 DOM
8. 2026-06-09
   days on market $149,900 Active 7 DOM
9. 2026-06-09
   price $149,900 Active 6 DOM
10. 2026-06-08
    days on market $169,000 Active 6 DOM
11. 2026-06-07
    days on market $169,000 Active 5 DOM
12. 2026-06-05
    days on market $169,000 Active 2 DOM
13. 2026-06-03
    remarks 266-char remark
14. 2026-06-03
    listed $169,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 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: $19,680
• − Mortgage interest: −$8,397
• − Property taxes: −$2,248
• − Insurance: −$750
• − Repairs & maintenance: −$1,574
• − Management: −$1,574
• − Depreciation: −$4,361
• Taxable income: $776
• Est. tax owed @ 24.0%: −$186
• After-tax cash flow: $2,930/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 · 12 photos

Good 75/100 Cosmetic rehab

This multi-family property is in good condition with recent updates, making it a solid investment opportunity.

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and resale value
• Both Replace gutters — Improves drainage and reduces maintenance costs

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and resale value ↑
• Both Replace gutters — Improves drainage and reduces maintenance costs ↑

ⓘ 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 · 134,280 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 32,673
• Household income: $54,561
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 4.7

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 (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1% Spanish 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: ▼ -211.92%
• Current HPI: 257.5694
• 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

1 event — show timeline

• 2026-06-02 Listed $169,000 WRIST