640 Jefferson St · Greenfield, OH 45123

$77,900

3 bd · 3.0 ba · 2,193 sqft · MultiFamily public records · 75 Days on market

Built 1920 6,534 sqft lot $36/sqft · 9% below area Est $85k · 9% under

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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
• ARV discount +11.5/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• 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: 3 units. confirmed

Listing remarks MLS

Opportunity knocks in Greenfield--this 3-unit property offers immediate upside at an attractive price point. One unit is nearly rent-ready, while the other two need light cosmetic improvements, making this an ideal value-add for investors looking to build equity and cash flow quickly. Market rents support ~$600/month per unit, positioning the property for approximately $1,800/month ($21,600 annually) once stabilized. With conservative expenses, this asset has the potential to perform in the mid-to-high teens cap rate range. Low entry, strong rent potential, and a clear path to stabilization--this is a solid addition to any portfolio.

Key facts

• 6,534 sq ft lot
• Built 1920
• Listed 75 days

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/1-bath units multifamily listed at $78k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $518/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $78k).
• Recommended offer: $73k (6.0% below list) — sets the bar for market timing.
• Cap rate 30.2% vs local median 4.0% in Greenfield — 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 72/100 on livability (#364 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Greenfield Exempted Village (town): math 56% / reading 56% proficiency, ranked #375 of 656 in OH (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Greenfield Middle School (math 53% / reading 53%, grade C+, #372 of 654 statewide, top 58%, 402 students, 59% FRL); Mcclain High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 537 students, 46% FRL) — zoned schools at 52% FRL track the district average.
• Market conditions: 28 active listings in the ZIP; 20 units permitted in Highland County in 2024 (0 in 5+ unit buildings).
• At $2,683/mo this rent would consume 53% of the median local household income ($61k/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 $539 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Highland County population projected at -21% 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 $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 75 days — a 6% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $16k; list at $78k implies a 384% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $73,226 (6.0% below list)

Questions for the listing agent

1. It's been on market 75 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 1920 — 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. 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.
8. 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.
9. 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: 3.44% ✓
• Cap rate: 30.23%
• Cash-on-cash: 85.50%
• DSCR: 4.80
• GRM: 2.4

CMA / ARV

• ARV (median comp): $85,431
• List price: $77,900
• Delta: -8.82%
• Verdict: FAIR
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 86.0%
• Equity multiple: 4.96×
• Total profit: $86,414
• Equity at exit: $11,615

10-year hold

• IRR: 89.1%
• Equity multiple: 10.30×
• Total profit: $202,932
• Equity at exit: $6,735

Cash invested: $21,812 (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 45123

• Home prices YoY: -15.3%
• Active inventory: 28
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,683 medium
• Mortgage (P&I): −$409
• Tax from tax record: −$125 /mo · $1,494/yr
• Insurance: −$32
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,554

Break-even live

Break-even rent $716

Max offer price $77,900

Occupancy floor 37%

Sensitivity live

Price	-10% $1,598	-5% $1,576	+0% $1,554	+5% $1,532	+10% $1,510
Rent	-10% $1,342	-5% $1,448	+0% $1,554	+5% $1,660	+10% $1,766
Rate	-1.0pp $1,593	-0.5pp $1,574	base $1,554	+0.5pp $1,534	+1.0pp $1,513

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	1	$2,682
Total (3 units)			$2,683

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: $19,475
• Closing costs: $2,337
• Reserves months: —
• Total cash needed: —

Listing history 20 events

1. 2026-06-22
   days on market $77,900 Active 75 DOM
2. 2026-06-21
   days on market $77,900 Active 74 DOM
3. 2026-06-21
   days on market $77,900 Active 73 DOM
4. 2026-06-18
   days on market $77,900 Active 71 DOM
5. 2026-06-17
   days on market $77,900 Active 70 DOM
6. 2026-06-16
   days on market $77,900 Active 69 DOM
7. 2026-06-15
   days on market $77,900 Active 68 DOM
8. 2026-06-13
   days on market $77,900 Active 66 DOM
9. 2026-06-12
   days on market $77,900 Active 65 DOM
10. 2026-06-09
    days on market $77,900 Active 62 DOM
11. 2026-06-08
    days on market $77,900 Active 61 DOM
12. 2026-06-08
    days on market $77,900 Active 60 DOM
13. 2026-06-07
    days on market $77,900 Active 59 DOM
14. 2026-06-04
    days on market $77,900 Active 56 DOM
15. 2026-06-02
    days on market $77,900 Active 55 DOM
16. 2026-06-01
    days on market $77,900 Active 54 DOM
17. 2026-05-31
    days on market $77,900 Active 53 DOM
18. 2026-04-29
    price $77,900 641-char remark

    Show marketing remark (641 chars)

    Opportunity knocks in Greenfield--this 3-unit property offers immediate upside at an attractive price point. One unit is nearly rent-ready, while the other two need light cosmetic improvements, making this an ideal value-add for investors looking to build equity and cash flow quickly. Market rents support ~$600/month per unit, positioning the property for approximately $1,800/month ($21,600 annually) once stabilized. With conservative expenses, this asset has the potential to perform in the mid-to-high teens cap rate range. Low entry, strong rent potential, and a clear path to stabilization--this is a solid addition to any portfolio.

19. 2026-04-08
    listed $79,900 Active 641-char remark

    Show marketing remark (641 chars)

    Opportunity knocks in Greenfield--this 3-unit property offers immediate upside at an attractive price point. One unit is nearly rent-ready, while the other two need light cosmetic improvements, making this an ideal value-add for investors looking to build equity and cash flow quickly. Market rents support ~$600/month per unit, positioning the property for approximately $1,800/month ($21,600 annually) once stabilized. With conservative expenses, this asset has the potential to perform in the mid-to-high teens cap rate range. Low entry, strong rent potential, and a clear path to stabilization--this is a solid addition to any portfolio.

20. 1985-06-07
    soldstatus $16,100

ⓘ 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: $1,494 · $125/mo
• Projected year-2 tax: $1,494 · $125/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 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 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,196
• − Mortgage interest: −$4,364
• − Property taxes: −$1,494
• − Insurance: −$390
• − Repairs & maintenance: −$2,576
• − Management: −$2,576
• − Depreciation: −$2,266
• Taxable income: $18,531
• Est. tax owed @ 24.0%: −$4,447
• After-tax cash flow: $14,201/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: Greenfield Exempted Village
• NCES district ID: 3904540
• Math proficiency: 56% ▼ -4.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $38,037
• Composite: 46.62/100
• National rank: #2411
• State rank: #375 of 656 in OH

Livability — Greenfield

• Score: 72/100
• State rank: #364
• US rank: #5881

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenfield, OH
• County: Highland · 42,279 people
• City population: 8,739
• Population (ZIP): 8,739
• Household income: $60,614
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 6.1

Population outlook (Highland County) Hauer SSP2

• Today (2025): 41,165 people
• By 2030: 39,726 · -3.5%
• By 2040: 36,377 · -11.6%
• By 2050: 32,572 · -20.9%
• By 2075: 23,690 · -42.5%
• By 2100: 16,220 · -60.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Black 2% Hispanic / Latino 1%
• Common ancestry: Slovak 3% Italian 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Highland

• 2024 margin: Solid R (+63.4) · D 18.1% · R 81.4%
• 2008→2024 swing: -37.0pp toward R · 2008: -26.3pp · 2024: -63.4pp
• All cycles: 2024: R+63.4 2020: R+60.4 2016: R+56.1 2012: R+30.7 2008: R+26.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.72%
• Current HPI: 291.4543
• 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

+383.9% since first listed

3 events — show timeline

• 2026-04-29 Price Changed $77,900 CBRMLS
• 2026-04-08 Listed $79,900 CBRMLS
• 1985-06-07 Sold (Public Records) $16,100 Public Records

Property tax history

+2.6%/yr

Latest (2025): $1,494 · +0.0% YoY. Source: county tax records.