22, 23 Gish Rd · Rittman, OH 44270

$160,000

4 bd · 2.0 ba · 1,368 sqft · MultiFamily public records · 171 Days on market

Built 1956 8,076 sqft lot $117/sqft · 11% above area Est $145k · 11% over

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Why this score? — see what drove the D+ 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 +19.7/30.0
• DSCR +6.2/10.0
• Schools +5.4/10.0
• 1% rule +4.7/10.0
• Livability +3.2/5.0
• ARV discount +2.7/15.0
• 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

Newly listed ranch-style duplex offering a great investment opportunity or the option to live on one side and rent the other. This property features a newer metal roof and two units, each with an inviting eat-in kitchen and a spacious living room. There are four total bedrooms-two per unit-providing comfortable living space for tenants or owners. The backyard includes a chain-link fence and a storage shed, adding convenience and functionality. A solid property with strong potential for income or multi-family living. The Left side is currently being left vacant for easy showings. The right side is currently tenant occupied.

Key facts

• Ranch-style duplex
• Chain-link fence
• Storage shed

Tags

• RANCH-STYLE DUPLEX
• NEWER METAL ROOF
• EAT-IN KITCHEN
• SPACIOUS LIVING ROOM
• CHAIN-LINK FENCE
• STORAGE SHED

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $187 ($2k/yr) — positive. Per door: $94/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $156k (2.7% below list).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#724 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: amenities F, commute F, employment D-.
• Rittman Exempted Village (suburban): math 61% / reading 66% proficiency, ranked #245 of 656 in OH (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 25 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 171 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 34y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $160k implies a 191% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1956 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 171 days. Have you received any prior offers? Is the seller open to a 12% 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 1956 — 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. Schools are B-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?
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 7.70%
• Cash-on-cash: 5.01%
• DSCR: 1.22
• GRM: 8.6

CMA / ARV

• ARV (median comp): $144,684
• List price: $160,000
• Delta: 10.59%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
88-90 Home St	0.54mi	4/2.0	1,344 (-2%)	12mo	$180,000	$134	62

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: -8.5%
• Equity multiple: 0.69×
• Total profit: $-14,031
• Equity at exit: $23,857

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $3,058
• Equity at exit: $13,834

Cash invested: $44,800 (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 44270

• Active inventory: 25
• Price-to-rent: 17.1×

Monthly cashflow live

• Estimated rent: $1,557 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$137 /mo · $1,648/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $187

Break-even live

Break-even rent $1,320

Max offer price $160,000

Occupancy floor 83%

Sensitivity live

Price	-10% $278	-5% $232	+0% $187	+5% $142	+10% $96
Rent	-10% $64	-5% $126	+0% $187	+5% $249	+10% $310
Rate	-1.0pp $268	-0.5pp $228	base $187	+0.5pp $146	+1.0pp $103

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,558
Total (2 units)			$1,557

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-09
   days on market $160,000 Active 171 DOM
2. 2026-06-08
   days on market $160,000 Active 170 DOM
3. 2026-06-07
   statusdays on market $160,000 Active 169 DOM
4. 2026-04-28
   price $160,000 630-char remark

   Show marketing remark (630 chars)

   Newly listed ranch-style duplex offering a great investment opportunity or the option to live on one side and rent the other. This property features a newer metal roof and two units, each with an inviting eat-in kitchen and a spacious living room. There are four total bedrooms-two per unit-providing comfortable living space for tenants or owners. The backyard includes a chain-link fence and a storage shed, adding convenience and functionality. A solid property with strong potential for income or multi-family living. The Left side is currently being left vacant for easy showings. The right side is currently tenant occupied.

5. 2026-02-10
   price $170,000 630-char remark

   Show marketing remark (630 chars)

   Newly listed ranch-style duplex offering a great investment opportunity or the option to live on one side and rent the other. This property features a newer metal roof and two units, each with an inviting eat-in kitchen and a spacious living room. There are four total bedrooms-two per unit-providing comfortable living space for tenants or owners. The backyard includes a chain-link fence and a storage shed, adding convenience and functionality. A solid property with strong potential for income or multi-family living. The Left side is currently being left vacant for easy showings. The right side is currently tenant occupied.

6. 2025-12-12
   listed $180,000 Active 630-char remark

   Show marketing remark (630 chars)

   Newly listed ranch-style duplex offering a great investment opportunity or the option to live on one side and rent the other. This property features a newer metal roof and two units, each with an inviting eat-in kitchen and a spacious living room. There are four total bedrooms-two per unit-providing comfortable living space for tenants or owners. The backyard includes a chain-link fence and a storage shed, adding convenience and functionality. A solid property with strong potential for income or multi-family living. The Left side is currently being left vacant for easy showings. The right side is currently tenant occupied.

7. 2007-05-18
   soldstatus $55,000
8. 2000-09-27
   soldstatus $60,000
9. 1994-04-04
   historical
10. 1993-10-13
    soldstatus $50,000
11. 1992-11-06
    listed $65,000

ⓘ 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: $1,648 · $137/mo
• Projected year-2 tax: $2,072 · $173/mo
• Expected delta: +$424/yr (+$35/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 ≥97°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,684
• − Mortgage interest: −$8,962
• − Property taxes: −$1,648
• − Insurance: −$800
• − Repairs & maintenance: −$1,495
• − Management: −$1,495
• − Depreciation: −$4,655
• Taxable loss: −$370
• Est. tax savings @ 24.0%: +$89
• After-tax cash flow: $2,333/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: Rittman Exempted Village
• NCES district ID: 3910028
• Math proficiency: 61% ▼ -10.00%
• Reading proficiency: 66% ▼ -4.00%
• Median HH income: $45,391
• Composite: 53.52/100
• National rank: #1449
• State rank: #245 of 656 in OH

Livability — Rittman

• Score: 65/100
• State rank: #724
• US rank: #13173

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rittman, OH
• County: Wayne · 117,095 people
• City population: 8,138
• Population (ZIP): 8,138
• Household income: $66,016
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 10.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -157.59%
• Current HPI: 197.1789
• 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

+146.2% since first listed

8 events — show timeline

• 2026-04-28 Price Changed $160,000 MLSNOW
• 2026-02-10 Price Changed $170,000 MLSNOW
• 2025-12-12 Listed $180,000 MLSNOW
• 2007-05-18 Sold (Public Records) $55,000 Public Records
• 2000-09-27 Sold (Public Records) $60,000 Public Records
• 1994-04-04 Listing Removed — MLSNOW
• 1993-10-13 Sold (Public Records) $50,000 Public Records
• 1992-11-06 Listed $65,000 MLSNOW

Property tax history

+4.5%/yr

Latest (2025): $1,648 · -0.4% YoY. Source: county tax records.