239 Ellis Ave · Findlay, OH 45840

$189,900

2 bd · 1.0 ba · 1,092 sqft · SingleFamily public records · 6 Days on market

Built 1980 7,100 sqft lot Est $171k · 11% over

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Why this score? — see what drove the F 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 +10.7/30.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• DSCR +3.1/10.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to your newly renovated 3 bed & 1 bath ranch home with attached 1 car garage along with many modern finishes. New roof with 50 yr transferrable warranty, new carpet & luxury vinyl throughout, new kitchen with quartz counters. Hvac less than 4 years old. Two of the three bedrooms boast walk in closets with the primary offering panoramic exterior views and ample natural light. Fenced in backyard with a shed for extra storage. Viewings available starting 6/23. Open house Wednesday June 24th 5-7 pm. Seller is a licensed realtor in the state of Ohio.

Key facts

• Quartz counters
• Ample natural light
• Modern finishes

Tags

• NEWLY RENOVATED
• MODERN FINISHES
• NEW ROOF
• QUARTZ COUNTERS
• PANORAMIC EXTERIOR VIEWS
• AMPLE NATURAL LIGHT

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-91 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $174k (8.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (25.7% below list).
• Recommended offer: $141k (25.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 81/100 on livability (#98 in OH, #1,496 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Findlay City (town): math 56% / reading 56% proficiency, ranked #357 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northview Primary School (math 57% / reading 57%, grade C+, #729 of 1,584 statewide, top 48%, 361 students, 54% FRL); Glenwood Middle School (math 47% / reading 41%, grade D, #484 of 654 statewide, top 74%, 535 students, 45% FRL); Findlay High School (math 51% / reading 60%, grade C, #296 of 781 statewide, top 39%, 1,915 students, 31% FRL).
• Market conditions: Rents rising fast (+5.7%/yr); 216 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 257 units permitted in Hancock County in 2024 (150 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 $6k of value loss. Plan a longer hold.
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $100k; list at $190k implies a 90% gain — meaningful room to come down on a strong offer.

Recommended offer $141,067 (25.7% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 0.74% ✗
• Cap rate: 5.72%
• Cash-on-cash: -2.06%
• DSCR: 0.91
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $171,444
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2419 Hollybrook Dr	0.10mi	3/1.5 (+1)	1,107 (+1%)	1mo	$255,000	$230	86
2418 Hollybrook Dr	0.07mi	3/1.5 (+1)	1,136 (+4%)	1mo	$242,000	$213	82
400 Rosewood Ave	0.11mi	3/1.0 (+1)	1,026 (-6%)	2mo	$180,000	$175	78
430 Mona Ln	0.19mi	3/1.0 (+1)	999 (-8%)	4mo	$121,800	$122	68
151 Monroe Ave	0.63mi	3/1.0 (+1)	1,152 (+6%)	0mo	$172,500	$150	56
145 Madison Ave	0.69mi	3/1.0 (+1)	1,125 (+3%)	4mo	$156,500	$139	55
120 Stanley Ave	0.30mi	3/2.0 (+1)	1,232 (+13%)	5mo	$153,000	$124	51
643 Edith Ave	0.48mi	3/2.0 (+1)	1,212 (+11%)	5mo	$190,000	$157	46
243 Monroe Ave	0.62mi	2/1.0	934 (-14%)	2mo	$162,500	$174	45
405 Clifton Ave	0.57mi	3/1.0 (+1)	1,236 (+13%)	2mo	$162,000	$131	45
528 Rector Ave	0.53mi	3/2.0 (+1)	1,221 (+12%)	2mo	$188,200	$154	44
2100 Candlewick Dr	0.51mi	3/2.0 (+1)	1,218 (+12%)	4mo	$195,275	$160	44

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 · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -17.0%
• Equity multiple: 0.38×
• Total profit: $-32,713
• Equity at exit: $28,315

10-year hold

• IRR: -5.0%
• Equity multiple: 0.64×
• Total profit: $-19,205
• Equity at exit: $16,419

Cash invested: $53,172 (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 45840

• Rents YoY: 5.7%
• Active inventory: 216
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $1,411 medium
• Mortgage (P&I): −$996
• Tax from tax record: −$131 /mo · $1,567/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$296
• Net cashflow: $-91

Break-even live

Break-even rent $1,526

Max offer price $173,806

Occupancy floor —

Sensitivity live

Price	-10% $16	-5% $-37	+0% $-91	+5% $-145	+10% $-199
Rent	-10% $-203	-5% $-147	+0% $-91	+5% $-35	+10% $20
Rate	-1.0pp $5	-0.5pp $-43	base $-91	+0.5pp $-140	+1.0pp $-190

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2070 Breckenridge Rd Findlay, OH	2.0	1.0	810	$1,060	$1.31	25d	3	1.31mi
1231 Crystal Glen Blvd Findlay, OH	1.0–2.0	1.0–1.5	753	$1,110	$1.47	15d	13	1.31mi
1001 Heartland Ct Findlay, OH	2.0–3.0	2.0–2.5	1455	$2,200	$1.51	25d	12	1.42mi

Listing history 5 events

1. 2026-06-22
   days on market $189,900 Coming Soon 6 DOM
2. 2026-06-19
   days on market $189,900 Coming Soon 3 DOM
3. 2026-06-18
   days on market $189,900 Coming Soon 2 DOM
4. 2026-06-17
   remarks 563-char remark
5. 2026-06-17
   listed $189,900 Coming Soon 1 DOM

ⓘ 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: $1,567 · $131/mo
• Projected year-2 tax: $2,265 · $189/mo
• Expected delta: +$698/yr (+$58/mo · 44.5%)

ⓘ 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 ≥98°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: $16,928
• − Mortgage interest: −$10,637
• − Property taxes: −$1,567
• − Insurance: −$950
• − Repairs & maintenance: −$1,354
• − Management: −$1,354
• − Depreciation: −$5,524
• Taxable loss: −$4,458
• Est. tax savings @ 24.0%: +$1,070
• After-tax cash flow: $-23/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: Findlay City
• NCES district ID: 3910000
• Math proficiency: 56% ▼ -11.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $45,261
• Composite: 47.31/100
• National rank: #2300
• State rank: #357 of 656 in OH

Livability — Findlay

• Score: 81/100
• State rank: #98
• US rank: #1496

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Findlay, OH
• County: Hancock County · 54,559 people
• City population: 54,559
• Metro: Findlay, OH
• Population (ZIP): 54,559
• Household income: $68,083
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1540.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,526 people
• By 2030: 77,777 · +0.3%
• By 2040: 76,976 · -0.7%
• By 2050: 74,479 · -3.9%
• By 2075: 65,741 · -15.2%
• By 2100: 52,942 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+38.4) · D 30.2% · R 68.7% · Other 1.1%
• 2008→2024 swing: -15.3pp toward R · 2008: -23.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+37.5 2016: R+40.8 2012: R+28.3 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.43%
• Current HPI: 194.9132
• Rent YoY: ▲ 5.68%
• Metro: Findlay, 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

+216.5% since first listed

4 events — show timeline

• 2026-06-16 Coming Soon $189,900 NORIS
• 2026-04-29 Sold (Public Records) $100,000 Public Records
• 2010-12-06 Sold (Public Records) $72,000 Public Records
• 1991-07-19 Sold (Public Records) $60,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,567 · +9.1% YoY. Source: county tax records.