113 Commercial St · Wauseon, OH 43567

$80,000

4 bd · 2.5 ba · 2,448 sqft · MultiFamily public records · 8 Days on market

Built 1900 3,751 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.5/10.0
• Livability +4.1/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

The income potential of this one is great! Currently all units are vacant but were occupied until a few weeks ago. Property needs a foundation wall repaired/replaced and the property has been priced accordingly. All units have newer kitchens, baths and laundry hook ups. Roof may also need some work. Seller requests CASH offers only due to the needed foundation repairs as financing will be difficult.

Key facts

• Newer kitchens
• Laundry hook ups
• Newer baths

Tags

• NEWER KITCHENS
• NEWER BATHS
• LAUNDRY HOOK UPS

Property features AI

Finance

• Financial info: Triplex with 3 total units (all listed as vacant); Tenant and owner payment responsibilities: Other

Exterior

• Parking: 25 parking spaces; Asphalt parking lot, on-street parking, and accessible parking
• Utilities: Public water; Public sewer; Electricity connected (circuit breakers); Natural gas connected; Cable available
• Home design: Residential income property (Triplex); Two-story building; Estimated year built
• Construction: Frame construction with vinyl siding; Shingle roof; Other foundation
• Exterior features: Deck; Front porch; Privacy fencing; Zero lot line; City street frontage; Asphalt road surface

Interior

• Flooring: Carpet; Linoleum
• Heating & cooling: Electric baseboard heating; Ceiling fan(s) for cooling
• Interior features: Other interior features
• Laundry & utility: In-unit laundry hookups with washer hookup and electric dryer hookup; Water heater

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $80k).
• Cap rate 22.4% vs local median 3.2% in Wauseon — 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 82/100 on livability (#80 in OH, #1,209 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Wauseon Exempted Village (town): math 63% / reading 67% proficiency, ranked #212 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wauseon Primary School (415 students, 35% FRL); Wauseon High School (math 57% / reading 67%, grade B-, #202 of 781 statewide, top 29%, 522 students, 34% FRL) — zoned schools average 34% FRL vs 52% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 37 active listings in the ZIP; 24 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).
• This rent runs 34% of the median local income ($74k/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 $553 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fulton County population projected at -14% 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

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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.
5. 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.
6. 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: 2.62% ✓
• Cap rate: 22.45%
• Cash-on-cash: 57.70%
• DSCR: 3.57
• GRM: 3.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 56.2%
• Equity multiple: 3.49×
• Total profit: $55,685
• Equity at exit: $11,928

10-year hold

• IRR: 61.2%
• Equity multiple: 7.12×
• Total profit: $137,017
• Equity at exit: $6,917

Cash invested: $22,400 (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 43567

• Home prices YoY: -24.6%
• Active inventory: 37
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$420
• Tax from tax record: −$125 /mo · $1,501/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $1,077

Break-even live

Break-even rent $732

Max offer price $80,000

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,094
Total (2 units)			$2,095

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-18
   status $80,000 Pending 8 DOM
2. 2026-06-18
   days on market $80,000 Active 8 DOM
3. 2026-06-17
   days on market $80,000 Active 7 DOM
4. 2026-06-16
   days on market $80,000 Active 6 DOM
5. 2026-06-15
   days on market $80,000 Active 5 DOM
6. 2026-06-13
   days on market $80,000 Active 3 DOM
7. 2026-06-12
   remarks 402-char remark
8. 2026-06-12
   listed $80,000 Active 2 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: $1,501 · $125/mo
• Projected year-2 tax: $1,501 · $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 3/10 Moderate 7 d/yr ≥99°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: $25,140
• − Mortgage interest: −$4,481
• − Property taxes: −$1,501
• − Insurance: −$400
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$2,327
• Taxable income: $12,408
• Est. tax owed @ 24.0%: −$2,978
• After-tax cash flow: $9,947/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: Wauseon Exempted Village
• NCES district ID: 3904564
• Math proficiency: 63% ▼ -12.00%
• Reading proficiency: 67% ▼ -6.00%
• Median HH income: $50,616
• Composite: 55.27/100
• National rank: #1266
• State rank: #212 of 656 in OH

Livability — Wauseon

• Score: 82/100
• State rank: #80
• US rank: #1209

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wauseon, OH
• County: Fulton · 33,657 people
• Metro: Toledo, OH
• Population (ZIP): 12,879
• Household income: $74,404
• Rent vs Own: 21.2% rent · 78.8% own
• Severe rent burden: 1.6

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 41,958 people
• By 2030: 41,130 · -2.0%
• By 2040: 38,760 · -7.6%
• By 2050: 36,040 · -14.1%
• By 2075: 30,793 · -26.6%
• By 2100: 25,429 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11% Two or more races 5%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+42.4) · D 28.4% · R 70.8%
• 2008→2024 swing: -34.3pp toward R · 2008: -8.1pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+39.8 2016: R+36.0 2012: R+13.2 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.53%
• Current HPI: 222.1398
• 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

• 2026-06-09 Listed $80,000 NORIS

Property tax history

+6.3%/yr

Latest (2025): $1,501 · -2.6% YoY. Source: county tax records.