204 Western St · Lancaster, OH 43130

$65,000

2 bd · 1.0 ba · 733 sqft · SingleFamily public records · 84 Days on market

Built 1900 871 sqft lot $89/sqft · at area comps Est $83k · 22% under $315/mo HOA · 24% of rent ↓ 7% since listing

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

OPEN SUNDAY 5-24-26, 1-3pm. This 2BR, 1BA Lancaster Campground cottage has so much to offer! A large bedroom on each level, main level bath, large living room, dining room, remodeled kitchen and even a separate office/small 3rd BR! Many improvements have been done including: new insulation under the floors and around the plumbing, most of the plumbing has been updated, Kitchen & Bathroom were reconfigured & remodeled, replacement windows, newer gas furnace, HWH - 2022, laundry area installed in a walk-in closet off the main level BR, rubber roof over entryway, updated & fresh paint throughout much of the interior. Move right in and make it your own! You'll love the large deck on warm Summer days! C/A unit needs a new air compressor so 2 window air conditioners will be provided. There are still some minor finishes that will need to be completed by Buyer.

Key facts

• Separate office
• Remodeled kitchen
• Newer gas furnace

Tags

• REMODELED KITCHEN
• SEPARATE OFFICE
• NEW INSULATION
• UPDATED PLUMBING
• REPLACEMENT WINDOWS
• NEWER GAS FURNACE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $274 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $61k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.3% vs local median 4.0% in Lancaster — 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 86/100 on livability (#41 in OH, #423 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Lancaster City (town): math 38% / reading 51% proficiency, ranked #504 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $18k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($61k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $12k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $61,100 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D 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?
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 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: 2.01% ✓
• Cap rate: 11.35%
• Cash-on-cash: 18.06%
• DSCR: 1.80
• GRM: 4.2

CMA / ARV

• ARV (median comp): $82,829
• List price: $65,000
• Delta: -21.52%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
255 9th St	0.09mi	1/1.0 (-1)	726 (-1%)	6mo	$100,000	$138	84
331 1/2 16th St	0.13mi	3/1.0 (+1)	744 (+2%)	4mo	$107,500	$144	83
420 Twentyfirst St	0.17mi	2/1.5	726 (-1%)	8mo	$90,000	$124	82
3 1st St	0.05mi	2/1.0	640 (-13%)	2mo	$72,000	$113	75
124 7th St	0.09mi	2/1.0	780 (+6%)	15mo	$89,000	$114	73
32 2nd St	0.07mi	1/1.0 (-1)	840 (+15%)	2mo	$26,222	$31	66
126 7th St	0.09mi	2/1.0	842 (+15%)	11mo	$108,000	$128	62
618 Hoffman Dr	0.50mi	2/1.0	672 (-8%)	2mo	$231,000	$344	62
288 Fourteenth St	0.14mi	3/1.5 (+1)	800 (+9%)	12mo	$111,350	$139	62
534 Shasta Dr	0.45mi	2/1.0	816 (+11%)	1mo	$145,000	$178	59
749 Barr Dr SW	0.70mi	3/1.0 (+1)	768 (+5%)	16mo	$175,000	$228	41
1721 W 6th Ave	0.73mi	3/1.0 (+1)	784 (+7%)	13mo	$205,000	$261	38

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 13.4%
• Equity multiple: 1.55×
• Total profit: $10,101
• Equity at exit: $9,692

10-year hold

• IRR: 24.6%
• Equity multiple: 3.47×
• Total profit: $44,902
• Equity at exit: $5,620

Cash invested: $18,200 (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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $1,305 medium
• Mortgage (P&I): −$341
• Tax from tax record: −$74 /mo · $889/yr
• Insurance: −$27
• HOA: −$315
• Vacancy / Maint / Mgmt: −$274
• Net cashflow: $274

Break-even live

Break-even rent $958

Max offer price $65,000

Occupancy floor 74%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1733 Bellmeadow Dr Lancaster, OH	1.0–3.0	1.0–2.5	993	$1,607	$1.62	2d	10	1.32mi
607 Slocum Ave Unit B Lancaster, OH	2.0	1.0	625	$1,050	$1.68	44d	1	1.46mi

HOA detail

• Monthly dues: $315 · $3,780/yr
• Likely covers: gas

Listing history 24 events

1. 2026-06-18
   days on market $65,000 Active 84 DOM
2. 2026-06-17
   days on market $65,000 Active 83 DOM
3. 2026-06-16
   days on market $65,000 Active 82 DOM
4. 2026-06-15
   days on market $65,000 Active 81 DOM
5. 2026-06-13
   days on market $65,000 Active 79 DOM
6. 2026-06-09
   days on market $65,000 Active 75 DOM
7. 2026-06-08
   days on market $65,000 Active 74 DOM
8. 2026-06-07
   days on market $65,000 Active 73 DOM
9. 2026-06-03
   days on market $65,000 Active 69 DOM
10. 2026-06-02
    days on market $65,000 Active 68 DOM
11. 2026-06-01
    days on market $65,000 Active 67 DOM
12. 2026-05-31
    days on market $65,000 Active 66 DOM
13. 2026-05-18
    price $65,000 884-char remark

    Show marketing remark (884 chars)

    OPEN SUNDAY 5-24-26, 1-3pm. This 2BR, 1BA Lancaster Campground cottage has so much to offer! A large bedroom on each level, main level bath, large living room, dining room, remodeled kitchen and even a separate office/small 3rd BR! Many improvements have been done including: new insulation under the floors and around the plumbing, most of the plumbing has been updated, Kitchen & Bathroom were reconfigured & remodeled, replacement windows, newer gas furnace, HWH - 2022, laundry area installed in a walk-in closet off the main level BR, rubber roof over entryway, updated & fresh paint throughout much of the interior. Move right in and make it your own! You'll love the large deck on warm Summer days! C/A unit needs a new air compressor so 2 window air conditioners will be provided. There are still some minor finishes that will need to be completed by Buyer.

14. 2026-05-12
    price $72,500 884-char remark

    Show marketing remark (884 chars)

    OPEN SUNDAY 5-24-26, 1-3pm. This 2BR, 1BA Lancaster Campground cottage has so much to offer! A large bedroom on each level, main level bath, large living room, dining room, remodeled kitchen and even a separate office/small 3rd BR! Many improvements have been done including: new insulation under the floors and around the plumbing, most of the plumbing has been updated, Kitchen & Bathroom were reconfigured & remodeled, replacement windows, newer gas furnace, HWH - 2022, laundry area installed in a walk-in closet off the main level BR, rubber roof over entryway, updated & fresh paint throughout much of the interior. Move right in and make it your own! You'll love the large deck on warm Summer days! C/A unit needs a new air compressor so 2 window air conditioners will be provided. There are still some minor finishes that will need to be completed by Buyer.

15. 2026-03-26
    listed $77,500 Active 884-char remark

    Show marketing remark (884 chars)

    OPEN SUNDAY 5-24-26, 1-3pm. This 2BR, 1BA Lancaster Campground cottage has so much to offer! A large bedroom on each level, main level bath, large living room, dining room, remodeled kitchen and even a separate office/small 3rd BR! Many improvements have been done including: new insulation under the floors and around the plumbing, most of the plumbing has been updated, Kitchen & Bathroom were reconfigured & remodeled, replacement windows, newer gas furnace, HWH - 2022, laundry area installed in a walk-in closet off the main level BR, rubber roof over entryway, updated & fresh paint throughout much of the interior. Move right in and make it your own! You'll love the large deck on warm Summer days! C/A unit needs a new air compressor so 2 window air conditioners will be provided. There are still some minor finishes that will need to be completed by Buyer.

16. 2025-12-16
    historical
17. 2025-10-23
    price $75,000
18. 2025-09-25
    price $84,900
19. 2025-09-04
    listed $90,000 Active
20. 2022-10-07
    historical
21. 2022-10-06
    status Active
22. 2022-08-11
    historical Contingent Finance and Inspection
23. 2022-08-08
    price $65,000
24. 2022-07-05
    listed $70,000 Active

ⓘ 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: $889 · $74/mo
• Projected year-2 tax: $952 · $79/mo
• Expected delta: +$62/yr (+$5/mo · 7.0%)

ⓘ 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 · 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,660
• − Mortgage interest: −$3,641
• − Property taxes: −$889
• − Insurance: −$325
• − Repairs & maintenance: −$1,253
• − Management: −$1,253
• − HOA: −$3,780
• − Depreciation: −$1,891
• Taxable income: $2,628
• Est. tax owed @ 24.0%: −$631
• After-tax cash flow: $2,656/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: Lancaster City
• NCES district ID: 3904420
• Math proficiency: 38% ▼ -21.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $41,696
• Composite: 37.39/100
• National rank: #4427
• State rank: #504 of 656 in OH

Livability — Lancaster

• Score: 86/100
• State rank: #41
• US rank: #423

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, OH
• County: Fairfield County · 109,896 people
• City population: 62,933
• Metro: Columbus, OH
• Population (ZIP): 62,933
• Household income: $72,153
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1400.0

Population outlook (Fairfield County) Hauer SSP2

• Today (2025): 162,442 people
• By 2030: 166,796 · +2.7%
• By 2040: 172,835 · +6.4%
• By 2050: 174,822 · +7.6%
• By 2075: 174,938 · +7.7%
• By 2100: 160,988 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fairfield

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.6%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.1pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.5 2016: R+27.0 2012: R+16.1 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.81%
• Current HPI: 239.6352
• Rent YoY: ▲ 5.22%
• Metro: Columbus, 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

-7.1% since first listed

12 events — show timeline

• 2026-05-18 Price Changed $65,000 CBRMLS
• 2026-05-12 Price Changed $72,500 CBRMLS
• 2026-03-26 Listed $77,500 CBRMLS
• 2025-12-16 Listing Removed — CBRMLS
• 2025-10-23 Price Changed $75,000 CBRMLS
• 2025-09-25 Price Changed $84,900 CBRMLS
• 2025-09-04 Listed $90,000 CBRMLS
• 2022-10-07 Listing Removed — CBRMLS
• 2022-10-06 Relisted — CBRMLS
• 2022-08-11 Contingent — CBRMLS
• 2022-08-08 Price Changed $65,000 CBRMLS
• 2022-07-05 Listed $70,000 CBRMLS

Property tax history

+19.9%/yr

Latest (2025): $889 · +49.5% YoY. Source: county tax records.