404 N Troy St · Bellefontaine, OH 43311

$110,000

3 bd · 1.0 ba · 1,182 sqft · SingleFamily public records · 71 Days on market

Built 1930 0.26 ac lot $93/sqft · 33% below area Est $165k · 33% 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 +24.7/30.0
• ARV discount +15.0/15.0
• DSCR +8.0/10.0
• 1% rule +6.1/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity knocks in Bellefontaine! This 404 N Troy St property, priced at just $136,000, is the perfect chance for investors, flippers, or first-time buyers ready to build equity. Featuring solid bones and plenty of potential, this home offers a blank canvas to update, renovate, and make your own. Conveniently located near downtown, parks, and local amenities, it's ideal for a rental, flip, or affordable starter home. With comparable homes in the area selling at higher price points, this is a value-add opportunity you don't want to miss. Bring your vision and unlock the potential!

Key facts

• 0.26 acre lot
• Built 1930
• Listed 71 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $230 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $103k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.8% vs local median 3.6% in Bellefontaine — 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 76/100 on livability (#213 in OH, #3,316 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bellefontaine City (town): math 55% / reading 59% proficiency, ranked #348 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 152 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $761 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 71 days — a 6% lower offer ($103k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 13y ago; this cycle's ask has dropped $26k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $103,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 71 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.11% ✓
• Cap rate: 8.80%
• Cash-on-cash: 8.96%
• DSCR: 1.40
• GRM: 7.5

CMA / ARV

• ARV (median comp): $165,172
• List price: $110,000
• Delta: -33.40%
• 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
825 W Williams Ave	0.07mi	3/1.0	1,186 (+0%)	6mo	$165,000	$139	91
417 N West St	0.07mi	3/1.0	1,288 (+9%)	2mo	$175,000	$136	81
320 Walker St	0.33mi	3/2.0	1,264 (+7%)	2mo	$165,000	$131	68
641 N Detroit St	0.65mi	3/1.0	1,231 (+4%)	1mo	$172,000	$140	62
541 W Columbus Ave	0.40mi	3/2.0	1,300 (+10%)	1mo	$185,000	$142	60
304 Kennedy St	0.47mi	3/1.0	1,264 (+7%)	9mo	$175,000	$138	59
524 N Elm St	0.53mi	3/1.0	1,269 (+7%)	6mo	$137,500	$108	58
1121 W Sandusky Ave	0.31mi	2/1.0 (-1)	1,008 (-15%)	2mo	$226,000	$224	54
317 N Elm St	0.49mi	4/1.0 (+1)	1,311 (+11%)	1mo	$60,000	$46	53
120 Pratt St	0.47mi	3/1.5	1,355 (+15%)	3mo	$189,900	$140	50
526 W Chillicothe Ave	0.47mi	2/1.0 (-1)	1,016 (-14%)	1mo	$187,500	$185	49
704 N Detroit St	0.70mi	4/2.0 (+1)	1,226 (+4%)	10mo	$237,000	$193	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -2.7%
• Equity multiple: 0.90×
• Total profit: $-3,172
• Equity at exit: $16,401

10-year hold

• IRR: 7.0%
• Equity multiple: 1.52×
• Total profit: $16,109
• Equity at exit: $9,511

Cash invested: $30,800 (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 43311

• Active inventory: 152
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,217 medium
• Mortgage (P&I): −$577
• Tax from tax record: −$109 /mo · $1,308/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $230

Break-even live

Break-even rent $926

Max offer price $110,000

Occupancy floor 76%

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: $27,500
• Closing costs: $3,300
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
904 N Main St Bellefontaine, OH	2.0	1.0	850	$1,171	$1.38	43d	1	0.88mi
904 N Main St Unit 5 Bellefontaine, OH	2.0	1.0	850	$1,171	$1.38	43d	1	0.88mi
649 S Main St Bellefontaine, OH	2.0	1.5	808	$1,349	$1.67	1d	1	1.19mi

Listing history 25 events

1. 2026-06-03
   status $110,000 Pending 71 DOM
2. 2026-06-02
   days on market $110,000 Contingency - Finance and Inspections 71 DOM
3. 2026-06-01
   days on market $110,000 Contingency - Finance and Inspections 70 DOM
4. 2026-05-31
   days on market $110,000 Contingency - Finance and Inspections 69 DOM
5. 2026-05-12
   historical Contingency - Finance and Inspections 589-char remark

   Show marketing remark (589 chars)

   Opportunity knocks in Bellefontaine! This 404 N Troy St property, priced at just $136,000, is the perfect chance for investors, flippers, or first-time buyers ready to build equity. Featuring solid bones and plenty of potential, this home offers a blank canvas to update, renovate, and make your own. Conveniently located near downtown, parks, and local amenities, it's ideal for a rental, flip, or affordable starter home. With comparable homes in the area selling at higher price points, this is a value-add opportunity you don't want to miss. Bring your vision and unlock the potential!

6. 2026-04-25
   price $110,000 589-char remark

   Show marketing remark (589 chars)

   Opportunity knocks in Bellefontaine! This 404 N Troy St property, priced at just $136,000, is the perfect chance for investors, flippers, or first-time buyers ready to build equity. Featuring solid bones and plenty of potential, this home offers a blank canvas to update, renovate, and make your own. Conveniently located near downtown, parks, and local amenities, it's ideal for a rental, flip, or affordable starter home. With comparable homes in the area selling at higher price points, this is a value-add opportunity you don't want to miss. Bring your vision and unlock the potential!

7. 2026-04-16
   price $129,000 589-char remark

   Show marketing remark (589 chars)

   Opportunity knocks in Bellefontaine! This 404 N Troy St property, priced at just $136,000, is the perfect chance for investors, flippers, or first-time buyers ready to build equity. Featuring solid bones and plenty of potential, this home offers a blank canvas to update, renovate, and make your own. Conveniently located near downtown, parks, and local amenities, it's ideal for a rental, flip, or affordable starter home. With comparable homes in the area selling at higher price points, this is a value-add opportunity you don't want to miss. Bring your vision and unlock the potential!

8. 2026-03-23
   listed $136,000 Active 589-char remark

   Show marketing remark (589 chars)

   Opportunity knocks in Bellefontaine! This 404 N Troy St property, priced at just $136,000, is the perfect chance for investors, flippers, or first-time buyers ready to build equity. Featuring solid bones and plenty of potential, this home offers a blank canvas to update, renovate, and make your own. Conveniently located near downtown, parks, and local amenities, it's ideal for a rental, flip, or affordable starter home. With comparable homes in the area selling at higher price points, this is a value-add opportunity you don't want to miss. Bring your vision and unlock the potential!

9. 2022-04-07
   soldstatus $97,200
10. 2022-04-04
    soldstatus $97,250
11. 2022-03-30
    soldstatus $97,200 Closed
12. 2022-03-30
    soldstatus $97,200 Sold
13. 2022-03-25
    listed $97,200
14. 2022-02-24
    status Pending
15. 2022-02-18
    listed $88,500 Active
16. 2021-10-08
    soldstatus $86,000 Closed
17. 2021-09-22
    status Pending
18. 2021-09-21
    status Active
19. 2021-08-25
    historical Contingency - Finance and Inspections
20. 2021-08-23
    price $87,500
21. 2021-08-12
    price $89,900
22. 2021-06-28
    listed $94,900 Active
23. 2013-08-21
    historical
24. 2013-02-21
    listed $39,900
25. 2004-01-13
    soldstatus $31,000

ⓘ 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: $1,308 · $109/mo
• Projected year-2 tax: $1,512 · $126/mo
• Expected delta: +$204/yr (+$17/mo · 15.6%)

ⓘ 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 · 18 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: $14,609
• − Mortgage interest: −$6,162
• − Property taxes: −$1,308
• − Insurance: −$550
• − Repairs & maintenance: −$1,169
• − Management: −$1,169
• − Depreciation: −$3,200
• Taxable income: $1,052
• Est. tax owed @ 24.0%: −$252
• After-tax cash flow: $2,508/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: Bellefontaine City
• NCES district ID: 3904358
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $43,270
• Composite: 47.94/100
• National rank: #2207
• State rank: #348 of 656 in OH

Livability — Bellefontaine

• Score: 76/100
• State rank: #213
• US rank: #3316

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellefontaine, OH
• County: Logan · 47,256 people
• City population: 20,074
• Population (ZIP): 20,074
• Household income: $64,217
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 10.1

Population outlook (Logan County) Hauer SSP2

• Today (2025): 44,240 people
• By 2030: 43,166 · -2.4%
• By 2040: 40,495 · -8.5%
• By 2050: 37,511 · -15.2%
• By 2075: 30,453 · -31.2%
• By 2100: 23,081 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Black 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+56.2) · D 21.5% · R 77.7%
• 2008→2024 swing: -29.6pp toward R · 2008: -26.6pp · 2024: -56.2pp
• All cycles: 2024: R+56.2 2020: R+55.2 2016: R+52.6 2012: R+31.8 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.18%
• Current HPI: 243.9954
• 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

+254.8% since first listed

21 events — show timeline

• 2026-05-12 Contingent — WRIST
• 2026-04-25 Price Changed $110,000 WRIST
• 2026-04-16 Price Changed $129,000 WRIST
• 2026-03-23 Listed $136,000 WRIST
• 2022-04-07 Sold (MLS) $97,200 CBRMLS
• 2022-04-04 Sold (Public Records) $97,250 Public Records
• 2022-03-30 Sold (MLS) $97,200 Dayton MLS
• 2022-03-30 Sold (MLS) $97,200 Dayton MLS
• 2022-03-25 Listed $97,200 CBRMLS
• 2022-02-24 Pending — Dayton MLS
• 2022-02-18 Listed $88,500 Dayton MLS
• 2021-10-08 Sold (MLS) $86,000 WRIST
• 2021-09-22 Pending — WRIST
• 2021-09-21 Relisted — WRIST
• 2021-08-25 Contingent — WRIST
• 2021-08-23 Price Changed $87,500 WRIST
• 2021-08-12 Price Changed $89,900 WRIST
• 2021-06-28 Listed $94,900 WRIST
• 2013-08-21 Listing Removed — WRIST
• 2013-02-21 Listed $39,900 WRIST
• 2004-01-13 Sold (Public Records) $31,000 Public Records

Property tax history

+6.4%/yr

Latest (2025): $1,308 · +38.7% YoY. Source: county tax records.