517 Mechanic St · Waterville, OH 43566

$245,000

5 bd · 2.0 ba · 2,416 sqft · MultiFamily public records · 24 Days on market

Built 1922

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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 +26.8/30.0
• DSCR +9.2/10.0
• 1% rule +7.6/10.0
• ARV discount +7.5/15.0
• Schools +6.9/10.0
• Livability +3.9/5.0
• 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: 2 units. confirmed

Listing remarks

Fantastic opportunity to own a well-maintained duplex in the heart of Waterville, just walking distance to downtown, the river, local parks, and Waterville Elementary School. Located in Anthony Wayne Local Schools district, this property offers exceptional location, flexibility, and investment potential. The lower unit has been recently remodeled and features a new AC unit, new furnace, new carpet, and updated kitchen and bathroom. The property showcases beautiful natural woodwork along with classic accordion and pocket doors that add character and charm throughout. Situated on a spacious double lot, the property offers abundant outdoor space along with outstanding storage options including

Key facts

• New ac unit
• New furnace
• Recently remodeled

Tags

• WELL MAINTAINED DUPLEX
• WALKING DISTANCE TO DOWNTOWN
• RECENTLY REMODELED
• NEW AC UNIT
• NEW FURNACE
• NEW CARPET

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $667 ($8k/yr) — positive. Per door: $334/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $245k).
• Recommended offer: $241k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.6% vs local median 2.5% in Waterville — 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 77/100 on livability (#185 in OH, #2,867 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Anthony Wayne Local (suburban): math 77% / reading 81% proficiency, ranked #49 of 656 in OH (top 8%) — strong family-tenant draw, lease renewals of 3-5y typical; only 10% free/reduced lunch — higher-income household profile.
• Zoned schools: Waterville Primary School (math 85% / reading 83%, grade A+, #90 of 1,584 statewide, top 6%, 517 students, 10% FRL); Anthony Wayne Junior High School (math 74% / reading 78%, grade A, #74 of 654 statewide, top 12%, 707 students, 13% FRL); Anthony Wayne High School (math 56% / reading 79%, grade B, #136 of 781 statewide, top 17%, 1,324 students, 12% FRL) — zoned schools at 11% FRL track the district average.
• Market conditions: 62 active listings in the ZIP; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• This rent runs 34% of the median local income ($108k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Lucas County population projected at -16% 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 $69k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 24 days — a 2% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 12y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $195k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1922 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $241,325 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1922 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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?
6. 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.
7. 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.
8. 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: 1.26% ✓
• Cap rate: 9.56%
• Cash-on-cash: 11.67%
• DSCR: 1.52
• GRM: 6.6

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: 1.1%
• Equity multiple: 1.04×
• Total profit: $2,893
• Equity at exit: $36,530

10-year hold

• IRR: 10.8%
• Equity multiple: 1.84×
• Total profit: $57,634
• Equity at exit: $21,183

Cash invested: $68,600 (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 43566

• Home prices YoY: -26.9%
• Active inventory: 62
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $3,091 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$388 /mo · $4,653/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$649
• Net cashflow: $667

Break-even live

Break-even rent $2,246

Max offer price $245,000

Occupancy floor 73%

Sensitivity live

Price	-10% $806	-5% $737	+0% $667	+5% $598	+10% $529
Rent	-10% $423	-5% $545	+0% $667	+5% $789	+10% $911
Rate	-1.0pp $791	-0.5pp $730	base $667	+0.5pp $604	+1.0pp $539

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,092
Total (2 units)			$3,091

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Listing history 29 events

1. 2026-06-21
   days on market $245,000 Active 24 DOM
2. 2026-06-18
   days on market $245,000 Active 21 DOM
3. 2026-06-17
   days on market $245,000 Active 20 DOM
4. 2026-06-16
   days on market $245,000 Active 19 DOM
5. 2026-06-15
   days on market $245,000 Active 18 DOM
6. 2026-06-14
   days on market $245,000 Active 16 DOM
7. 2026-06-10
   days on market $245,000 Active 13 DOM
8. 2026-06-09
   days on market $245,000 Active 12 DOM
9. 2026-06-08
   days on market $245,000 Active 11 DOM
10. 2026-06-07
    days on market $245,000 Active 10 DOM
11. 2026-06-05
    days on market $245,000 Active 7 DOM
12. 2026-06-03
    days on market $245,000 Active 6 DOM
13. 2026-06-02
    days on market $245,000 Active 5 DOM
14. 2026-06-01
    days on market $245,000 Active 4 DOM
15. 2026-05-31
    days on market $245,000 Active 3 DOM
16. 2026-05-30
    days on market $245,000 Active 2 DOM
17. 2026-05-19
    listed $245,000 Active
18. 2024-12-01
    historical $1,550
19. 2024-10-22
    listed $1,550
20. 2023-09-29
    soldstatus $194,800
21. 2022-12-01
    historical
22. 2022-06-23
    price $224,900
23. 2022-06-10
    listed $234,900 Active
24. 2022-06-02
    historical
25. 2016-03-31
    historical
26. 2015-09-30
    listed $169,900
27. 2015-09-18
    historical
28. 2014-09-18
    listed $169,900
29. 1999-03-24
    soldstatus $90,000

ⓘ 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: $4,653 · $388/mo
• Projected year-2 tax: $4,653 · $388/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 · 16 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: $37,092
• − Mortgage interest: −$13,724
• − Property taxes: −$4,653
• − Insurance: −$1,225
• − Repairs & maintenance: −$2,967
• − Management: −$2,967
• − Depreciation: −$7,127
• Taxable income: $4,428
• Est. tax owed @ 24.0%: −$1,063
• After-tax cash flow: $6,944/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: Anthony Wayne Local
• NCES district ID: 3904820
• Math proficiency: 77% ▼ -9.00%
• Reading proficiency: 81% ▼ -6.00%
• Median HH income: $77,345
• Composite: 69.43/100
• National rank: #311
• State rank: #49 of 656 in OH

Livability — Waterville

• Score: 77/100
• State rank: #185
• US rank: #2867

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waterville, OH
• County: Lucas · 437,818 people
• Metro: Toledo, OH
• Population (ZIP): 8,350
• Household income: $108,497
• Rent vs Own: 18.8% rent · 81.2% own
• Severe rent burden: 3.6

Population outlook (Lucas County) Hauer SSP2

• Today (2025): 420,751 people
• By 2030: 410,187 · -2.5%
• By 2040: 384,019 · -8.7%
• By 2050: 355,125 · -15.6%
• By 2075: 291,683 · -30.7%
• By 2100: 233,670 · -44.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 8% Hispanic / Latino 6%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 10% Lithuanian 4% Slovak 4%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% Other Asian/Pacific 1% German/W. Germanic 1%

Political lean MEDSL · Lucas

• 2024 margin: D (+12.6) · D 55.8% · R 43.2%
• 2008→2024 swing: -18.9pp toward R · 2008: 31.4pp · 2024: 12.6pp
• All cycles: 2024: D+12.6 2020: D+16.8 2016: D+17.4 2012: D+30.4 2008: D+31.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.89%
• Current HPI: 214.264
• 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

+172.2% since first listed

13 events — show timeline

• 2026-05-19 Listed $245,000 Fizber.com
• 2024-12-01 Rental Removed $1,550 REDFIN
• 2024-10-22 Listed for Rent $1,550 REDFIN
• 2023-09-29 Sold (Public Records) $194,800 Public Records
• 2022-12-01 Listing Removed — NORIS
• 2022-06-23 Price Changed $224,900 NORIS
• 2022-06-10 Listed $234,900 NORIS
• 2022-06-02 Coming Soon — NORIS
• 2016-03-31 Listing Removed — NORIS
• 2015-09-30 Listed $169,900 NORIS
• 2015-09-18 Listing Removed — NORIS
• 2014-09-18 Listed $169,900 NORIS
• 1999-03-24 Sold (Public Records) $90,000 Public Records

Property tax history

+2.5%/yr

Latest (2025): $4,653 · +2.8% YoY. Source: county tax records.