283 Park Avenue West Ave · Mansfield, OH 44902

$459,900

1 bd · 1.0 ba · 13,360 sqft · MultiFamily public records · 57 Days on market

Built 1900

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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
• Appreciation +9.2/10.0
• ARV discount +7.5/15.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Stately six-unit in downtown Mansfield, known locally as The Colonial. Historical landmark with average unit size over 1600 square feet! Great investment.

Key facts

• Private back decks
• In-unit laundry
• New flat rubber roof

Tags

• HISTORIC BRICK BUILDING
• NEW FLAT RUBBER ROOF
• NEW A/C UNITS
• UPDATED VINYL FLOORING
• IN-UNIT LAUNDRY
• PRIVATE BACK DECKS

Property features AI

Exterior

• Parking: Asphalt parking area
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Brick construction
• Construction: Brick exterior
• Exterior features: Asphalt parking

Interior

• Bedrooms: Multiple units each with 3 bedrooms
• Bathrooms: Each unit has 1 bathroom
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 6 × 3-bed/1.5-bath units multifamily listed at $460k.

Deal economics

• At list price, monthly cash flow is $2k ($30k/yr) — positive. Per door: $414/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $460k).
• Recommended offer: $446k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 4.3% in Mansfield — 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 (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D-, amenities D-.
• Mansfield City (urban): math 24% / reading 33% proficiency, ranked #590 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 31 active listings in the ZIP; lower-income renter base — watch delinquency; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• At $7,170/mo this rent would consume 272% of the median local household income ($32k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $42k of equity ($3k loan paydown + $39k appreciation (8.4% local appreciation)).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $129k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($446k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 6y 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 $225k; list at $460k implies a 104% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $446,103 (3.0% below list)

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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 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: 1.56% ✓
• Cap rate: 12.77%
• Cash-on-cash: 23.13%
• DSCR: 2.03
• GRM: 5.3

CMA / ARV

• ARV (median comp): $118,215
• List price: $459,900
• Delta: 289.04%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

8.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 39.1%
• Equity multiple: 3.80×
• Total profit: $361,003
• Equity at exit: $363,625

10-year hold

• IRR: 34.6%
• Equity multiple: 8.23×
• Total profit: $931,104
• Equity at exit: $735,800

Cash invested: $128,772 (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 44902

• Home prices YoY: 2.9%
• Active inventory: 31
• Price-to-rent: 32.1×

Monthly cashflow live

• Estimated rent: $7,170 medium
• Mortgage (P&I): −$2,412
• Tax from tax record: −$579 /mo · $6,949/yr
• Insurance: −$192
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,506
• Net cashflow: $2,482

Break-even live

Break-even rent $4,028

Max offer price $459,900

Occupancy floor 60%

Sensitivity live

Price	-10% $2,742	-5% $2,612	+0% $2,482	+5% $2,352	+10% $2,221
Rent	-10% $1,915	-5% $2,199	+0% $2,482	+5% $2,765	+10% $3,048
Rate	-1.0pp $2,713	-0.5pp $2,599	base $2,482	+0.5pp $2,363	+1.0pp $2,241

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

Units	Beds	Baths	Est. rent
▸ 6× units	3	1.5	$7,170
Total (6 units)			$7,170

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: $114,975
• Closing costs: $13,797
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $459,900 Active 57 DOM
2. 2026-06-18
   days on market $459,900 Active 55 DOM
3. 2026-06-17
   days on market $459,900 Active 54 DOM
4. 2026-06-16
   days on market $459,900 Active 53 DOM
5. 2026-06-15
   days on market $459,900 Active 52 DOM
6. 2026-06-14
   days on market $459,900 Active 50 DOM
7. 2026-06-12
   days on market $459,900 Active 49 DOM
8. 2026-06-09
   days on market $459,900 Active 46 DOM
9. 2026-06-08
   days on market $459,900 Active 45 DOM
10. 2026-06-07
    pricedays on market $459,900 Active 44 DOM
11. 2026-06-05
    days on market $474,900 Active 41 DOM
12. 2026-06-03
    days on market $474,900 Active 40 DOM
13. 2026-06-02
    days on market $474,900 Active 39 DOM
14. 2026-06-01
    days on market $474,900 Active 38 DOM
15. 2026-05-31
    days on market $474,900 Active 37 DOM
16. 2026-05-30
    days on market $474,900 Active 36 DOM
17. 2026-04-24
    listed $474,900 Active 1020-char remark
18. 2021-04-06
    soldstatus $225,000 154-char remark

    Show marketing remark (154 chars)

    Stately six-unit in downtown Mansfield, known locally as The Colonial. Historical landmark with average unit size over 1600 square feet! Great investment.

19. 2020-04-27
    listed $249,000 154-char remark

    Show marketing remark (154 chars)

    Stately six-unit in downtown Mansfield, known locally as The Colonial. Historical landmark with average unit size over 1600 square feet! Great investment.

20. 1996-09-03
    soldstatus $270,000
21. 1990-03-09
    soldstatus $81,000
22. 1990-03-09
    soldstatus $121,000

ⓘ 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: $6,949 · $579/mo
• Projected year-2 tax: $7,062 · $588/mo
• Expected delta: +$112/yr (+$9/mo · 1.6%)

ⓘ 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 ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $86,040
• − Mortgage interest: −$25,762
• − Property taxes: −$6,949
• − Insurance: −$2,300
• − Repairs & maintenance: −$6,883
• − Management: −$6,883
• − Depreciation: −$13,379
• Taxable income: $23,884
• Est. tax owed @ 24.0%: −$5,732
• After-tax cash flow: $24,049/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: Mansfield City
• NCES district ID: 3904429
• Math proficiency: 24% ▼ -19.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $32,435
• Composite: 23.25/100
• National rank: #7934
• State rank: #590 of 656 in OH

Livability — Mansfield

• Score: 76/100
• State rank: #224
• US rank: #3525

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mansfield, OH
• County: Richland · 128,966 people
• City population: 16,349
• Metro: Mansfield, OH
• Population (ZIP): 4,876
• Household income: $31,619
• Rent vs Own: 64.9% rent · 35.1% own
• Severe rent burden: 13.2

Population outlook (Richland County) Hauer SSP2

• Today (2025): 115,577 people
• By 2030: 111,669 · -3.4%
• By 2040: 103,323 · -10.6%
• By 2050: 95,135 · -17.7%
• By 2075: 76,719 · -33.6%
• By 2100: 57,188 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 52% Black 35% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Italian 2% Serbian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+42.3) · D 28.4% · R 70.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.6pp · 2024: -42.3pp
• All cycles: 2024: R+42.3 2020: R+39.7 2016: R+37.5 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.45%
• Current HPI: 302.035
• 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

+467.8% since first listed

8 events — show timeline

• 2026-06-19 Relisted — MARMLS
• 2026-06-05 Price Changed $459,900 MARMLS
• 2026-04-24 Listed $474,900 MARMLS
• 2021-04-06 Sold (MLS) $225,000 MARMLS
• 2020-04-27 Listed $249,000 MARMLS
• 1996-09-03 Sold (Public Records) $270,000 Public Records
• 1990-03-09 Sold (Public Records) $121,000 Public Records
• 1990-03-09 Sold (Public Records) $81,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $6,949 · +0.3% YoY. Source: county tax records.