136 N Spring St · Wilmington, OH 45177

$69,000

5 bd · 2.0 ba · 1,942 sqft · MultiFamily public records · 77 Days on market

Built 1900 3,920 sqft lot $36/sqft · 70% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.9/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor Opportunity in the Heart of Wilmington! Three Story Victorian Duplex Zoned Two Family and Ready for the Right Buyer to Take It Home. The Heavy Lifting Is Done with a New Roof, New Water Supply Lines, and a Cleared Interior. Two Units with Two Bedrooms on the First Floor, Three Bedrooms Plus Kitchen Space on the Second, and a Walk Up Third Floor Ready to Finish. Priced to Reflect the Work Remaining. Sold As Is, Where Is.

Key facts

• Cleared interior
• New roof
• Walk up third floor

Tags

• THREE STORY VICTORIAN DUPLEX
• NEW ROOF
• NEW WATER SUPPLY LINES
• CLEARED INTERIOR
• WALK UP THIRD FLOOR

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $69k.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $69k).
• Recommended offer: $65k (6.0% below list) — sets the bar for market timing.
• Cap rate 51.0% vs local median 6.2% in Wilmington — 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 (#202 in OH, #3,127 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools C-, amenities D, commute F.
• Wilmington City (town): math 42% / reading 51% proficiency, ranked #492 of 656 in OH (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 107 active listings in the ZIP; 119 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• At $3,864/mo this rent would consume 66% of the median local household income ($70k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $477 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clinton County population projected at -12% 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 $19k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 77 days — a 6% lower offer ($65k) is reasonable based on typical stale-listing flexibility.
• 17 sale attempts since 22y ago; this cycle's ask has dropped $21k (23%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,859 (6.0% below list)

Questions for the listing agent

1. It's been on market 77 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's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 5.60% ✓
• Cap rate: 50.99%
• Cash-on-cash: 159.63%
• DSCR: 8.10
• GRM: 1.5

CMA / ARV

• ARV (median comp): $226,500
• List price: $69,000
• Delta: -69.54%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
115 Fulton St	0.36mi	4/2.0 (-1)	1,960 (+1%)	9mo	$106,000	$54	69

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: —
• Equity multiple: 8.72×
• Total profit: $149,061
• Equity at exit: $10,288

10-year hold

• IRR: —
• Equity multiple: 18.41×
• Total profit: $336,404
• Equity at exit: $5,966

Cash invested: $19,320 (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 45177

• Active inventory: 107
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $3,864 medium
• Mortgage (P&I): −$362
• Tax from tax record: −$92 /mo · $1,104/yr
• Insurance: −$29
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$811
• Net cashflow: $2,514

Break-even live

Break-even rent $681

Max offer price $69,000

Occupancy floor 30%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,494
1× unit	3	1	$1,369
Total (3 units)			$3,864

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: $17,250
• Closing costs: $2,070
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $69,000 Active 77 DOM
2. 2026-06-17
   days on market $69,000 Active 76 DOM
3. 2026-06-16
   days on market $69,000 Active 75 DOM
4. 2026-06-15
   price $69,000 Active 74 DOM
5. 2026-06-15
   days on market $82,500 Active 74 DOM
6. 2026-06-14
   days on market $82,500 Active 72 DOM
7. 2026-06-10
   days on market $82,500 Active 69 DOM
8. 2026-06-09
   days on market $82,500 Active 68 DOM
9. 2026-06-08
   days on market $82,500 Active 67 DOM
10. 2026-06-07
    days on market $82,500 Active 66 DOM
11. 2026-06-05
    days on market $82,500 Active 63 DOM
12. 2026-06-03
    days on market $82,500 Active 62 DOM
13. 2026-06-02
    days on market $82,500 Active 61 DOM
14. 2026-06-01
    days on market $82,500 Active 60 DOM
15. 2026-05-31
    days on market $82,500 Active 59 DOM
16. 2026-05-31
    days on market $82,500 Active 58 DOM
17. 2026-05-11
    price $82,500 432-char remark

    Show marketing remark (432 chars)

    Investor Opportunity in the Heart of Wilmington! Three Story Victorian Duplex Zoned Two Family and Ready for the Right Buyer to Take It Home. The Heavy Lifting Is Done with a New Roof, New Water Supply Lines, and a Cleared Interior. Two Units with Two Bedrooms on the First Floor, Three Bedrooms Plus Kitchen Space on the Second, and a Walk Up Third Floor Ready to Finish. Priced to Reflect the Work Remaining. Sold As Is, Where Is.

18. 2026-05-11
    price $82,500 432-char remark

    Show marketing remark (432 chars)

    Investor Opportunity in the Heart of Wilmington! Three Story Victorian Duplex Zoned Two Family and Ready for the Right Buyer to Take It Home. The Heavy Lifting Is Done with a New Roof, New Water Supply Lines, and a Cleared Interior. Two Units with Two Bedrooms on the First Floor, Three Bedrooms Plus Kitchen Space on the Second, and a Walk Up Third Floor Ready to Finish. Priced to Reflect the Work Remaining. Sold As Is, Where Is.

19. 2026-04-02
    listed $90,000 Active 432-char remark

    Show marketing remark (432 chars)

    Investor Opportunity in the Heart of Wilmington! Three Story Victorian Duplex Zoned Two Family and Ready for the Right Buyer to Take It Home. The Heavy Lifting Is Done with a New Roof, New Water Supply Lines, and a Cleared Interior. Two Units with Two Bedrooms on the First Floor, Three Bedrooms Plus Kitchen Space on the Second, and a Walk Up Third Floor Ready to Finish. Priced to Reflect the Work Remaining. Sold As Is, Where Is.

20. 2026-04-02
    listed $90,000 Active 432-char remark

    Show marketing remark (432 chars)

    Investor Opportunity in the Heart of Wilmington! Three Story Victorian Duplex Zoned Two Family and Ready for the Right Buyer to Take It Home. The Heavy Lifting Is Done with a New Roof, New Water Supply Lines, and a Cleared Interior. Two Units with Two Bedrooms on the First Floor, Three Bedrooms Plus Kitchen Space on the Second, and a Walk Up Third Floor Ready to Finish. Priced to Reflect the Work Remaining. Sold As Is, Where Is.

21. 2025-09-03
    historical
22. 2025-09-03
    historical
23. 2025-07-08
    price $85,000
24. 2025-07-08
    price $85,000
25. 2025-06-10
    price $90,000
26. 2025-06-10
    price $90,000
27. 2025-05-12
    price $95,000
28. 2025-05-12
    price $95,000
29. 2025-03-26
    price $102,000
30. 2025-03-25
    price $102,000
31. 2025-01-31
    price $112,000
32. 2025-01-31
    price $112,000
33. 2024-12-27
    listed $120,000 Active
34. 2024-12-27
    listed $120,000 Active
35. 2022-09-26
    soldstatus $62,500
36. 2018-12-11
    historical
37. 2018-10-15
    status Active
38. 2018-10-11
    historical
39. 2018-09-18
    price $59,900
40. 2018-09-04
    listed $63,900 Active
41. 2018-07-18
    historical
42. 2018-04-18
    listed $69,900 Active
43. 2017-12-30
    historical
44. 2017-12-30
    historical
45. 2017-10-09
    listed $59,500 Active
46. 2017-10-09
    listed $59,500 Active
47. 2016-11-16
    historical
48. 2016-08-16
    listed $64,900 Active
49. 2015-04-10
    historical
50. 2015-04-10
    historical

ⓘ 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: $1,104 · $92/mo
• Projected year-2 tax: $1,104 · $92/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 7/10 Severe FEMA zone X (unshaded) · 76% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°F today · 19 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: $46,368
• − Mortgage interest: −$3,865
• − Property taxes: −$1,104
• − Insurance: −$1,011
• − Repairs & maintenance: −$3,709
• − Management: −$3,709
• − Depreciation: −$2,007
• Taxable income: $30,962
• Est. tax owed @ 24.0%: −$7,431
• After-tax cash flow: $22,743/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: Wilmington City
• NCES district ID: 3904511
• Math proficiency: 42% ▼ -16.00%
• Reading proficiency: 51% ▼ -6.00%
• Median HH income: $43,201
• Composite: 39.2/100
• National rank: #4020
• State rank: #492 of 656 in OH

Livability — Wilmington

• Score: 77/100
• State rank: #202
• US rank: #3127

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmington, OH
• County: Clinton · 46,911 people
• Population (ZIP): 22,442
• Household income: $70,483
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 9.5

Population outlook (Clinton County) Hauer SSP2

• Today (2025): 41,352 people
• By 2030: 40,831 · -1.3%
• By 2040: 39,049 · -5.6%
• By 2050: 36,408 · -12.0%
• By 2075: 29,652 · -28.3%
• By 2100: 20,736 · -49.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 3% Black 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

Political lean MEDSL · Clinton

• 2024 margin: Solid R (+54.6) · D 22.3% · R 76.9%
• 2008→2024 swing: -24.3pp toward R · 2008: -30.3pp · 2024: -54.6pp
• All cycles: 2024: R+54.6 2020: R+52.6 2016: R+52.6 2012: R+35.2 2008: R+30.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -150.35%
• Current HPI: 238.9182
• 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

+44.7% since first listed

48 events — show timeline

• 2026-05-11 Price Changed $82,500 Dayton MLS
• 2026-05-11 Price Changed $82,500 Cincy MLS
• 2026-04-02 Listed $90,000 Cincy MLS
• 2026-04-02 Listed $90,000 Dayton MLS
• 2025-09-03 Listing Removed — Cincy MLS
• 2025-09-03 Listing Removed — Dayton MLS
• 2025-07-08 Price Changed $85,000 Dayton MLS
• 2025-07-08 Price Changed $85,000 Cincy MLS
• 2025-06-10 Price Changed $90,000 Dayton MLS
• 2025-06-10 Price Changed $90,000 Cincy MLS
• 2025-05-12 Price Changed $95,000 Dayton MLS
• 2025-05-12 Price Changed $95,000 Cincy MLS
• 2025-03-26 Price Changed $102,000 Cincy MLS
• 2025-03-25 Price Changed $102,000 Dayton MLS
• 2025-01-31 Price Changed $112,000 Dayton MLS
• 2025-01-31 Price Changed $112,000 Cincy MLS
• 2024-12-27 Listed $120,000 Cincy MLS
• 2024-12-27 Listed $120,000 Dayton MLS
• 2022-09-26 Sold (Public Records) $62,500 Public Records
• 2018-12-11 Listing Removed — Cincy MLS
• 2018-10-15 Relisted — Cincy MLS
• 2018-10-11 Listing Removed — Cincy MLS
• 2018-09-18 Price Changed $59,900 Cincy MLS
• 2018-09-04 Listed $63,900 Cincy MLS
• 2018-07-18 Listing Removed — Cincy MLS
• 2018-04-18 Listed $69,900 Cincy MLS
• 2017-12-30 Listing Removed — Cincy MLS
• 2017-12-30 Listing Removed — Dayton MLS
• 2017-10-09 Listed $59,500 Dayton MLS
• 2017-10-09 Listed $59,500 Cincy MLS
• 2016-11-16 Listing Removed — Cincy MLS
• 2016-08-16 Listed $64,900 Cincy MLS
• 2015-04-10 Listing Removed — CBRMLS
• 2015-04-10 Listing Removed — Cincy MLS
• 2014-09-09 Listed $29,900 Cincy MLS
• 2014-09-09 Listed $29,900 CBRMLS
• 2013-01-11 Listing Removed — CBRMLS
• 2013-01-10 Listing Removed — Cincy MLS
• 2013-01-10 Listing Removed — Dayton MLS
• 2012-10-10 Listed $32,000 Cincy MLS
• 2012-10-10 Listed $32,000 Dayton MLS
• 2012-10-10 Listed $32,000 CBRMLS
• 2011-03-29 Listing Removed — Cincy MLS
• 2010-11-29 Listed $45,000 Cincy MLS
• 2005-03-24 Sold (Public Records) $79,900 Public Records
• 2005-03-01 Sold (MLS) $79,900 Cincy MLS
• 2004-01-05 Listed $79,900 Cincy MLS
• 1997-11-24 Sold (Public Records) $57,000 Public Records

Property tax history

+5.7%/yr

Latest (2025): $1,104 · -9.1% YoY. Source: county tax records.