501 E Southern Ave · Springfield, OH 45505

$83,000

3 bd · 1.0 ba · 1,418 sqft · SingleFamily public records · 37 Days on market

Built 1886 $59/sqft · 15% above area Est $72k · 15% over

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Why this score? — see what drove the C+ 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
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.6/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Good opportunity on this 3 bedroom, 1 bath 2 story home. B of A prequal required on financed offers or Proof of funds required on all offers. Please allow 2-3 business days for seller response.

Key facts

• Built 1886
• Listed 36 days

Property features AI

Exterior

• Utilities: Public sewer; Natural gas connected; Sewer connected
• Home design: Single family residence; Residential property; House
• Construction: Built in 1886; Wood siding
• Exterior features: Porch; Supplied water

Interior

• Kitchen: Kitchen (15 x 10)
• Bedrooms: Bedroom 1 (13 x 8); Bedroom 2 (15 x 12)
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom (8 x 5)
• Heating & cooling: Natural gas heating; Has heating
• Interior features: Seven total rooms; One fireplace
• Laundry & utility: Utility room (15 x 7)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $83k.

Deal economics

• At list price, monthly cash flow is $659 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $83k).
• Recommended offer: $81k (3.0% below list) — sets the bar for market timing.
• Cap rate 15.8% vs local median 4.8% in Springfield — 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 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Springfield City School District (urban): math 20% / reading 27% proficiency, ranked #616 of 656 in OH (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 158 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• This rent runs 41% of the median local income ($44k/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 $574 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Clark 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 $23k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($81k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 14y 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 $2k; list at $83k implies a 3220% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $80,510 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1886 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Crime grade is F 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?
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: 1.81% ✓
• Cap rate: 15.82%
• Cash-on-cash: 34.01%
• DSCR: 2.51
• GRM: 4.6

CMA / ARV

• ARV (median comp): $71,945
• List price: $83,000
• Delta: 15.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
644 Clifton Ave	0.45mi	3/2.0	1,420 (+0%)	7mo	$165,000	$116	69
1617 Clifton Ave	0.39mi	2/1.0 (-1)	1,368 (-4%)	4mo	$51,000	$37	68
1414 Woodward Ave	0.50mi	3/1.5	1,440 (+2%)	7mo	$185,000	$128	66
1159 Selma Rd	0.46mi	3/1.0	1,519 (+7%)	5mo	$125,000	$82	63
305 Catherine St	0.26mi	3/1.5	1,272 (-10%)	9mo	$143,000	$112	62
230 Rice St	0.16mi	2/1.0 (-1)	1,208 (-15%)	2mo	$40,000	$33	61
1213 Gable St	0.69mi	3/2.0	1,430 (+1%)	3mo	$189,900	$133	60
1126 Oak St	0.37mi	4/1.0 (+1)	1,596 (+13%)	2mo	$29,200	$18	55
1318 Maryland Ave	0.70mi	3/1.0	1,528 (+8%)	4mo	$169,000	$111	51
551 Georgia Ave	0.40mi	2/1.0 (-1)	1,248 (-12%)	7mo	$37,000	$30	51
1024 Elder St	0.45mi	3/2.0	1,242 (-12%)	4mo	$33,334	$27	51
513 Homeview Ave	0.51mi	2/1.0 (-1)	1,272 (-10%)	7mo	$38,000	$30	48

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: 29.4%
• Equity multiple: 2.23×
• Total profit: $28,494
• Equity at exit: $12,376

10-year hold

• IRR: 36.7%
• Equity multiple: 4.39×
• Total profit: $78,804
• Equity at exit: $7,176

Cash invested: $23,240 (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 45505

• Home prices YoY: -34.3%
• Active inventory: 158
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,501 high
• Mortgage (P&I): −$435
• Tax from tax record: −$58 /mo · $692/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$315
• Net cashflow: $659

Break-even live

Break-even rent $668

Max offer price $83,000

Occupancy floor 51%

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: $20,750
• Closing costs: $2,490
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
421 Catherine St Springfield, OH	3.0	2.0	1498	$1,500	$1.00	43d	1	0.20mi
1306 S Limestone St Springfield, OH	4.0	2.0	1452	$1,695	$1.17	21d	1	0.31mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	19d	1	0.38mi
1452 S Wittenberg Ave Springfield, OH	2.0	1.0	937	$1,010	$1.08	1d	1	0.64mi
830 Oak St Unit 830 Springfield, OH	4.0	1.5	1400	$1,250	$0.89	14d	1	0.65mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	11d	1	0.94mi
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	3d	1	1.01mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	43d	1	1.06mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	11d	1	1.10mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	11d	1	1.12mi
515 Ludlow Ave Springfield, OH	3.0	1.0	1000	$950	$0.95	43d	1	1.12mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	11d	1	1.16mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	11d	1	1.18mi
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	23d	1	1.20mi

Listing history 20 events

1. 2026-06-19
   days on market $83,000 Active 37 DOM
2. 2026-06-18
   days on market $83,000 Active 36 DOM
3. 2026-06-17
   days on market $83,000 Active 35 DOM
4. 2026-06-16
   days on market $83,000 Active 34 DOM
5. 2026-06-16
   price $83,000 Active 33 DOM
6. 2026-06-15
   days on market $85,500 Active 33 DOM
7. 2026-06-14
   days on market $85,500 Active 31 DOM
8. 2026-06-12
   days on market $85,500 Active 30 DOM
9. 2026-06-09
   days on market $85,500 Active 27 DOM
10. 2026-06-08
    days on market $85,500 Active 26 DOM
11. 2026-06-07
    days on market $85,500 Active 25 DOM
12. 2026-06-05
    days on market $85,500 Active 22 DOM
13. 2026-06-02
    days on market $85,500 Active 20 DOM
14. 2026-06-01
    days on market $85,500 Active 19 DOM
15. 2026-05-31
    days on market $85,500 Active 18 DOM
16. 2026-05-30
    days on market $85,500 Active 17 DOM
17. 2026-05-13
    listed $85,500 Active 657-char remark
18. 2012-08-24
    soldstatus $2,500 193-char remark

    Show marketing remark (193 chars)

    Good opportunity on this 3 bedroom, 1 bath 2 story home. B of A prequal required on financed offers or Proof of funds required on all offers. Please allow 2-3 business days for seller response.

19. 2012-05-24
    listed $3,900 193-char remark

    Show marketing remark (193 chars)

    Good opportunity on this 3 bedroom, 1 bath 2 story home. B of A prequal required on financed offers or Proof of funds required on all offers. Please allow 2-3 business days for seller response.

20. 2001-02-21
    soldstatus $57,000

ⓘ 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: $692 · $58/mo
• Projected year-2 tax: $993 · $83/mo
• Expected delta: +$302/yr (+$25/mo · 43.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,017
• − Mortgage interest: −$4,649
• − Property taxes: −$692
• − Insurance: −$415
• − Repairs & maintenance: −$1,441
• − Management: −$1,441
• − Depreciation: −$2,415
• Taxable income: $6,964
• Est. tax owed @ 24.0%: −$1,671
• After-tax cash flow: $6,232/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: Springfield City School District
• NCES district ID: 3904481
• Math proficiency: 20% ▼ -16.00%
• Reading proficiency: 27% ▼ -12.00%
• Median HH income: $32,541
• Composite: 19.12/100
• National rank: #8834
• State rank: #616 of 656 in OH

Livability — Springfield

• Score: 56/100
• State rank: #1108
• US rank: #22551

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, OH
• County: Clark County · 33,261 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 19,826
• Household income: $43,819
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 950.0

Population outlook (Clark County) Hauer SSP2

• Today (2025): 130,703 people
• By 2030: 126,952 · -2.9%
• By 2040: 118,344 · -9.5%
• By 2050: 109,590 · -16.2%
• By 2075: 89,464 · -31.6%
• By 2100: 68,810 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (75%)
• Race & ethnicity: White 75% Black 14% Two or more races 7% Hispanic / Latino 4%
• Common ancestry: Slovak 1% German 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1% German/W. Germanic 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -27.0pp toward R · 2008: -2.5pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+23.3 2016: R+19.5 2012: R+1.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -135.16%
• Current HPI: 258.9037
• Rent YoY: —
• Metro: Springfield, 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

+45.6% since first listed

5 events — show timeline

• 2026-06-15 Price Changed $83,000 WRIST
• 2026-05-13 Listed $85,500 WRIST
• 2012-08-24 Sold (MLS) $2,500 WRIST
• 2012-05-24 Listed $3,900 WRIST
• 2001-02-21 Sold (Public Records) $57,000 Public Records

Property tax history

+15.6%/yr

Latest (2025): $692 · +107.6% YoY. Source: county tax records.