202 E Main St · New Paris, OH 45347

$172,000

3 bd · 2.0 ba · 1,221 sqft · MultiFamily public records · 100 Days on market

Built 1870 6,195 sqft lot $141/sqft · 21% above area Est $142k · 21% over ↓ 4% since listing

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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
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• Schools +4.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Great investment opportunity! Two units, freshly remodeled! All new - front door, flooring throughout, drywall/insulation, trim/baseboards, interior doors, toilets, showers, kitchen cabinets, plumbing/water tanks, heating/air, electrical, light fixtures/switches and stairway/deck. This home is situated on a corner lot and boasts a spacious attached two car garage. Within walking distance of many amenities that small town New Paris has to offer. Whether you are looking to add to your rental portfoilio or a home with a mother-in-law suite, this home is ready!

Key facts

• Mother-in-law suite
• Attached garage
• Corner lot

Tags

• FRESHLY REMODELED
• CORNER LOT
• ATTACHED GARAGE
• WALKING DISTANCE AMENITIES
• MOTHER-IN-LAW SUITE

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $172k.

Deal economics

• At list price, monthly cash flow is $584 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $172k).
• Recommended offer: $157k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#466 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• National Trail Local (rural): math 53% / reading 59% proficiency, ranked #352 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($68k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Preble County population projected at -17% 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 $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 100 days — a 9% lower offer ($157k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; built in 1870 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $156,520 (9.0% below list)

Questions for the listing agent

1. It's been on market 100 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1870 — 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. 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: 10.83%
• Cash-on-cash: 16.21%
• DSCR: 1.72
• GRM: 6.6

CMA / ARV

• ARV (median comp): $142,126
• List price: $172,000
• Delta: 21.02%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Pearl St	0.17mi	3/2.0	1,392 (+14%)	13mo	$100,000	$72	58

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: 5.0%
• Equity multiple: 1.19×
• Total profit: $9,318
• Equity at exit: $25,646

10-year hold

• IRR: 14.4%
• Equity multiple: 2.16×
• Total profit: $55,994
• Equity at exit: $14,871

Cash invested: $48,160 (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 45347

• Home prices YoY: -22.2%
• Active inventory: 25
• Price-to-rent: 13.2×

Monthly cashflow live

• Estimated rent: $2,171 medium
• Mortgage (P&I): −$902
• Tax from tax record: −$91 /mo · $1,092/yr
• Insurance: −$72
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $584

Break-even live

Break-even rent $1,432

Max offer price $172,000

Occupancy floor 68%

Sensitivity live

Price	-10% $681	-5% $633	+0% $584	+5% $535	+10% $487
Rent	-10% $412	-5% $498	+0% $584	+5% $670	+10% $755
Rate	-1.0pp $671	-0.5pp $628	base $584	+0.5pp $539	+1.0pp $494

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,170
Total (2 units)			$2,171

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: $43,000
• Closing costs: $5,160
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
207 W Walnut St New Paris, OH	2.0	1.0	956	$1,200	$1.26	45d	1	0.26mi

Listing history 17 events

1. 2026-06-19
   days on market $172,000 Active 100 DOM
2. 2026-06-18
   days on market $172,000 Active 99 DOM
3. 2026-06-17
   days on market $172,000 Active 98 DOM
4. 2026-06-16
   days on market $172,000 Active 97 DOM
5. 2026-06-15
   days on market $172,000 Active 96 DOM
6. 2026-06-14
   days on market $172,000 Active 94 DOM
7. 2026-06-12
   days on market $172,000 Active 93 DOM
8. 2026-06-09
   days on market $172,000 Active 90 DOM
9. 2026-06-08
   days on market $172,000 Active 89 DOM
10. 2026-06-07
    days on market $172,000 Active 88 DOM
11. 2026-06-03
    days on market $172,000 Active 84 DOM
12. 2026-06-02
    days on market $172,000 Active 83 DOM
13. 2026-06-01
    pricedays on market $172,000 Active 82 DOM
14. 2026-05-31
    days on market $177,000 Active 81 DOM
15. 2026-05-30
    days on market $177,000 Active 80 DOM
16. 2026-05-05
    price $182,000 564-char remark

    Show marketing remark (564 chars)

    Great investment opportunity! Two units, freshly remodeled! All new - front door, flooring throughout, drywall/insulation, trim/baseboards, interior doors, toilets, showers, kitchen cabinets, plumbing/water tanks, heating/air, electrical, light fixtures/switches and stairway/deck. This home is situated on a corner lot and boasts a spacious attached two car garage. Within walking distance of many amenities that small town New Paris has to offer. Whether you are looking to add to your rental portfoilio or a home with a mother-in-law suite, this home is ready!

17. 2026-03-11
    listed $190,000 Active 564-char remark

    Show marketing remark (564 chars)

    Great investment opportunity! Two units, freshly remodeled! All new - front door, flooring throughout, drywall/insulation, trim/baseboards, interior doors, toilets, showers, kitchen cabinets, plumbing/water tanks, heating/air, electrical, light fixtures/switches and stairway/deck. This home is situated on a corner lot and boasts a spacious attached two car garage. Within walking distance of many amenities that small town New Paris has to offer. Whether you are looking to add to your rental portfoilio or a home with a mother-in-law suite, this home is ready!

ⓘ 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: $1,092 · $91/mo
• Projected year-2 tax: $1,888 · $157/mo
• Expected delta: +$795/yr (+$66/mo · 72.8%)

ⓘ 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) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,052
• − Mortgage interest: −$9,635
• − Property taxes: −$1,092
• − Insurance: −$1,658
• − Repairs & maintenance: −$2,084
• − Management: −$2,084
• − Depreciation: −$5,004
• Taxable income: $4,496
• Est. tax owed @ 24.0%: −$1,079
• After-tax cash flow: $5,928/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: National Trail Local
• NCES district ID: 3904927
• Math proficiency: 53% ▼ -13.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $48,311
• Composite: 47.58/100
• National rank: #2262
• State rank: #352 of 656 in OH

Livability — New Paris

• Score: 70/100
• State rank: #466
• US rank: #7702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Paris, OH
• County: Preble · 42,634 people
• Population (ZIP): 4,029
• Household income: $68,073
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 1.1

Population outlook (Preble County) Hauer SSP2

• Today (2025): 39,711 people
• By 2030: 38,511 · -3.0%
• By 2040: 35,783 · -9.9%
• By 2050: 33,006 · -16.9%
• By 2075: 27,067 · -31.8%
• By 2100: 21,255 · -46.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Black 2%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Preble

• 2024 margin: Solid R (+59.1) · D 20.1% · R 79.2%
• 2008→2024 swing: -27.9pp toward R · 2008: -31.2pp · 2024: -59.1pp
• All cycles: 2024: R+59.1 2020: R+57.5 2016: R+54.0 2012: R+36.7 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.57%
• Current HPI: 205.5272
• 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

-4.2% since first listed

2 events — show timeline

• 2026-05-05 Price Changed $182,000 Dayton MLS
• 2026-03-11 Listed $190,000 Dayton MLS

Property tax history

+0.9%/yr

Latest (2025): $1,092 · +2.7% YoY. Source: county tax records.