1415 Central Ave · Sandusky, OH 44870

$285,000

5 bd · 3.5 ba · 3,960 sqft · MultiFamily public records · 36 Days on market

Built 1910 18,160 ac lot

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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
• ARV discount +7.5/15.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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: 4 units. confirmed

Listing remarks MLS

You will fall in love with this amazing property as soon as you walk in! The owner has taken loving care in restoring it to her grand beauty! The home boasts glowing wood floors, ornamental fireplace, large rooms and high ceilings! The large kitchen has plenty of counter space for large gatherings. This property has 4 apartments and can be used as a duplex or turn it into a large family home. Main floor is a 2 bedroom, 1 full, 1 half bath with access to the semi finished rec room in the basement. The upstairs has 3 apartments for additional use and feature fresh paint and newer flooring and other upgrades. The property also features up to 5 garage spaces and paved, off street parking. Drive by and be prepared to fall in love!

Key facts

• Balanced unit mix
• Multifamily asset
• Long-term tenancy

Tags

• MULTIFAMILY ASSET
• STRONG IN-PLACE TENANT BASE
• VALUE-ADD UPSIDE
• BALANCED UNIT MIX
• LONG-TERM TENANCY
• CONSISTENT CASH FLOW

Property features AI

Exterior

• Parking: Detached garage with garage door opener; Shared driveway; 5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (3–4 units)
• Construction: Brick construction
• Exterior features: Asphalt roof

Interior

• Kitchen: Range; Refrigerator
• Heating & cooling: Natural gas heating; Forced air; Hot water heating
• Interior features: Range; Refrigerator
• Laundry & utility: Laundry located in the basement; Basement has a sump pump; Partial basement

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.5ba + 3×1.0bd/1.0ba units multifamily listed at $285k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $466/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $285k).
• Recommended offer: $276k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.1% vs local median 5.4% in Sandusky — 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 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 209 active listings in the ZIP; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $4,769/mo this rent would consume 92% of the median local household income ($62k/yr) (locally 1602% of renters already pay >50% of income on rent) — 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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Erie County population projected at -15% 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 $80k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 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 $142k; list at $285k implies a 101% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $276,450 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 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 1910 — 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: 1.67% ✓
• Cap rate: 14.14%
• Cash-on-cash: 28.02%
• DSCR: 2.25
• GRM: 5.0

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: 22.2%
• Equity multiple: 1.91×
• Total profit: $72,518
• Equity at exit: $42,494

10-year hold

• IRR: 30.2%
• Equity multiple: 3.71×
• Total profit: $216,081
• Equity at exit: $24,642

Cash invested: $79,800 (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 44870

• Active inventory: 209
• Price-to-rent: 15.3×

Monthly cashflow live

• Estimated rent: $4,769 medium
• Mortgage (P&I): −$1,495
• Tax from tax record: −$291 /mo · $3,492/yr
• Insurance: −$119
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,001
• Net cashflow: $1,863

Break-even live

Break-even rent $2,411

Max offer price $285,000

Occupancy floor 56%

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1.5	$1,547
▸ 3× units	1.0	1	$3,222
Total (4 units)			$4,769

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: $71,250
• Closing costs: $8,550
• Reserves months: —
• Total cash needed: —

Listing history 5 events

1. 2026-05-20
   status Pending
2. 2026-04-21
   historical Active Under Contract
3. 2026-04-14
   listed $285,000 Active
4. 2020-10-13
   soldstatus $142,000 735-char remark

   Show marketing remark (735 chars)

   You will fall in love with this amazing property as soon as you walk in! The owner has taken loving care in restoring it to her grand beauty! The home boasts glowing wood floors, ornamental fireplace, large rooms and high ceilings! The large kitchen has plenty of counter space for large gatherings. This property has 4 apartments and can be used as a duplex or turn it into a large family home. Main floor is a 2 bedroom, 1 full, 1 half bath with access to the semi finished rec room in the basement. The upstairs has 3 apartments for additional use and feature fresh paint and newer flooring and other upgrades. The property also features up to 5 garage spaces and paved, off street parking. Drive by and be prepared to fall in love!

5. 2020-07-21
   listed $194,999 735-char remark

   Show marketing remark (735 chars)

   You will fall in love with this amazing property as soon as you walk in! The owner has taken loving care in restoring it to her grand beauty! The home boasts glowing wood floors, ornamental fireplace, large rooms and high ceilings! The large kitchen has plenty of counter space for large gatherings. This property has 4 apartments and can be used as a duplex or turn it into a large family home. Main floor is a 2 bedroom, 1 full, 1 half bath with access to the semi finished rec room in the basement. The upstairs has 3 apartments for additional use and feature fresh paint and newer flooring and other upgrades. The property also features up to 5 garage spaces and paved, off street parking. Drive by and be prepared to fall in love!

ⓘ 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: $3,492 · $291/mo
• Projected year-2 tax: $3,969 · $331/mo
• Expected delta: +$477/yr (+$40/mo · 13.7%)

ⓘ 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 ≥94°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: $57,228
• − Mortgage interest: −$15,964
• − Property taxes: −$3,492
• − Insurance: −$1,425
• − Repairs & maintenance: −$4,578
• − Management: −$4,578
• − Depreciation: −$8,291
• Taxable income: $18,899
• Est. tax owed @ 24.0%: −$4,536
• After-tax cash flow: $17,823/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: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 73,204 people
• By 2030: 71,341 · -2.5%
• By 2040: 66,771 · -8.8%
• By 2050: 62,512 · -14.6%
• By 2075: 56,154 · -23.3%
• By 2100: 49,045 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Erie

• 2024 margin: R (+14.1) · D 42.5% · R 56.6%
• 2008→2024 swing: -28.0pp toward R · 2008: 13.9pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.6 2016: R+9.8 2012: D+11.3 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, 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

+46.2% since first listed

5 events — show timeline

• 2026-05-20 Pending — FAOR
• 2026-04-21 Contingent — FAOR
• 2026-04-14 Listed $285,000 FAOR
• 2020-10-13 Sold (MLS) $142,000 FAOR
• 2020-07-21 Listed $194,999 FAOR

Property tax history

+0.8%/yr

Latest (2025): $3,492 · -1.0% YoY. Source: county tax records.