517 Broadway St · Springfield, OH 45504

$65,000

4 bd · 2.0 ba · 1,884 sqft · MultiFamily public records · 60 Days on market

Built 1891 0.48 ac lot $35/sqft · 20% below area Est $82k · 20% under

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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
• ARV discount +15.0/15.0
• 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
• 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

LAND CONTRACT OPTION! Located at 517-515 W Broadway Ave in Springfield, this is the kind of opportunity buyers look for when they are ready to take that first real step into real estate. Walk through this property and start thinking about what it could become. It is currently set up as a single-family home, but the layout was previously used as a two-family and may offer the potential to be converted back, subject to buyer verification of zoning, permits, and intended use. With approximately 1,884 square feet, four bedrooms, two full bathrooms, a full basement, and nearly half an acre, there is room here to build something that fits your plan. Land contract terms are available, creating an alternative path to ownership that may allow you to move forward without traditional financing, subject to agreed terms and buyer qualification. For buyers looking to get started or expand, this property may support a range of approaches such as house hacking with potential rental use, exploring a BRRRR strategy, or creating a long-term rental setup. The real value here is the ability to step in, make improvements over time, and shape the property around your goals, all subject to your own due diligence and verification. Opportunities offering flexible terms and multiple potential paths like this are not always easy to find.

Key facts

• 0.48 acre lot
• Built 1891
• Listed 60 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $65k.

Deal economics

• At list price, monthly cash flow is $911 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.1% 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: 93 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• This rent runs 30% of the median local income ($67k/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 $449 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 $18k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 60 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 17y ago; this cycle's ask has dropped $15k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $65k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1891 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 60 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 1891 — 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 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: 2.62% ✓
• Cap rate: 23.11%
• Cash-on-cash: 60.06%
• DSCR: 3.67
• GRM: 3.2

CMA / ARV

• ARV (median comp): $81,739
• List price: $65,000
• Delta: -20.48%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
423 N Jackson St	0.34mi	4/2.5	1,836 (-2%)	1mo	$80,000	$44	77
410 N Isabella St	0.62mi	4/2.5	1,836 (-2%)	23mo	$158,900	$87	46
724 Garfield Ave	0.69mi	4/2.0	2,140 (+14%)	11mo	$178,800	$84	36

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: 58.8%
• Equity multiple: 3.61×
• Total profit: $47,499
• Equity at exit: $9,692

10-year hold

• IRR: 63.6%
• Equity multiple: 7.38×
• Total profit: $116,132
• Equity at exit: $5,620

Cash invested: $18,200 (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 45504

• Active inventory: 93
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,702 high
• Mortgage (P&I): −$341
• Tax from tax record: −$66 /mo · $787/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$357
• Net cashflow: $911

Break-even live

Break-even rent $549

Max offer price $65,000

Occupancy floor 41%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	23d	1	0.53mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	11d	1	0.58mi
307 N Isabella St Unit 309 Springfield, OH	3.0	1.5	1300	$1,400	$1.08	3d	1	0.62mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	44d	1	0.63mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	11d	1	0.64mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	11d	1	0.69mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	11d	1	0.72mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	11d	1	0.97mi
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	3d	1	1.20mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	19d	1	1.33mi

Listing history 26 events

1. 2026-06-19
   days on market $65,000 Active 60 DOM
2. 2026-06-18
   days on market $65,000 Active 59 DOM
3. 2026-06-17
   days on market $65,000 Active 58 DOM
4. 2026-06-16
   days on market $65,000 Active 57 DOM
5. 2026-06-15
   days on market $65,000 Active 56 DOM
6. 2026-06-14
   days on market $65,000 Active 54 DOM
7. 2026-06-12
   days on market $65,000 Active 53 DOM
8. 2026-06-09
   days on market $65,000 Active 50 DOM
9. 2026-06-08
   days on market $65,000 Active 49 DOM
10. 2026-06-07
    days on market $65,000 Active 48 DOM
11. 2026-06-05
    days on market $65,000 Active 45 DOM
12. 2026-06-02
    days on market $65,000 Active 43 DOM
13. 2026-06-01
    pricedays on market $65,000 Active 42 DOM
14. 2026-05-31
    days on market $69,900 Active 41 DOM
15. 2026-05-30
    days on market $69,900 Active 40 DOM
16. 2026-04-20
    listed $80,000 Active 1337-char remark

    Show marketing remark (1337 chars)

    LAND CONTRACT OPTION! Located at 517-515 W Broadway Ave in Springfield, this is the kind of opportunity buyers look for when they are ready to take that first real step into real estate. Walk through this property and start thinking about what it could become. It is currently set up as a single-family home, but the layout was previously used as a two-family and may offer the potential to be converted back, subject to buyer verification of zoning, permits, and intended use. With approximately 1,884 square feet, four bedrooms, two full bathrooms, a full basement, and nearly half an acre, there is room here to build something that fits your plan. Land contract terms are available, creating an alternative path to ownership that may allow you to move forward without traditional financing, subject to agreed terms and buyer qualification. For buyers looking to get started or expand, this property may support a range of approaches such as house hacking with potential rental use, exploring a BRRRR strategy, or creating a long-term rental setup. The real value here is the ability to step in, make improvements over time, and shape the property around your goals, all subject to your own due diligence and verification. Opportunities offering flexible terms and multiple potential paths like this are not always easy to find.

17. 2026-01-08
    soldstatus $35,500
18. 2017-01-30
    soldstatus $12,000
19. 2016-11-04
    historical
20. 2016-11-04
    historical
21. 2015-08-20
    listed $14,000
22. 2015-08-18
    listed $21,111
23. 2009-11-04
    soldstatus $10,000
24. 2009-10-26
    listed $15,000
25. 1994-09-16
    soldstatus $16,500
26. 1985-09-18
    soldstatus $16,500

ⓘ 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: $787 · $66/mo
• Projected year-2 tax: $900 · $75/mo
• Expected delta: +$114/yr (+$9/mo · 14.4%)

ⓘ 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 ≥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: $20,422
• − Mortgage interest: −$3,641
• − Property taxes: −$787
• − Insurance: −$325
• − Repairs & maintenance: −$1,634
• − Management: −$1,634
• − Depreciation: −$1,891
• Taxable income: $10,510
• Est. tax owed @ 24.0%: −$2,523
• After-tax cash flow: $8,408/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 · 134,280 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 16,654
• Household income: $67,334
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 6.4

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 (85%)
• Race & ethnicity: White 85% Two or more races 7% Black 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -138.72%
• Current HPI: 240.7049
• 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

+384.8% since first listed

11 events — show timeline

• 2026-04-20 Listed $80,000 WRIST
• 2026-01-08 Sold (Public Records) $35,500 Public Records
• 2017-01-30 Sold (Public Records) $12,000 Public Records
• 2016-11-04 Listing Removed — WRIST
• 2016-11-04 Listing Removed — WRIST
• 2015-08-20 Listed $14,000 WRIST
• 2015-08-18 Listed $21,111 WRIST
• 2009-11-04 Sold (MLS) $10,000 WRIST
• 2009-10-26 Listed $15,000 WRIST
• 1994-09-16 Sold (Public Records) $16,500 Public Records
• 1985-09-18 Sold (Public Records) $16,500 Public Records

Property tax history

+13.1%/yr

Latest (2025): $787 · +58.3% YoY. Source: county tax records.