408 N Main St · West Manchester, OH 45382

$84,900

3 bd · 1.0 ba · 1,494 sqft · SingleFamily public records · 44 Days on market

Built 1900 0.25 ac lot $57/sqft · 42% below area Est $146k · 42% under

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Why this score? — see what drove the A- 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
• DSCR +10.0/10.0
• 1% rule +9.9/10.0
• Appreciation +5.0/10.0
• Schools +4.8/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to 408 N Main Street in the heart of West Manchester--an opportunity full of potential and charm. This spacious 1,494 sq ft home sits on a generous quarter-acre lot, offering plenty of room to expand, entertain, or create your ideal outdoor space. Inside, you'll find original hardwood floors that add warmth and character throughout, along with large living areas that provide flexibility for a variety of layouts. The main level features a primary bedroom with space to create a private ensuite bath, a formal dining room perfect for gatherings, a generously sized kitchen, and a convenient first-floor laundry room. Upstairs, two additional bedrooms offer comfortable living space for guests. Recent updates to major mechanicals--including HVAC and water heater--provide a solid foundation for future improvements. Whether you're looking to renovate and add value or create a long-term rental, this property presents a strong investment opportunity with great bones and plenty of upside. Situated on a large lot in a convenient location, the possibilities here are endless. Property is being sold as-is.

Key facts

• Formal dining room
• Large living areas
• Primary bedroom

Tags

• ORIGINAL HARDWOOD FLOORS
• LARGE LIVING AREAS
• PRIMARY BEDROOM
• FORMAL DINING ROOM
• GENEROUSLY SIZED KITCHEN
• FIRST-FLOOR LAUNDRY ROOM

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: No garage
• Utilities: Natural gas available
• Home design: Single-family style; Main-level living areas with second-level bedrooms
• Construction: Frame construction with vinyl siding
• Exterior features: Residential zoning

Interior

• Kitchen: Kitchen on main level; Dishwasher; Microwave
• Bedrooms: Two bedrooms (both on the second level)
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Crawl space basement
• Laundry & utility: Utility room on main level; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $425 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $85k).
• Recommended offer: $82k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#884 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D, schools 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: 3 active listings in the ZIP; solid renter incomes; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($88k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• In year one you build about $3k of equity ($587 loan paydown + $3k appreciation (3.0% local appreciation)).
• 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($82k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 11y ago; this cycle's ask has dropped $15k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,353 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1900 — 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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.49% ✓
• Cap rate: 12.31%
• Cash-on-cash: 21.47%
• DSCR: 1.96
• GRM: 5.6

CMA / ARV

• ARV (median comp): $145,988
• List price: $84,900
• Delta: -41.84%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
116 W Walnut St	0.07mi	3/1.0	1,464 (-2%)	3mo	$185,000	$126	90
217 E Orchard St	0.17mi	4/1.0 (+1)	1,401 (-6%)	2mo	$195,000	$139	76
207 E Scott St	0.22mi	3/2.0	1,402 (-6%)	20mo	$156,500	$112	59
11817 N 127	0.57mi	3/2.0	1,568 (+5%)	6mo	$299,900	$191	56

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: 27.7%
• Equity multiple: 2.57×
• Total profit: $37,331
• Equity at exit: $38,175

10-year hold

• IRR: 28.3%
• Equity multiple: 4.99×
• Total profit: $94,960
• Equity at exit: $58,832

Cash invested: $23,772 (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 45382

• Active inventory: 3
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $1,268 medium
• Mortgage (P&I): −$445
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$266
• Net cashflow: $425

Break-even live

Break-even rent $730

Max offer price $84,900

Occupancy floor 61%

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-19
   days on market $84,900 Active 44 DOM
2. 2026-06-18
   days on market $84,900 Active 43 DOM
3. 2026-06-17
   days on market $84,900 Active 42 DOM
4. 2026-06-16
   days on market $84,900 Active 41 DOM
5. 2026-06-15
   days on market $84,900 Active 40 DOM
6. 2026-06-14
   days on market $84,900 Active 38 DOM
7. 2026-06-12
   days on market $84,900 Active 37 DOM
8. 2026-06-09
   days on market $84,900 Active 34 DOM
9. 2026-06-09
   price $84,900 Active 33 DOM
10. 2026-06-08
    days on market $99,900 Active 33 DOM

    Show marketing remark (1114 chars)

    Welcome to 408 N Main Street in the heart of West Manchester--an opportunity full of potential and charm. This spacious 1,494 sq ft home sits on a generous quarter-acre lot, offering plenty of room to expand, entertain, or create your ideal outdoor space. Inside, you'll find original hardwood floors that add warmth and character throughout, along with large living areas that provide flexibility for a variety of layouts. The main level features a primary bedroom with space to create a private ensuite bath, a formal dining room perfect for gatherings, a generously sized kitchen, and a convenient first-floor laundry room. Upstairs, two additional bedrooms offer comfortable living space for guests. Recent updates to major mechanicals--including HVAC and water heater--provide a solid foundation for future improvements. Whether you're looking to renovate and add value or create a long-term rental, this property presents a strong investment opportunity with great bones and plenty of upside. Situated on a large lot in a convenient location, the possibilities here are endless. Property is being sold as-is.

11. 2026-06-07
    days on market $99,900 Active 32 DOM
12. 2026-06-03
    days on market $99,900 Active 28 DOM
13. 2026-06-02
    days on market $99,900 Active 27 DOM
14. 2026-06-01
    days on market $99,900 Active 26 DOM
15. 2026-05-31
    days on market $99,900 Active 25 DOM
16. 2026-05-30
    days on market $99,900 Active 24 DOM
17. 2026-05-06
    listed $99,900 Active 1114-char remark

    Show marketing remark (1114 chars)

    Welcome to 408 N Main Street in the heart of West Manchester--an opportunity full of potential and charm. This spacious 1,494 sq ft home sits on a generous quarter-acre lot, offering plenty of room to expand, entertain, or create your ideal outdoor space. Inside, you'll find original hardwood floors that add warmth and character throughout, along with large living areas that provide flexibility for a variety of layouts. The main level features a primary bedroom with space to create a private ensuite bath, a formal dining room perfect for gatherings, a generously sized kitchen, and a convenient first-floor laundry room. Upstairs, two additional bedrooms offer comfortable living space for guests. Recent updates to major mechanicals--including HVAC and water heater--provide a solid foundation for future improvements. Whether you're looking to renovate and add value or create a long-term rental, this property presents a strong investment opportunity with great bones and plenty of upside. Situated on a large lot in a convenient location, the possibilities here are endless. Property is being sold as-is.

18. 2026-05-06
    listed $99,900 Active 1141-char remark

    Show marketing remark (1114 chars)

    Welcome to 408 N Main Street in the heart of West Manchester--an opportunity full of potential and charm. This spacious 1,494 sq ft home sits on a generous quarter-acre lot, offering plenty of room to expand, entertain, or create your ideal outdoor space. Inside, you'll find original hardwood floors that add warmth and character throughout, along with large living areas that provide flexibility for a variety of layouts. The main level features a primary bedroom with space to create a private ensuite bath, a formal dining room perfect for gatherings, a generously sized kitchen, and a convenient first-floor laundry room. Upstairs, two additional bedrooms offer comfortable living space for guests. Recent updates to major mechanicals--including HVAC and water heater--provide a solid foundation for future improvements. Whether you're looking to renovate and add value or create a long-term rental, this property presents a strong investment opportunity with great bones and plenty of upside. Situated on a large lot in a convenient location, the possibilities here are endless. Property is being sold as-is.

19. 2026-03-26
    historical
20. 2026-01-08
    price $99,900
21. 2025-11-25
    listed $110,000 Active
22. 2021-12-08
    soldstatus $85,000
23. 2016-02-29
    historical
24. 2015-08-27
    listed $79,500 Active
25. 2000-05-11
    soldstatus $20,300

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,237 · $103/mo
• Expected delta: +$87/yr (+$7/mo · 7.6%)

ⓘ 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 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: $15,217
• − Mortgage interest: −$4,756
• − Property taxes: −$1,150
• − Insurance: −$424
• − Repairs & maintenance: −$1,217
• − Management: −$1,217
• − Depreciation: −$2,470
• Taxable income: $3,982
• Est. tax owed @ 24.0%: −$956
• After-tax cash flow: $4,149/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 — West Manchester

• Score: 62/100
• State rank: #884
• US rank: #16720

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Manchester, OH
• County: Preble · 42,634 people
• Population (ZIP): 1,139
• Household income: $88,125
• Rent vs Own: 20.1% rent · 79.9% own
• Severe rent burden: 7.4

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 (95%)
• Race & ethnicity: White 95% Two or more races 4% Hispanic / Latino 1%
• Common ancestry: Slovak 3% Italian 1% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

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: —
• Current HPI: —
• 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

+318.2% since first listed

11 events — show timeline

• 2026-06-08 Price Changed $84,900 WRIST
• 2026-06-08 Price Changed $84,900 Dayton MLS
• 2026-05-06 Listed $99,900 Dayton MLS
• 2026-05-06 Listed $99,900 WRIST
• 2026-03-26 Listing Removed — Dayton MLS
• 2026-01-08 Price Changed $99,900 Dayton MLS
• 2025-11-25 Listed $110,000 Dayton MLS
• 2021-12-08 Sold (Public Records) $85,000 Public Records
• 2016-02-29 Listing Removed — Dayton MLS
• 2015-08-27 Listed $79,500 Dayton MLS
• 2000-05-11 Sold (Public Records) $20,300 Public Records

Property tax history

+4.2%/yr

Latest (2025): $1,150 · -0.0% YoY. Source: county tax records.