514 Liberty St · Findlay, OH 45840

$199,000

4 bd · 2.0 ba · 2,070 sqft · MultiFamily public records · 591 Days on market

Built 1900 4,765 sqft lot $96/sqft · at area comps Est $206k · at est.

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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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +9.1/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Great location in the heart of Findlay. Both units have two bedrooms and one bathroom. The downstairs unit has decent storage, with access to the basement. Washer and dryer in basement for downstairs unit. Two living rooms downstairs. Upstairs unit has access to the roof deck through the laundry room. Separate utilities. Owner pays water. Roof 11 years old. Furnaces and water heaters less than 6 years old. Please give 24 hour notice for showings.

Key facts

• Roof deck access
• 4,765 sq ft lot
• 2 parking spots

Tags

• ROOF DECK ACCESS
• FURNACES LESS THAN 6 YEARS OLD

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $175k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 5.0% in Findlay — 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 81/100 on livability (#98 in OH, #1,496 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Findlay City (town): math 56% / reading 56% proficiency, ranked #357 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Donnell Middle School (math 57% / reading 54%, grade B-, #321 of 654 statewide, top 51%, 523 students, 41% FRL); Findlay High School (math 51% / reading 60%, grade C, #296 of 781 statewide, top 39%, 1,915 students, 31% FRL) — zoned schools at 36% FRL track the district average.
• Market conditions: Rents rising fast (+5.7%/yr); 219 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 591 days — a 12% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 17y 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 $71k; list at $199k implies a 180% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $175,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 591 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 1.48% ✓
• Cap rate: 13.01%
• Cash-on-cash: 24.00%
• DSCR: 2.07
• GRM: 5.6

CMA / ARV

• ARV (median comp): $206,386
• List price: $199,000
• Delta: -3.58%
• Verdict: FAIR
• Comps: 11 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 W Hardin St	0.09mi	4/4.5	2,361 (+14%)	17mo	$189,900	$80	49

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 · 5.68% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 1.84×
• Total profit: $46,833
• Equity at exit: $29,672

10-year hold

• IRR: 29.9%
• Equity multiple: 4.00×
• Total profit: $167,285
• Equity at exit: $17,206

Cash invested: $55,720 (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 45840

• Rents YoY: 5.7%
• Active inventory: 219
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $2,943 medium
• Mortgage (P&I): −$1,044
• Tax from tax record: −$84 /mo · $1,007/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $1,115

Break-even live

Break-even rent $1,532

Max offer price $199,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,227	-5% $1,171	+0% $1,115	+5% $1,058	+10% $1,002
Rent	-10% $882	-5% $998	+0% $1,115	+5% $1,231	+10% $1,347
Rate	-1.0pp $1,215	-0.5pp $1,165	base $1,115	+0.5pp $1,063	+1.0pp $1,011

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,944
Total (2 units)			$2,943

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
517 Lima Ave Findlay, OH	3.0	1.0	1600	$1,595	$1.00	45d	1	0.52mi

Listing history 21 events

1. 2026-06-19
   days on market $199,000 Active 591 DOM
2. 2026-06-18
   days on market $199,000 Active 590 DOM
3. 2026-06-17
   days on market $199,000 Active 589 DOM
4. 2026-06-16
   days on market $199,000 Active 588 DOM
5. 2026-06-15
   days on market $199,000 Active 587 DOM
6. 2026-06-14
   days on market $199,000 Active 585 DOM
7. 2026-06-12
   days on market $199,000 Active 584 DOM
8. 2026-06-09
   days on market $199,000 Active 581 DOM
9. 2026-06-08
   days on market $199,000 Active 580 DOM
10. 2026-06-07
    days on market $199,000 Active 579 DOM
11. 2026-06-05
    days on market $199,000 Active 576 DOM
12. 2026-06-02
    days on market $199,000 Active 574 DOM
13. 2026-06-01
    days on market $199,000 Active 573 DOM
14. 2026-05-31
    days on market $199,000 Active 572 DOM
15. 2026-05-30
    days on market $199,000 Active 571 DOM
16. 2025-10-14
    historical
17. 2024-11-04
    listed $199,000 Active 451-char remark

    Show marketing remark (451 chars)

    Great location in the heart of Findlay. Both units have two bedrooms and one bathroom. The downstairs unit has decent storage, with access to the basement. Washer and dryer in basement for downstairs unit. Two living rooms downstairs. Upstairs unit has access to the roof deck through the laundry room. Separate utilities. Owner pays water. Roof 11 years old. Furnaces and water heaters less than 6 years old. Please give 24 hour notice for showings.

18. 2010-03-03
    historical
19. 2009-09-14
    listed $74,900
20. 2009-09-14
    listed $74,900
21. 2007-07-26
    soldstatus $71,000

ⓘ 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: $1,007 · $84/mo
• Projected year-2 tax: $2,056 · $171/mo
• Expected delta: +$1,049/yr (+$87/mo · 104.2%)

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

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 17 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: $35,316
• − Mortgage interest: −$11,147
• − Property taxes: −$1,007
• − Insurance: −$995
• − Repairs & maintenance: −$2,825
• − Management: −$2,825
• − Depreciation: −$5,789
• Taxable income: $10,727
• Est. tax owed @ 24.0%: −$2,575
• After-tax cash flow: $10,800/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: Findlay City
• NCES district ID: 3910000
• Math proficiency: 56% ▼ -11.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $45,261
• Composite: 47.31/100
• National rank: #2300
• State rank: #357 of 656 in OH

Livability — Findlay

• Score: 81/100
• State rank: #98
• US rank: #1496

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Findlay, OH
• County: Hancock County · 54,559 people
• City population: 54,559
• Metro: Findlay, OH
• Population (ZIP): 54,559
• Household income: $68,083
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1540.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,526 people
• By 2030: 77,777 · +0.3%
• By 2040: 76,976 · -0.7%
• By 2050: 74,479 · -3.9%
• By 2075: 65,741 · -15.2%
• By 2100: 52,942 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+38.4) · D 30.2% · R 68.7% · Other 1.1%
• 2008→2024 swing: -15.3pp toward R · 2008: -23.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+37.5 2016: R+40.8 2012: R+28.3 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.43%
• Current HPI: 194.9132
• Rent YoY: ▲ 5.68%
• Metro: Findlay, 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

+180.3% since first listed

6 events — show timeline

• 2025-10-14 Listing Removed — NORIS
• 2024-11-04 Listed $199,000 NORIS
• 2010-03-03 Listing Removed — NORIS
• 2009-09-14 Listed $74,900 NORIS
• 2009-09-14 Listed $74,900 NORIS
• 2007-07-26 Sold (Public Records) $71,000 Public Records

Property tax history

+3.9%/yr

Latest (2018): $1,007 · -0.0% YoY. Source: county tax records.