838 Woodbine Ave SE · Warren, OH 44484

$129,900

4 bd · 2.0 ba · 2,052 sqft · MultiFamily public records · 124 Days on market

Built 1918 7,405 sqft lot $63/sqft · 49% above area Est $87k · 49% over

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• 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: 2 units. confirmed

Listing remarks MLS

Welcome to 838 and 840 Woodbine Avenue, a completely renovated up/down duplex situated in the heart of Warren. Each spacious unit offers a living room, dining room, kitchen, two bedrooms, one bath, separate utilities, and separate basements with laundry hook-ups. Each unit also includes a range, refrigerator, and front and back entrances. Updates include electrical boxes, newer vinyl windows throughout, new roof, updated bathrooms, freshly painted interiors, and a new front porch. Live in one unit and rent the other, or rent both for a great investment opportunity. Ideally located near downtown and retail stores, this duplex is ready for tenants and to start generating cash flow immediately!

Key facts

• Totally renovated
• Newer vinyl windows
• New front porch

Tags

• TOTALLY RENOVATED
• NEWER VINYL WINDOWS
• NEW ROOF
• UPDATED BATHROOMS
• NEW FRONT PORCH
• LARGE LIVING ROOMS

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $737 ($9k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.1% vs local median 6.0% in Warren — 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 73/100 on livability (#312 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: crime D-, commute F, employment F.
• Warren City (urban): math 22% / reading 32% proficiency, ranked #599 of 656 in OH (top 91%) — 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: 87 active listings in the ZIP; 129 units permitted in Trumbull County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($65k/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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Trumbull County population projected at -22% 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 $36k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 124 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $15k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $32k; list at $130k implies a 312% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1918 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $114,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 124 days. Have you received any prior offers? Is the seller open to a 12% 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 1918 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.53% ✓
• Cap rate: 13.10%
• Cash-on-cash: 24.33%
• DSCR: 2.08
• GRM: 5.5

CMA / ARV

• ARV (median comp): $87,181
• List price: $129,900
• Delta: 49.00%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1369 Adelaide Ave SE	0.21mi	5/3.0 (+1)	1,944 (-5%)	4mo	$110,000	$57	69

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: 17.6%
• Equity multiple: 1.71×
• Total profit: $25,902
• Equity at exit: $19,369

10-year hold

• IRR: 26.1%
• Equity multiple: 3.28×
• Total profit: $82,977
• Equity at exit: $11,231

Cash invested: $36,372 (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 44484

• Home prices YoY: -17.5%
• Active inventory: 87
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,982 high
• Mortgage (P&I): −$681
• Tax from tax record: −$93 /mo · $1,117/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$416
• Net cashflow: $737

Break-even live

Break-even rent $1,049

Max offer price $129,900

Occupancy floor 58%

Sensitivity live

Price	-10% $811	-5% $774	+0% $737	+5% $701	+10% $664
Rent	-10% $581	-5% $659	+0% $737	+5% $816	+10% $894
Rate	-1.0pp $803	-0.5pp $770	base $737	+0.5pp $704	+1.0pp $669

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,982
Total (2 units)			$1,982

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-04-06
   price $129,900 700-char remark

   Show marketing remark (700 chars)

   Welcome to 838 and 840 Woodbine Avenue, a completely renovated up/down duplex situated in the heart of Warren. Each spacious unit offers a living room, dining room, kitchen, two bedrooms, one bath, separate utilities, and separate basements with laundry hook-ups. Each unit also includes a range, refrigerator, and front and back entrances. Updates include electrical boxes, newer vinyl windows throughout, new roof, updated bathrooms, freshly painted interiors, and a new front porch. Live in one unit and rent the other, or rent both for a great investment opportunity. Ideally located near downtown and retail stores, this duplex is ready for tenants and to start generating cash flow immediately!

2. 2026-03-11
   price $134,900 700-char remark

   Show marketing remark (700 chars)

   Welcome to 838 and 840 Woodbine Avenue, a completely renovated up/down duplex situated in the heart of Warren. Each spacious unit offers a living room, dining room, kitchen, two bedrooms, one bath, separate utilities, and separate basements with laundry hook-ups. Each unit also includes a range, refrigerator, and front and back entrances. Updates include electrical boxes, newer vinyl windows throughout, new roof, updated bathrooms, freshly painted interiors, and a new front porch. Live in one unit and rent the other, or rent both for a great investment opportunity. Ideally located near downtown and retail stores, this duplex is ready for tenants and to start generating cash flow immediately!

3. 2026-02-19
   price $139,900 700-char remark

   Show marketing remark (700 chars)

   Welcome to 838 and 840 Woodbine Avenue, a completely renovated up/down duplex situated in the heart of Warren. Each spacious unit offers a living room, dining room, kitchen, two bedrooms, one bath, separate utilities, and separate basements with laundry hook-ups. Each unit also includes a range, refrigerator, and front and back entrances. Updates include electrical boxes, newer vinyl windows throughout, new roof, updated bathrooms, freshly painted interiors, and a new front porch. Live in one unit and rent the other, or rent both for a great investment opportunity. Ideally located near downtown and retail stores, this duplex is ready for tenants and to start generating cash flow immediately!

4. 2026-01-22
   listed $144,900 Active 700-char remark

   Show marketing remark (700 chars)

   Welcome to 838 and 840 Woodbine Avenue, a completely renovated up/down duplex situated in the heart of Warren. Each spacious unit offers a living room, dining room, kitchen, two bedrooms, one bath, separate utilities, and separate basements with laundry hook-ups. Each unit also includes a range, refrigerator, and front and back entrances. Updates include electrical boxes, newer vinyl windows throughout, new roof, updated bathrooms, freshly painted interiors, and a new front porch. Live in one unit and rent the other, or rent both for a great investment opportunity. Ideally located near downtown and retail stores, this duplex is ready for tenants and to start generating cash flow immediately!

5. 2018-12-31
   historical
6. 2018-06-03
   listed $65,000 Active
7. 1996-11-21
   soldstatus $31,500
8. 1996-06-07
   soldstatus $25,401

ⓘ 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: $1,117 · $93/mo
• Projected year-2 tax: $1,572 · $131/mo
• Expected delta: +$455/yr (+$38/mo · 40.7%)

ⓘ 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 ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 1 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,784
• − Mortgage interest: −$7,276
• − Property taxes: −$1,117
• − Insurance: −$650
• − Repairs & maintenance: −$1,903
• − Management: −$1,903
• − Depreciation: −$3,779
• Taxable income: $7,157
• Est. tax owed @ 24.0%: −$1,718
• After-tax cash flow: $7,131/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: Warren City
• NCES district ID: 3904499
• Math proficiency: 22% ▼ -16.00%
• Reading proficiency: 32% ▼ -9.00%
• Median HH income: $28,222
• Composite: 21.6/100
• National rank: #8299
• State rank: #599 of 656 in OH

Livability — Warren

• Score: 73/100
• State rank: #312
• US rank: #5068

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Warren, OH
• County: Trumbull · 193,293 people
• City population: 25,805
• Metro: Youngstown-Warren, OH
• Population (ZIP): 21,634
• Household income: $65,435
• Rent vs Own: 28.3% rent · 71.7% own
• Severe rent burden: 6.7

Population outlook (Trumbull County) Hauer SSP2

• Today (2025): 191,696 people
• By 2030: 184,015 · -4.0%
• By 2040: 166,810 · -13.0%
• By 2050: 149,857 · -21.8%
• By 2075: 115,769 · -39.6%
• By 2100: 83,617 · -56.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 8% Two or more races 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Romanian 3% Lithuanian 2% Serbian 1%
• Foreign-born: 3% · China, Canada
• Languages at home: 96% English-only · Other Indo-European 2% Other Asian/Pacific 1% Spanish 1%

Political lean MEDSL · Trumbull

• 2024 margin: R (+16.8) · D 41.2% · R 58.0%
• 2008→2024 swing: -39.2pp toward R · 2008: 22.4pp · 2024: -16.8pp
• All cycles: 2024: R+16.8 2020: R+10.6 2016: R+6.4 2012: D+22.2 2008: D+22.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -46.24%
• Current HPI: 217.6603
• 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

+411.4% since first listed

8 events — show timeline

• 2026-04-06 Price Changed $129,900 MLSNOW
• 2026-03-11 Price Changed $134,900 MLSNOW
• 2026-02-19 Price Changed $139,900 MLSNOW
• 2026-01-22 Listed $144,900 MLSNOW
• 2018-12-31 Listing Removed — MLSNOW
• 2018-06-03 Listed $65,000 MLSNOW
• 1996-11-21 Sold (Public Records) $31,500 Public Records
• 1996-06-07 Sold (Public Records) $25,401 Public Records

Property tax history

+2.1%/yr

Latest (2025): $1,117 · +1.9% YoY. Source: county tax records.