196 W State St · Athens, OH 45701

$225,000

5 bd · 2.0 ba · 1,538 sqft · MultiFamily public records · 38 Days on market

Built 1977 Est $160k · 41% over

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Why this score? — see what drove the D+ 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 +22.3/30.0
• DSCR +7.2/10.0
• 1% rule +5.7/10.0
• Schools +4.5/10.0
• Livability +4.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

196 & amp; 196 1/2 West State St. Each apartment has 3 bedrooms, 1 full bath. Double lot with off-street parking available off of Miller Ave.

Key facts

• Built 1977
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $372 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.8% in Athens — 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 86/100 on livability (#37 in OH, #350 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: housing C-, employment F.
• Athens City (town): math 50% / reading 61% proficiency, ranked #393 of 656 in OH (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 112 active listings in the ZIP; 5 units permitted in Athens County in 2024 (0 in 5+ unit buildings).
• At $2,404/mo this rent would consume 54% of the median local household income ($53k/yr) (locally 2145% 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 $7k of value loss. Plan a longer hold.
• Athens County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $84k; list at $225k implies a 169% gain — meaningful room to come down on a strong offer.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 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 1977 — 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 A-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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.07% ✓
• Cap rate: 8.28%
• Cash-on-cash: 7.09%
• DSCR: 1.32
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $159,952
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2 & 2.5 Columbia Ave	0.46mi	4/— (-1)	1,680 (+9%)	8mo	$174,000	$104	51

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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-12,718
• Equity at exit: $33,548

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $19,549
• Equity at exit: $19,454

Cash invested: $63,000 (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 45701

• Active inventory: 112
• Price-to-rent: 15.6×

Monthly cashflow live

• Estimated rent: $2,404 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$253 /mo · $3,036/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$505
• Net cashflow: $372

Break-even live

Break-even rent $1,933

Max offer price $225,000

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,404
Total (2 units)			$2,404

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-19
   days on market $225,000 Active 38 DOM
2. 2026-06-18
   days on market $225,000 Active 37 DOM
3. 2026-06-17
   days on market $225,000 Active 36 DOM
4. 2026-06-16
   days on market $225,000 Active 35 DOM
5. 2026-06-15
   days on market $225,000 Active 34 DOM
6. 2026-06-14
   days on market $225,000 Active 32 DOM
7. 2026-06-12
   days on market $225,000 Active 31 DOM
8. 2026-06-09
   days on market $225,000 Active 28 DOM
9. 2026-06-08
   days on market $225,000 Active 27 DOM
10. 2026-06-07
    days on market $225,000 Active 26 DOM
11. 2026-06-02
    days on market $225,000 Active 21 DOM
12. 2026-06-01
    days on market $225,000 Active 20 DOM
13. 2026-05-31
    days on market $225,000 Active 19 DOM
14. 2026-05-30
    days on market $225,000 Active 18 DOM
15. 2026-05-12
    listed $225,000 Active
16. 2000-10-12
    soldstatus $83,500
17. 1994-08-15
    soldstatus $66,500

ⓘ 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: $3,036 · $253/mo
• Projected year-2 tax: $3,273 · $273/mo
• Expected delta: +$237/yr (+$20/mo · 7.8%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 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 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,848
• − Mortgage interest: −$12,603
• − Property taxes: −$3,036
• − Insurance: −$1,125
• − Repairs & maintenance: −$2,308
• − Management: −$2,308
• − Depreciation: −$6,545
• Taxable income: $922
• Est. tax owed @ 24.0%: −$221
• After-tax cash flow: $4,248/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: Athens City
• NCES district ID: 3904352
• Math proficiency: 50% ▼ -10.00%
• Reading proficiency: 61% ▼ -5.00%
• Median HH income: $30,360
• Composite: 45.43/100
• National rank: #2620
• State rank: #393 of 656 in OH

Livability — Athens

• Score: 86/100
• State rank: #37
• US rank: #350

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Athens, OH
• County: Athens County · 33,329 people
• City population: 33,329
• Metro: Athens, OH
• Population (ZIP): 33,329
• Household income: $53,075
• Rent vs Own: 50.2% rent · 49.8% own
• Severe rent burden: 2145.0

Population outlook (Athens County) Hauer SSP2

• Today (2025): 71,867 people
• By 2030: 73,556 · +2.4%
• By 2040: 74,528 · +3.7%
• By 2050: 74,947 · +4.3%
• By 2075: 77,996 · +8.5%
• By 2100: 81,619 · +13.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Two or more races 6% Asian 4% Black 3% Hispanic / Latino 3%
• Common ancestry: Romanian 4% Slovak 3% Serbian 2%
• Foreign-born: 6% · China, Canada, Vietnam
• Languages at home: 91% English-only · Spanish 2% Arabic 1% Chinese 1%

Political lean MEDSL · Athens

• 2024 margin: D (+10.8) · D 54.9% · R 44.2%
• 2008→2024 swing: -24.5pp toward R · 2008: 35.3pp · 2024: 10.8pp
• All cycles: 2024: D+10.8 2020: D+15.0 2016: D+16.9 2012: D+35.0 2008: D+35.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -157.24%
• Current HPI: 181.6919
• Rent YoY: —
• Metro: Athens, 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

+238.3% since first listed

3 events — show timeline

• 2026-05-12 Listed $225,000 FSBO.com
• 2000-10-12 Sold (Public Records) $83,500 Public Records
• 1994-08-15 Sold (Public Records) $66,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $3,036 · +0.9% YoY. Source: county tax records.