407 E 2nd St · Ottawa, OH 45875

$170,000

4 bd · 4.0 ba · 1,400 sqft · MultiFamily · 59 Days on market

Built 1900 Fair condition 6,299 sqft lot ↓ 6% since listing

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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 +16.8/30.0
• ARV discount +7.5/15.0
• Schools +6.4/10.0
• DSCR +5.2/10.0
• 1% rule +4.6/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• 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

Nice duplex in Ottawa. 100% occupancy. Each unit has a garage space.

Key facts

• 6,299 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Finance

• Financial info: Two-unit building (both units leased); Tenant pays cable, electricity, internet, satellite TV, and insurance; Owner pays sewer, trash collection, water, and lawn care

Exterior

• Parking: Detached 2-car garage; On-street parking
• Utilities: Public water; Public sewer; Electricity connected (100 amp service, 220 volts in laundry); Cable available
• Home design: Residential income duplex; Two stories
• Construction: Vinyl siding; Asphalt roof; Crawl space foundation; Built as duplex
• Exterior features: Corner lot; City street frontage; Paved road; Garage(s)

Interior

• Kitchen: Electric oven; Refrigerator
• Flooring: Carpet; Vinyl
• Heating & cooling: Baseboard heating
• Interior features: Entrance foyer; Eat-in kitchen
• Laundry & utility: Main-level laundry

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/2.0-bath units multifamily listed at $170k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $-13 ($-151/yr) — negative. Per door: $-6/mo.
• To cash-flow at today's rent, offer at most $168k (1.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $163k (4.4% below list).
• Recommended offer: $163k (4.4% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 80/100 on livability (#114 in OH, #1,709 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, health & safety A+, crime A; Watch: amenities D-, commute F, employment D-.
• Ottawa-Glandorf Local (town): math 73% / reading 76% proficiency, ranked #99 of 656 in OH (top 15%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Ottawa Elementary School (math 58% / reading 64%, grade B, #652 of 1,584 statewide, top 41%, 441 students, 37% FRL); Ottawa-Glandorf High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 537 students, 12% FRL) — zoned schools at 25% FRL track the district average.
• Market conditions: 27 active listings in the ZIP; solid renter incomes; 41 units permitted in Putnam County in 2024 (0 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 $5k of value loss. Plan a longer hold.
• Putnam County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 59 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,600 (4.4% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 59 days. Have you received any prior offers? Is the seller open to a 4% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
6. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
7. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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?
11. 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.
12. 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.
13. 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: 0.96% ✗
• Cap rate: 7.07%
• Cash-on-cash: 2.77%
• DSCR: 1.12
• GRM: 8.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.41×
• Total profit: $-28,249
• Equity at exit: $25,348

10-year hold

• IRR: -8.5%
• Equity multiple: 0.47×
• Total profit: $-25,226
• Equity at exit: $14,698

Cash invested: $47,600 (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 45875

• Home prices YoY: -18.5%
• Active inventory: 27
• Price-to-rent: 17.4×

Monthly cashflow live

• Estimated rent: $1,626 medium
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$341
• Net cashflow: $-13

Break-even live

Break-even rent $1,642

Max offer price $168,179

Occupancy floor 96%

Sensitivity live

Price	-10% $105	-5% $46	+0% $-13	+5% $-71	+10% $-130
Rent	-10% $-141	-5% $-77	+0% $-13	+5% $52	+10% $116
Rate	-1.0pp $73	-0.5pp $31	base $-13	+0.5pp $-57	+1.0pp $-101

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	2	$1,626
Total (2 units)			$1,626

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: $42,500
• Closing costs: $5,100
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-21
   days on market $170,000 Active 59 DOM
2. 2026-06-21
   days on market $170,000 Active 58 DOM
3. 2026-06-18
   days on market $170,000 Active 56 DOM
4. 2026-06-17
   days on market $170,000 Active 55 DOM
5. 2026-06-16
   days on market $170,000 Active 54 DOM
6. 2026-06-15
   days on market $170,000 Active 53 DOM
7. 2026-06-13
   days on market $170,000 Active 51 DOM
8. 2026-06-12
   days on market $170,000 Active 50 DOM
9. 2026-06-09
   days on market $170,000 Active 47 DOM
10. 2026-06-08
    days on market $170,000 Active 46 DOM
11. 2026-06-08
    days on market $170,000 Active 45 DOM
12. 2026-06-07
    days on market $170,000 Active 44 DOM
13. 2026-06-04
    days on market $170,000 Active 41 DOM
14. 2026-06-02
    days on market $170,000 Active 40 DOM
15. 2026-06-01
    days on market $170,000 Active 39 DOM
16. 2026-05-31
    days on market $170,000 Active 38 DOM
17. 2026-04-22
    listed $180,000 Active
18. 2026-04-22
    listed $180,000 Active 70-char remark

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone AO · 13% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,512
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$2,318
• − Repairs & maintenance: −$1,561
• − Management: −$1,561
• − Depreciation: −$4,945
• Taxable loss: −$2,946
• Est. tax savings @ 24.0%: +$707
• After-tax cash flow: $556/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.

Condition & rehab AI · 13 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate repairs and maintenance, particularly in the exterior and interior, to improve its condition and value.

Repairs flagged

• Moderate Siding — Worn appearance
• Major Flooring — Carpeted floors in living areas
• Major Paint — Painted walls, some wear

Value-add opportunities

• Both Paint — Fresh paint enhances curb appeal and interior aesthetics
• Both Flooring — New flooring improves living spaces and increases rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
Siding · Worn appearance	Moderate	$3,000–15,000
Flooring · Carpeted floors in living areas	Major	$15,000–50,000
Paint · Painted walls, some wear	Major	$15,000–50,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both Paint — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Flooring — New flooring improves living spaces and increases rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Ottawa-Glandorf Local
• NCES district ID: 3904937
• Math proficiency: 73% ▼ -6.00%
• Reading proficiency: 76% ▼ -3.00%
• Median HH income: $58,770
• Composite: 63.93/100
• National rank: #585
• State rank: #99 of 656 in OH

Livability — Ottawa

• Score: 80/100
• State rank: #114
• US rank: #1709

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ottawa, OH
• County: Putnam · 35,411 people
• City population: 10,861
• Population (ZIP): 10,861
• Household income: $86,358
• Rent vs Own: 15.0% rent · 85.0% own

Population outlook (Putnam County) Hauer SSP2

• Today (2025): 32,604 people
• By 2030: 31,596 · -3.1%
• By 2040: 29,380 · -9.9%
• By 2050: 26,916 · -17.4%
• By 2075: 22,109 · -32.2%
• By 2100: 17,564 · -46.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Hispanic / Latino 6% Two or more races 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Italian 1% Slovak 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Putnam

• 2024 margin: Solid R (+68.7) · D 15.2% · R 83.9%
• 2008→2024 swing: -27.0pp toward R · 2008: -41.7pp · 2024: -68.7pp
• All cycles: 2024: R+68.7 2020: R+66.3 2016: R+64.3 2012: R+51.5 2008: R+41.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -56.93%
• Current HPI: 250.1058
• 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

-5.6% since first listed

4 events — show timeline

• 2026-05-22 Price Changed $170,000 WCARE
• 2026-05-22 Price Changed $170,000 NORIS
• 2026-04-22 Listed $180,000 NORIS
• 2026-04-22 Listed $180,000 WCARE