338 King St · Lancaster, OH 43130

$225,000

4 bd · 2.0 ba · 1,968 sqft · SingleFamily public records · 15 Days on market

Built 1900 7,405 sqft lot $114/sqft · 16% below area Est $268k · 16% under

---

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 +15.8/30.0
• ARV discount +14.7/15.0
• DSCR +4.9/10.0
• Livability +4.3/5.0
• 1% rule +3.9/10.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

You’ll love this stunning 4 bd possible 5 bd, 2 bath home! Completely updated with fresh paint, all new carpeting, beautifully stained original hardwood floors, wide white baseboards, charming new light fixtures, as well as mostly replaced electric and plumbing. The living room offers white wainscoting wall panel and built-in bookshelves. The new kitchen gives you the luxury of Travertine tile floors, gorgeous wood cabinets, brand new stainless steal appliances, ceramic glass mosaic tile backsplash, and island with bar stools and double steel stink!

Key facts

• 7,405 sq ft lot
• 2 garage spots
• Built 1900

Property features AI

Exterior

• Parking: Detached 2-car garage with garage door opener
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Two levels; Built in 1900; No shared/common walls
• Construction: Stone foundation
• Exterior features: Patio; Deck; Fenced yard

Interior

• Flooring: Wood; Carpet; Ceramic/Porcelain
• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Decorative fireplace; Insulated windows; Cellar basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $225k.

Deal economics

• At list price, monthly cash flow is $103 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $201k (10.8% below list).
• Recommended offer: $201k (10.8% below list) — sets the bar for 1% rule.
• Cap rate 6.8% vs local median 4.0% in Lancaster — 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 (#41 in OH, #423 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Lancaster City (town): math 38% / reading 51% proficiency, ranked #504 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($72k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 12y ago; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $130k; list at $225k implies a 73% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $200,771 (10.8% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.89% ✗
• Cap rate: 6.84%
• Cash-on-cash: 1.97%
• DSCR: 1.09
• GRM: 9.3

CMA / ARV

• ARV (median comp): $267,983
• List price: $225,000
• Delta: -16.04%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
769 E Mulberry St	0.56mi	3/2.0 (-1)	1,953 (-1%)	0mo	$250,000	$128	67
114 S Maple St	0.32mi	4/2.5	2,160 (+10%)	0mo	$160,000	$74	66
820 N Broad St	0.48mi	3/1.5 (-1)	1,932 (-2%)	1mo	$339,900	$176	66
534 E Wheeling St	0.28mi	4/1.5	2,182 (+11%)	3mo	$273,000	$125	65
830 N Broad St	0.50mi	4/1.5	1,858 (-6%)	4mo	$210,000	$113	62
537 E Wheeling St	0.27mi	3/2.0 (-1)	1,699 (-14%)	0mo	$255,000	$150	59
233 E 6th Ave	0.21mi	3/1.5 (-1)	1,716 (-13%)	3mo	$280,000	$163	59
414 E Walnut St	0.43mi	3/2.0 (-1)	1,780 (-10%)	2mo	$276,000	$155	57
123 Arnold Ave	0.50mi	4/4.0	2,108 (+7%)	3mo	$299,000	$142	55
664 Smithfield Ave	0.68mi	3/1.0 (-1)	1,925 (-2%)	2mo	$63,910	$33	54
538 E 6th Ave	0.28mi	3/1.5 (-1)	1,704 (-13%)	4mo	$272,000	$160	54
844 E Wheeling St	0.67mi	3/1.5 (-1)	1,750 (-11%)	1mo	$265,000	$151	43

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: -10.8%
• Equity multiple: 0.60×
• Total profit: $-25,301
• Equity at exit: $33,548

10-year hold

• IRR: 1.2%
• Equity multiple: 1.10×
• Total profit: $6,079
• 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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,008 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$209 /mo · $2,508/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $103

Break-even live

Break-even rent $1,877

Max offer price $225,000

Occupancy floor 90%

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: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
635 N High St Lancaster, OH	3.0	2.0	1608	$2,200	$1.37	43d	1	0.29mi
1508 Greyfield ST Lancaster, OH	1.0–3.0	1.0–2.0	953	$1,869	$1.96	1d	1	0.38mi
421 Washington Ave Lancaster, OH	4.0	1.0	1296	$1,650	$1.27	12d	1	1.11mi
1733 Bellmeadow Dr Lancaster, OH	1.0–3.0	1.0–2.5	993	$1,855	$1.87	1d	10	1.49mi

Listing history 23 events

1. 2026-06-18
   days on market $225,000 Active 15 DOM
2. 2026-06-17
   days on market $225,000 Active 14 DOM
3. 2026-06-16
   days on market $225,000 Active 13 DOM
4. 2026-06-15
   pricedays on market $225,000 Active 12 DOM
5. 2026-06-13
   days on market $239,900 Active 10 DOM
6. 2026-06-09
   days on market $239,900 Active 6 DOM
7. 2026-06-08
   pricedays on market $239,900 Active 5 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-07
   days on market $245,000 Active 4 DOM
10. 2026-06-03
    statusdays on market $245,000 Active 1 DOM
11. 2026-06-02
    days on market $245,000 Coming Soon 29 DOM
12. 2026-06-01
    days on market $245,000 Coming Soon 28 DOM
13. 2026-05-31
    days on market $245,000 Coming Soon 27 DOM
14. 2026-05-05
    historical $245,000 697-char remark
15. 2015-12-15
    soldstatus $130,000
16. 2015-12-11
    soldstatus $130,000 561-char remark

    Show marketing remark (561 chars)

    You’ll love this stunning 4 bd possible 5 bd, 2 bath home! Completely updated with fresh paint, all new carpeting, beautifully stained original hardwood floors, wide white baseboards, charming new light fixtures, as well as mostly replaced electric and plumbing. The living room offers white wainscoting wall panel and built-in bookshelves. The new kitchen gives you the luxury of Travertine tile floors, gorgeous wood cabinets, brand new stainless steal appliances, ceramic glass mosaic tile backsplash, and island with bar stools and double steel stink!

17. 2015-10-20
    historical 561-char remark

    Show marketing remark (561 chars)

    You’ll love this stunning 4 bd possible 5 bd, 2 bath home! Completely updated with fresh paint, all new carpeting, beautifully stained original hardwood floors, wide white baseboards, charming new light fixtures, as well as mostly replaced electric and plumbing. The living room offers white wainscoting wall panel and built-in bookshelves. The new kitchen gives you the luxury of Travertine tile floors, gorgeous wood cabinets, brand new stainless steal appliances, ceramic glass mosaic tile backsplash, and island with bar stools and double steel stink!

18. 2015-07-01
    listed $134,888 561-char remark

    Show marketing remark (561 chars)

    You’ll love this stunning 4 bd possible 5 bd, 2 bath home! Completely updated with fresh paint, all new carpeting, beautifully stained original hardwood floors, wide white baseboards, charming new light fixtures, as well as mostly replaced electric and plumbing. The living room offers white wainscoting wall panel and built-in bookshelves. The new kitchen gives you the luxury of Travertine tile floors, gorgeous wood cabinets, brand new stainless steal appliances, ceramic glass mosaic tile backsplash, and island with bar stools and double steel stink!

19. 2014-04-22
    soldstatus $52,549

    Show marketing remark (320 chars)

    REO Property, Property Sold AS-IS W/ O Repair, Warranty or Seller Disclosure. The Listing Broker & Seller make no guarantees as to the accuracy of information herein; Buyer or Buyer’s Agent is responsible for utility activation related to inspections, Water activation not authorized; air pressure test only.

20. 2014-04-02
    historical

    Show marketing remark (320 chars)

    REO Property, Property Sold AS-IS W/ O Repair, Warranty or Seller Disclosure. The Listing Broker & Seller make no guarantees as to the accuracy of information herein; Buyer or Buyer’s Agent is responsible for utility activation related to inspections, Water activation not authorized; air pressure test only.

21. 2014-03-24
    listed $53,000

    Show marketing remark (320 chars)

    REO Property, Property Sold AS-IS W/ O Repair, Warranty or Seller Disclosure. The Listing Broker & Seller make no guarantees as to the accuracy of information herein; Buyer or Buyer’s Agent is responsible for utility activation related to inspections, Water activation not authorized; air pressure test only.

22. 1993-11-29
    soldstatus $84,500
23. 1990-09-11
    soldstatus $48,000

ⓘ 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: $2,508 · $209/mo
• Projected year-2 tax: $3,009 · $251/mo
• Expected delta: +$501/yr (+$42/mo · 20.0%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,093
• − Mortgage interest: −$12,603
• − Property taxes: −$2,508
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,927
• − Management: −$1,927
• − Depreciation: −$6,545
• Taxable loss: −$2,544
• Est. tax savings @ 24.0%: +$611
• After-tax cash flow: $1,852/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: Lancaster City
• NCES district ID: 3904420
• Math proficiency: 38% ▼ -21.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $41,696
• Composite: 37.39/100
• National rank: #4427
• State rank: #504 of 656 in OH

Livability — Lancaster

• Score: 86/100
• State rank: #41
• US rank: #423

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, OH
• County: Fairfield County · 109,896 people
• City population: 62,933
• Metro: Columbus, OH
• Population (ZIP): 62,933
• Household income: $72,153
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1400.0

Population outlook (Fairfield County) Hauer SSP2

• Today (2025): 162,442 people
• By 2030: 166,796 · +2.7%
• By 2040: 172,835 · +6.4%
• By 2050: 174,822 · +7.6%
• By 2075: 174,938 · +7.7%
• By 2100: 160,988 · -0.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 2% Black 2%
• Common ancestry: Slovak 2% Italian 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Fairfield

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.6%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.1pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.5 2016: R+27.0 2012: R+16.1 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.81%
• Current HPI: 239.6352
• Rent YoY: ▲ 5.22%
• Metro: Columbus, 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

+368.8% since first listed

13 events — show timeline

• 2026-06-14 Price Changed $225,000 CBRMLS
• 2026-06-08 Price Changed $239,900 CBRMLS
• 2026-06-03 Listed $245,000 CBRMLS
• 2026-05-05 Coming Soon $245,000 CBRMLS
• 2015-12-15 Sold (Public Records) $130,000 Public Records
• 2015-12-11 Sold (MLS) $130,000 CBRMLS
• 2015-10-20 Listing Removed — CBRMLS
• 2015-07-01 Listed $134,888 CBRMLS
• 2014-04-22 Sold (MLS) $52,549 CBRMLS
• 2014-04-02 Listing Removed — CBRMLS
• 2014-03-24 Listed $53,000 CBRMLS
• 1993-11-29 Sold (Public Records) $84,500 Public Records
• 1990-09-11 Sold (Public Records) $48,000 Public Records

Property tax history

+3.9%/yr

Latest (2025): $2,508 · +16.2% YoY. Source: county tax records.