620 Stout St · Napoleon, OH 43545

$389,900

10 bd · 2.0 ba · 1,792 sqft · MultiFamily public records · 31 Days on market

Built 1993 1.00 ac lot

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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 +25.8/30.0
• DSCR +8.6/10.0
• ARV discount +7.5/15.0
• 1% rule +6.5/10.0
• Schools +5.6/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• 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: 5 units. estimate disagrees with records

Listing remarks

Excellent income-producing 5-unit property—fully occupied and ready for its next investor. Offering immediate cash flow, this low-maintenance building includes a newer roof, updated water heaters, and paved parking. Solid rental history and easy upkeep make this a smart, hassle-free addition to your portfolio.

Key facts

• Paved parking
• Newer roof
• 5 unit property

Tags

• 5 UNIT PROPERTY
• NEWER ROOF
• UPDATED WATER HEATERS
• PAVED PARKING

Property features AI

Finance

• Other: Approximately 1 acre lot
• Financial info: 5 total units (all currently leased); Owner pays exterior maintenance, HVAC maintenance, repairs, insurance, snow removal, taxes, and lawn care; Tenants pay all utilities including electricity, gas, water, sewer, trash, cable and internet

Exterior

• Parking: Asphalt parking lot; Additional private parking
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer
• Home design: Residential income property (apartment, multi-family); Single-story; Two buildings on site; R4 zoning
• Construction: Brick construction; Asphalt roof; Crawl space foundation; Assessor-reported year built
• Exterior features: Private yard; Rear patio; Private entrances; Level lot

Interior

• Kitchen: Electric oven; Electric range; Refrigerator; Range hood
• Bedrooms: All bedrooms on one level
• Flooring: Carpet; Vinyl
• Heating & cooling: Forced-air heating (natural gas); Central air conditioning
• Interior features: Eat-in kitchen; Private entrance
• Laundry & utility: In-unit stacked washer/dryer; Water heater

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.0-bath units multifamily listed at $390k.

Deal economics

• At list price, monthly cash flow is $515 ($6k/yr) — positive. Per door: $103/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Recommended offer: $378k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 3.8% in Napoleon — 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 70/100 on livability (#484 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Napoleon Area City (town): math 62% / reading 69% proficiency, ranked #208 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Napoleon Elementary School (math 75% / reading 74%, grade A, #272 of 1,584 statewide, top 19%, 975 students, 37% FRL); Napoleon Junior/Senior High School (math 49% / reading 64%, grade C, #291 of 781 statewide, top 37%, 787 students, 30% FRL).
• Market conditions: 49 active listings in the ZIP; solid renter incomes; 18 units permitted in Henry County in 2024 (0 in 5+ unit buildings).
• At $4,475/mo this rent would consume 69% of the median local household income ($78k/yr) — 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 $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Henry County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($378k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $378,203 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.15% ✓
• Cap rate: 9.19%
• Cash-on-cash: 10.35%
• DSCR: 1.46
• GRM: 7.3

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: -7.5%
• Equity multiple: 0.72×
• Total profit: $-30,088
• Equity at exit: $58,135

10-year hold

• IRR: 2.2%
• Equity multiple: 1.16×
• Total profit: $17,154
• Equity at exit: $33,711

Cash invested: $109,172 (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 43545

• Home prices YoY: -19.6%
• Active inventory: 49
• Price-to-rent: 36.3×

Monthly cashflow live

• Estimated rent: $4,475 medium
• Mortgage (P&I): −$2,045
• Tax from tax record: −$386 /mo · $4,634/yr
• Insurance: −$162
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$940
• Net cashflow: $515

Break-even live

Break-even rent $3,823

Max offer price $389,900

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$4,475
Total (5 units)			$4,475

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: $97,475
• Closing costs: $11,697
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-07
   statusdays on market $389,900 Pending 31 DOM
2. 2026-06-04
   days on market $389,900 Contingent 30 DOM
3. 2026-06-02
   days on market $389,900 Contingent 29 DOM
4. 2026-06-01
   days on market $389,900 Contingent 28 DOM
5. 2026-05-31
   days on market $389,900 Contingent 27 DOM
6. 2026-05-07
   historical Contingent
7. 2026-04-27
   listed $389,900 Active
8. 2018-06-15
   historical
9. 2018-04-25
   listed $275,000
10. 2014-01-24
    historical
11. 2012-01-24
    listed $259,000
12. 2012-01-22
    historical
13. 2010-01-22
    listed $239,000
14. 2010-01-10
    historical
15. 2009-07-10
    listed $239,000
16. 2005-08-01
    historical
17. 2005-05-03
    listed $259,900
18. 2005-05-01
    historical
19. 2004-11-01
    listed $259,900

ⓘ 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: $4,634 · $386/mo
• Projected year-2 tax: $5,358 · $447/mo
• Expected delta: +$724/yr (+$60/mo · 15.6%)

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

Climate risk First Street

• 🌊 Flood 10/10 Extreme FEMA zone AE · 99% 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $53,700
• − Mortgage interest: −$21,840
• − Property taxes: −$4,634
• − Insurance: −$7,068
• − Repairs & maintenance: −$4,296
• − Management: −$4,296
• − Depreciation: −$11,343
• Taxable income: $223
• Est. tax owed @ 24.0%: −$53
• After-tax cash flow: $6,131/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: Napoleon Area City
• NCES district ID: 3904443
• Math proficiency: 62% ▼ -14.00%
• Reading proficiency: 69% ▼ -4.00%
• Median HH income: $49,144
• Composite: 55.53/100
• National rank: #1243
• State rank: #208 of 656 in OH

Livability — Napoleon

• Score: 70/100
• State rank: #484
• US rank: #8082

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Napoleon, OH
• County: Henry · 27,211 people
• City population: 14,388
• Population (ZIP): 14,388
• Household income: $78,165
• Rent vs Own: 21.0% rent · 79.0% own
• Severe rent burden: 4.0

Population outlook (Henry County) Hauer SSP2

• Today (2025): 27,204 people
• By 2030: 26,657 · -2.0%
• By 2040: 25,149 · -7.6%
• By 2050: 23,361 · -14.1%
• By 2075: 20,409 · -25.0%
• By 2100: 18,199 · -33.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 6% Two or more races 4%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Lithuanian 3% Slovak 2% Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1% Other Indo-European 1%

Political lean MEDSL · Henry

• 2024 margin: Solid R (+46.7) · D 26.2% · R 72.9%
• 2008→2024 swing: -33.8pp toward R · 2008: -12.9pp · 2024: -46.7pp
• All cycles: 2024: R+46.7 2020: R+43.5 2016: R+39.8 2012: R+18.6 2008: R+12.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -51.90%
• Current HPI: 212.3599
• 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

+50.0% since first listed

14 events — show timeline

• 2026-05-07 Contingent — NORIS
• 2026-04-27 Listed $389,900 NORIS
• 2018-06-15 Listing Removed — NORIS
• 2018-04-25 Listed $275,000 NORIS
• 2014-01-24 Listing Removed — NORIS
• 2012-01-24 Listed $259,000 NORIS
• 2012-01-22 Listing Removed — NORIS
• 2010-01-22 Listed $239,000 NORIS
• 2010-01-10 Listing Removed — NORIS
• 2009-07-10 Listed $239,000 NORIS
• 2005-08-01 Listing Removed — NORIS
• 2005-05-03 Listed $259,900 NORIS
• 2005-05-01 Listing Removed — NORIS
• 2004-11-01 Listed $259,900 NORIS

Property tax history

-2.5%/yr

Latest (2025): $4,634 · -0.1% YoY. Source: county tax records.