338 N Spring St · Wilmington, OH 45144

$99,900

4 bd · 2.0 ba · 1,642 sqft · SingleFamily public records · 35 Days on market

Built 1900 Poor condition 3,659 sqft lot $61/sqft · 56% below area

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Why this score? — see what drove the B+ 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
• ARV discount +7.5/15.0
• Appreciation +5.5/10.0
• Schools +4.7/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +1.0/5.0

Listing remarks MLS

Two unit being sold as is. Will need a cash or conventional buyer. Downstairs apartment has living room, dining room, kitchen and bath. Upstairs has living room, 2 bedrooms, kitchen and bath. $1000 gross monthly income.

Key facts

• New metal roof
• New gutters
• Newer windows

Tags

• TWO FULL KITCHENS
• NEW METAL ROOF
• NEW GUTTERS
• NEWER WINDOWS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $100k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $97k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.7% vs local median 5.3% in Wilmington — 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 77/100 on livability (#202 in OH, #3,127 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities D, commute F, employment F.
• Wilmington City (town): math 42% / reading 51% proficiency, ranked #492 of 656 in OH (top 75%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Denver Place Elementary School (math 59% / reading 56%, grade C+, #721 of 1,584 statewide, top 46%, 473 students, 52% FRL); Rodger O. Borror Middle School (math 35% / reading 44%, grade F, #519 of 654 statewide, top 80%, 502 students, 48% FRL); Wilmington High School (math 24% / reading 62%, grade F, #494 of 781 statewide, top 63%, 663 students, 46% FRL) — zoned schools at 49% FRL track the district average.
• Market conditions: 43 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 119 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• At $2,250/mo this rent would consume 62% of the median local household income ($44k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $2k of equity ($691 loan paydown + $963 appreciation (1.0% local appreciation)).
• Clinton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (1.0% appreciation + 3.0% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $50k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $100k implies a 82% 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 $96,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 2.25% ✓
• Cap rate: 19.70%
• Cash-on-cash: 47.89%
• DSCR: 3.13
• GRM: 3.7

CMA / ARV

• ARV (median comp): $228,165
• List price: $99,900
• Delta: -56.22%
• 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
69 W Vine St	0.10mi	4/2.0	1,638 (-0%)	5mo	$225,000	$137	91
146 N Spring St	0.18mi	3/2.5 (-1)	1,650 (+0%)	3mo	$225,000	$136	81
570 N Walnut St	0.33mi	4/2.0	1,605 (-2%)	4mo	$220,000	$137	77
459 N Spring St	0.12mi	4/2.0	1,827 (+11%)	2mo	$268,000	$147	74
680 Xenia Ave	0.31mi	3/1.0 (-1)	1,620 (-1%)	1mo	$56,500	$35	73
84 Fulton St	0.15mi	3/2.0 (-1)	1,806 (+10%)	1mo	$236,500	$131	70
231 Thorne Ave	0.35mi	3/2.5 (-1)	1,677 (+2%)	4mo	$255,700	$152	70
686 Kathryn Dr	0.62mi	3/2.0 (-1)	1,648 (+0%)	1mo	$270,000	$164	65
413 S Mulberry St	0.71mi	4/2.0	1,568 (-4%)	1mo	$150,000	$96	58
196 Virginia Cir	0.59mi	3/1.5 (-1)	1,770 (+8%)	2mo	$229,500	$130	51
346 Virginia Cir	0.45mi	3/3.0 (-1)	1,888 (+15%)	4mo	$295,000	$156	42
269 Virginia Cir	0.52mi	3/1.5 (-1)	1,408 (-14%)	5mo	$260,000	$185	41

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.96% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 50.5%
• Equity multiple: 3.60×
• Total profit: $72,808
• Equity at exit: $33,917

10-year hold

• IRR: 52.1%
• Equity multiple: 7.20×
• Total profit: $173,561
• Equity at exit: $44,928

Cash invested: $27,972 (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 →

Balanced market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 19 active · 24 under contract
• Months of supply: 3.4 mo (30%/mo absorbed)
• Median asking: $285,900 ($166/sqft)
• Median days on market: 57 d
• This list price: lowest-priced of the active set
• ARV vs active asking: -16.2% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 45144

• Home prices YoY: 0.5%
• Active inventory: 43
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$96 /mo · $1,148/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $1,116

Break-even live

Break-even rent $837

Max offer price $99,900

Occupancy floor 45%

Sensitivity live

Price	-10% $1,173	-5% $1,145	+0% $1,116	+5% $1,088	+10% $1,060
Rent	-10% $939	-5% $1,027	+0% $1,116	+5% $1,205	+10% $1,294
Rate	-1.0pp $1,167	-0.5pp $1,142	base $1,116	+0.5pp $1,090	+1.0pp $1,064

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: $24,975
• Closing costs: $2,997
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
978 N South St Wilmington, OH	3.0	2.5	1657	$2,200	$1.33	98d	1	0.62mi
996 N South St Wilmington, OH	3.0	2.5	1657	$2,300	$1.39	139d	1	0.62mi

Property features AI

Finance

• Financial info: Two rental units totalOne 1-bedroom unit (rent listed at $750)One 2-bedroom unit (rent listed at $850)

Exterior

• Parking: Off-street parking via driveway1 open parking space
• Utilities: Public waterPublic sewerNatural gasWater paid by ownerHeat paid by ownerSeparate A/C: yesSeparate furnace: noSeparate gas/electric: no
• Home design: DuplexTwo-storyResidential zoning
• Construction: Wood sidingStone foundationMetal roofSecond floor area approximately 901
• Exterior features: Vinyl windows

Interior

• Bedrooms: Unit 1: 2 bedroomsUnit 2: 1 bedroom
• Bathrooms: Unit 1: 1 full bathroomUnit 2: 1 full bathroom
• Heating & cooling: Gas heatingHeat pumpWindow A/C unit(s)
• Interior features: Full basement

Listing history 50 events

1. 2026-08-13
   days on market $99,900 Active 35 DOM
2. 2026-08-12
   days on market $99,900 Active 34 DOM
3. 2026-08-11
   days on market $99,900 Active 33 DOM
4. 2026-08-10
   days on market $99,900 Active 32 DOM
5. 2026-08-09
   days on market $99,900 Active 31 DOM
6. 2026-08-08
   days on market $99,900 Active 30 DOM
7. 2026-08-07
   days on market $99,900 Active 29 DOM
8. 2026-08-06
   days on market $99,900 Active 28 DOM
9. 2026-08-05
   days on market $99,900 Active 27 DOM
10. 2026-08-04
    days on market $99,900 Active 26 DOM
11. 2026-08-03
    days on market $99,900 Active 25 DOM
12. 2026-07-31
    days on market $99,900 Active 22 DOM
13. 2026-07-30
    days on market $99,900 Active 21 DOM
14. 2026-07-30
    days on market $99,900 Active 20 DOM
15. 2026-07-28
    days on market $99,900 Active 19 DOM
16. 2026-07-26
    days on market $99,900 Active 17 DOM
17. 2026-07-25
    days on market $99,900 Active 16 DOM
18. 2026-07-24
    days on market $99,900 Active 15 DOM
19. 2026-07-23
    days on market $99,900 Active 14 DOM
20. 2026-07-22
    days on market $99,900 Active 13 DOM
21. 2026-07-21
    days on market $99,900 Active 12 DOM
22. 2026-07-18
    days on market $99,900 Active 9 DOM
23. 2026-07-16
    days on market $99,900 Active 7 DOM
24. 2026-07-16
    pricedays on market $99,900 Active 6 DOM
25. 2026-07-14
    days on market $119,900 Active 5 DOM
26. 2026-07-13
    days on market $119,900 Active 4 DOM
27. 2026-07-12
    days on market $119,900 Active 3 DOM
28. 2026-07-11
    days on market $119,900 Active 2 DOM
29. 2026-07-10
    remarks 699-char remark
30. 2026-07-10
    days on marketlisting id $119,900 Active 1 DOM
31. 2026-07-07
    days on market $119,900 Active 89 DOM
32. 2026-07-06
    days on market $119,900 Active 88 DOM
33. 2026-07-05
    days on market $119,900 Active 87 DOM
34. 2026-07-03
    days on market $119,900 Active 85 DOM
35. 2026-07-02
    days on market $119,900 Active 84 DOM
36. 2026-07-01
    days on market $119,900 Active 83 DOM
37. 2026-06-30
    days on market $119,900 Active 82 DOM
38. 2026-06-29
    days on market $119,900 Active 81 DOM
39. 2026-06-28
    days on market $119,900 Active 80 DOM
40. 2026-06-28
    days on market $119,900 Active 79 DOM
41. 2026-06-27
    days on market $119,900 Active 78 DOM
42. 2026-06-25
    days on market $119,900 Active 76 DOM
43. 2026-06-23
    days on market $119,900 Active 74 DOM
44. 2026-06-22
    days on market $119,900 Active 73 DOM
45. 2026-06-18
    days on market $119,900 Active 70 DOM
46. 2026-06-17
    days on market $119,900 Active 69 DOM
47. 2026-06-16
    days on market $119,900 Active 68 DOM
48. 2026-06-15
    days on market $119,900 Active 67 DOM
49. 2026-06-14
    days on market $119,900 Active 65 DOM
50. 2026-06-10
    days on market $119,900 Active 62 DOM

ⓘ 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: $1,148 · $96/mo
• Projected year-2 tax: $1,353 · $113/mo
• Expected delta: +$205/yr (+$17/mo · 17.9%)

ⓘ 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 ≥99°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% 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: $27,000
• − Mortgage interest: −$5,596
• − Property taxes: −$1,148
• − Insurance: −$500
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$2,906
• Taxable income: $12,531
• Est. tax owed @ 24.0%: −$3,007
• After-tax cash flow: $10,389/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 · 5 photos

Poor 20/100 Extensive rehab Est. rehab $82,100–$147,780 screening

This two-unit property requires extensive repairs and maintenance, including roof and exterior siding repairs, to become move-in ready and increase its value for resale and rental.

Deferred maintenance Est. $40,000–$120,000 screening

• Major Roof (roof) — The roof appears to be in poor condition with visible damage and missing shingles.
• Major Windows (windows) — The windows appear to be old and possibly in need of replacement.
• Major Electrical (electrical) — The electrical panel is not visible, but the house appears to be old, which may indicate outdated or substandard electrical systems.
• Major Exterior (exterior) — The exterior siding appears to be peeling and in need of repair or replacement.

Repairs flagged

• Major roof — The independent satellite image shows a roof with visible damage and missing shingles.
• Major exterior siding — The independent satellite image shows siding with peeling paint and visible damage.

Value-add opportunities

• Both repair roof — Repairing the roof will improve the home's appearance and increase its value for both resale and rental. ↑
• Both repair exterior siding — Repairing the exterior siding will improve the home's appearance and increase its value for both resale and rental. ↑
• Both landscape and fence — Landscape and fence improvements will enhance the home's curb appeal and increase its value for both resale and rental. ↑

ⓘ Rehab cost is a screening estimate — Extensive scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 47/100

Zoned Schools

Elementary Denver Place Elementary School C+ OH #721/1,584 Nat'l #8,415/41,679 Middle Rodger O. Borror Middle School F OH #519/654 Nat'l #6,151/14,009 High Wilmington High School F OH #494/781 Nat'l #7,439/17,239

Schools (NCES district)

• District: Wilmington City
• NCES district ID: 3904511
• Math proficiency: 42% ▼ -16.00%
• Reading proficiency: 51% ▼ -6.00%
• Median HH income: $43,201
• Composite: 39.2/100
• National rank: #4020
• State rank: #492 of 656 in OH

B Composite livability gradescore 77/100

Livability — Wilmington

• Score: 77/100
• State rank: #202
• US rank: #3127

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wilmington, OH
• County: Adams · 41,352 people
• Population (ZIP): 4,256
• Household income: $43,896
• Rent vs Own: 29.1% rent · 70.9% own
• Severe rent burden: 10% of renters

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Population outlook (Clinton County) Hauer SSP2

• Today (2025): 41,352 people
• By 2030: 40,831 · -1.3%
• By 2040: 39,049 · -5.6%
• By 2050: 36,408 · -12.0%
• By 2075: 29,652 · -28.3%
• By 2100: 20,736 · -49.9%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Lithuanian 2% Slovak 2% Serbian 1%
• Foreign-born: 2%

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Political lean MEDSL · Clinton

• 2024 margin: Solid R (+54.6) · D 22.3% · R 76.9%
• 2008→2024 swing: -24.3pp toward R · 2008: -30.3pp · 2024: -54.6pp
• All cycles: 2024: R+54.6 2020: R+52.6 2016: R+52.6 2012: R+35.2 2008: R+30.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.96%
• Current HPI: 189.9563
• Rent YoY: —
• Metro: —
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

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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

Property features AI

Finance

• Financial info: Two rental units totalOne 1-bedroom unit (rent listed at $750)One 2-bedroom unit (rent listed at $850)

Exterior

• Parking: Off-street parking via driveway1 open parking space
• Utilities: Public waterPublic sewerNatural gasWater paid by ownerHeat paid by ownerSeparate A/C: yesSeparate furnace: noSeparate gas/electric: no
• Home design: DuplexTwo-storyResidential zoning
• Construction: Wood sidingStone foundationMetal roofSecond floor area approximately 901
• Exterior features: Vinyl windows

Interior

• Bedrooms: Unit 1: 2 bedroomsUnit 2: 1 bedroom
• Bathrooms: Unit 1: 1 full bathroomUnit 2: 1 full bathroom
• Heating & cooling: Gas heatingHeat pumpWindow A/C unit(s)
• Interior features: Full basement

Price history

-94.0% since first listed

9 events — show timeline

• 2026-06-07 Price Changed $119,900 Cincy MLS
• 2026-05-12 Price Changed $129,900 Cincy MLS
• 2026-04-27 Price Changed $139,900 Cincy MLS
• 2026-04-08 Listed $149,900 Cincy MLS
• 2021-06-07 Sold (Public Records) $55,000 Public Records
• 2021-05-28 Sold (MLS) $55,000 Cincy MLS
• 2021-05-15 Contingent — Cincy MLS
• 2021-04-22 Listed $55,000 Cincy MLS
• 2018-03-06 Sold (Public Records) $1,990,500 Public Records

Property tax history

+3.4%/yr

Latest (2025): $1,148 · -3.4% YoY. Source: county tax records.