338 N Spring St · Wilmington, OH 45177

$119,900

4 bd · 2.0 ba · 1,642 sqft · SingleFamily public records · 70 Days on market

Built 1900 3,659 sqft lot $73/sqft · 36% below area Est $189k · 36% under

---

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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +3.9/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Opportunity is knocking with this income-producing duplex in a highly desirable location! Featuring brand new roof and windows, the heavy lifting has already been startedleaving room for you to bring your vision and add value. The property includes two units! Unit 1: 2 bedrooms, 1 full bath, Unit 2: 1 bedroom, 1 full bath. Currently tenant-occupied and generating income, this is a solid option for investors or savvy buyers looking to house hack. With a little TLC, this duplex has the potential to significantly increase its value and rental income. Whether you're looking to grow your portfolio or get started in real estate investing, this one checks the boxes, location, income, and upside!

Key facts

• Brand new roof
• Two units
• Brand new windows

Tags

• INCOME PRODUCING DUPLEX
• BRAND NEW ROOF
• BRAND NEW WINDOWS
• HIGHLY DESIRABLE LOCATION
• TWO UNITS

🏷️ Possibly a rental listed for sale. The $119,900 price doesn't fit this home's estimated sale value (~$188,814) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $120k).
• Recommended offer: $113k (6.0% below list) — sets the bar for market timing.
• Cap rate 16.3% vs local median 6.2% 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: schools C-, amenities D, commute 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.
• Market conditions: 107 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 119 units permitted in Clinton County in 2024 (0 in 5+ unit buildings).
• This rent runs 38% of the median local income ($70k/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 $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Clinton County population projected at -12% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $34k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 70 days — a 6% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y ago; this cycle's ask has dropped $30k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $55k; list at $120k implies a 118% 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 $112,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 70 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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: 1.88% ✓
• Cap rate: 16.33%
• Cash-on-cash: 35.86%
• DSCR: 2.60
• GRM: 4.4

CMA / ARV

• ARV (median comp): $188,814
• List price: $119,900
• Delta: -36.50%
• Verdict: UNDERPRICED
• Comps: 6 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%)	2mo	$225,000	$137	94
570 N Walnut St	0.33mi	4/2.0	1,605 (-2%)	1mo	$220,000	$137	80
231 Thorne Ave	0.35mi	3/2.5 (-1)	1,677 (+2%)	1mo	$255,700	$152	72
996 N South St	0.61mi	3/2.5 (-1)	1,657 (+1%)	3mo	$250,000	$151	61
978 N South St	0.61mi	3/2.5 (-1)	1,657 (+1%)	3mo	$250,000	$151	61
966 N South St	0.61mi	3/2.5 (-1)	1,657 (+1%)	3mo	$250,000	$151	61
324 S Walnut St	0.67mi	3/1.0 (-1)	1,655 (+1%)	6mo	$169,000	$102	54
302 Lorish Ave	0.51mi	3/2.0 (-1)	1,476 (-10%)	2mo	$265,000	$180	52
1015 N South St	0.61mi	4/2.5	1,844 (+12%)	6mo	$304,900	$165	44
346 Virginia Cir	0.45mi	3/3.0 (-1)	1,888 (+15%)	1mo	$295,000	$156	44
269 Virginia Cir	0.52mi	3/1.5 (-1)	1,408 (-14%)	2mo	$260,000	$185	43
328 A St	0.53mi	3/2.0 (-1)	1,400 (-15%)	6mo	$254,500	$182	41

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: 31.5%
• Equity multiple: 2.32×
• Total profit: $44,461
• Equity at exit: $17,877

10-year hold

• IRR: 38.7%
• Equity multiple: 4.60×
• Total profit: $120,986
• Equity at exit: $10,367

Cash invested: $33,572 (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 45177

• Active inventory: 107
• Price-to-rent: 4.4×

Monthly cashflow live

• Estimated rent: $2,250 medium
• Mortgage (P&I): −$629
• Tax from tax record: −$96 /mo · $1,148/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$472
• Net cashflow: $1,003

Break-even live

Break-even rent $980

Max offer price $119,900

Occupancy floor 50%

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
996 N South St Wilmington, OH	3.0	2.5	1657	$2,300	$1.39	43d	1	0.62mi
978 N South St Wilmington, OH	3.0	2.5	1657	$2,200	$1.33	2d	1	0.62mi

Listing history 23 events

1. 2026-06-18
   days on market $119,900 Active 70 DOM
2. 2026-06-17
   days on market $119,900 Active 69 DOM
3. 2026-06-16
   days on market $119,900 Active 68 DOM
4. 2026-06-15
   days on market $119,900 Active 67 DOM
5. 2026-06-14
   days on market $119,900 Active 65 DOM
6. 2026-06-10
   days on market $119,900 Active 62 DOM
7. 2026-06-09
   days on market $119,900 Active 61 DOM
8. 2026-06-08
   pricedays on market $119,900 Active 60 DOM
9. 2026-06-07
   days on market $129,900 Active 59 DOM
10. 2026-06-05
    days on market $129,900 Active 56 DOM
11. 2026-06-03
    days on market $129,900 Active 55 DOM
12. 2026-06-02
    days on market $129,900 Active 54 DOM
13. 2026-06-01
    days on market $129,900 Active 53 DOM
14. 2026-05-31
    days on market $129,900 Active 52 DOM
15. 2026-05-31
    days on market $129,900 Active 51 DOM
16. 2026-05-12
    price $129,900 697-char remark

    Show marketing remark (697 chars)

    Opportunity is knocking with this income-producing duplex in a highly desirable location! Featuring brand new roof and windows, the heavy lifting has already been startedleaving room for you to bring your vision and add value. The property includes two units! Unit 1: 2 bedrooms, 1 full bath, Unit 2: 1 bedroom, 1 full bath. Currently tenant-occupied and generating income, this is a solid option for investors or savvy buyers looking to house hack. With a little TLC, this duplex has the potential to significantly increase its value and rental income. Whether you're looking to grow your portfolio or get started in real estate investing, this one checks the boxes, location, income, and upside!

17. 2026-04-27
    price $139,900 697-char remark

    Show marketing remark (697 chars)

    Opportunity is knocking with this income-producing duplex in a highly desirable location! Featuring brand new roof and windows, the heavy lifting has already been startedleaving room for you to bring your vision and add value. The property includes two units! Unit 1: 2 bedrooms, 1 full bath, Unit 2: 1 bedroom, 1 full bath. Currently tenant-occupied and generating income, this is a solid option for investors or savvy buyers looking to house hack. With a little TLC, this duplex has the potential to significantly increase its value and rental income. Whether you're looking to grow your portfolio or get started in real estate investing, this one checks the boxes, location, income, and upside!

18. 2026-04-08
    listed $149,900 Active 697-char remark

    Show marketing remark (697 chars)

    Opportunity is knocking with this income-producing duplex in a highly desirable location! Featuring brand new roof and windows, the heavy lifting has already been startedleaving room for you to bring your vision and add value. The property includes two units! Unit 1: 2 bedrooms, 1 full bath, Unit 2: 1 bedroom, 1 full bath. Currently tenant-occupied and generating income, this is a solid option for investors or savvy buyers looking to house hack. With a little TLC, this duplex has the potential to significantly increase its value and rental income. Whether you're looking to grow your portfolio or get started in real estate investing, this one checks the boxes, location, income, and upside!

19. 2021-06-07
    soldstatus $55,000
20. 2021-05-28
    soldstatus $55,000 Sold 223-char remark

    Show marketing remark (223 chars)

    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.

21. 2021-05-15
    historical Contingency Pending 223-char remark

    Show marketing remark (223 chars)

    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.

22. 2021-04-22
    listed $55,000 Active 223-char remark

    Show marketing remark (223 chars)

    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.

23. 2018-03-06
    soldstatus $1,990,500

ⓘ 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: $1,148 · $96/mo
• Projected year-2 tax: $1,509 · $126/mo
• Expected delta: +$361/yr (+$30/mo · 31.5%)

ⓘ 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: −$6,716
• − Property taxes: −$1,148
• − Insurance: −$600
• − Repairs & maintenance: −$2,160
• − Management: −$2,160
• − Depreciation: −$3,488
• Taxable income: $10,728
• Est. tax owed @ 24.0%: −$2,575
• After-tax cash flow: $9,463/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: 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

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: Clinton · 46,911 people
• Population (ZIP): 22,442
• Household income: $70,483
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 9.5

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%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 3% Black 3% Hispanic / Latino 2% Asian 1%
• Common ancestry: Lithuanian 2% Slovak 2% Romanian 2%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1%

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: ▼ -150.35%
• Current HPI: 238.9182
• 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

-93.5% since first listed

8 events — show timeline

• 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.