1107 S 3rd St · Ironton, OH 45638

$299,900

None bd · None ba · 3,872 sqft · MultiFamily · 180 Days on market

Built 1920 5,663 sqft lot $77/sqft · 8% above area Est $279k · 8% over

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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
• Schools +4.6/10.0
• ARV discount +4.1/15.0
• Livability +3.6/5.0
• 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 (5+ Unit). Listing-text estimate: 6 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Rare find! This 6 unit apartment building is located in the heart of Ironton ! There are 3 upstairs units and 3 downstairs, one of which was once used as a commercial location and could be again. Would be great visibility for a business. This is a high traffic, high visibility location. Don't miss this opportunity to have 6 doors all under one roof!

Key facts

• 5,663 sq ft lot
• Built 1920
• Listed 180 days

Tags

• 7 UNIT APARTMENT BUILDING
• HIGH TRAFFIC LOCATION
• HIGH VISIBILITY LOCATION

What this means for you Summary

Snapshot

• This is a 6 × 1-bed/1-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($18k/yr) — positive. Per door: $255/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $264k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 5.0% in Ironton — 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 72/100 on livability (#354 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment D-.
• Ironton City School District (suburban): math 54% / reading 58% proficiency, ranked #382 of 656 in OH (top 58%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Ironton Elementary School (math 60% / reading 65%, grade B, #580 of 1,584 statewide, top 37%, 659 students, 0% FRL); Ironton Middle School (math 57% / reading 55%, grade B-, #316 of 654 statewide, top 49%, 302 students, 0% FRL); Ironton High School (math 27% / reading 52%, grade F, #528 of 781 statewide, top 71%, 425 students, 0% FRL) — zoned schools average 0% FRL vs 48% district-wide (48 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 86 active listings in the ZIP; 18 units permitted in Lawrence County in 2024 (0 in 5+ unit buildings).
• At $4,691/mo this rent would consume 114% of the median local household income ($50k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Lawrence County population projected at -22% 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 $84k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 180 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate wildfire risk; extreme-heat days projected 8→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $263,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 180 days. Have you received any prior offers? Is the seller open to a 12% 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. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.56% ✓
• Cap rate: 12.42%
• Cash-on-cash: 21.88%
• DSCR: 1.97
• GRM: 5.3

CMA / ARV

• ARV (median comp): $278,901
• List price: $299,900
• Delta: 7.53%
• Verdict: FAIR
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 14.6%
• Equity multiple: 1.58×
• Total profit: $49,068
• Equity at exit: $44,716

10-year hold

• IRR: 23.3%
• Equity multiple: 3.01×
• Total profit: $168,858
• Equity at exit: $25,930

Cash invested: $83,972 (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 →

ZIP-level market 45638

• Home prices YoY: -19.6%
• Active inventory: 86
• Price-to-rent: 32.0×

Monthly cashflow live

• Estimated rent: $4,691 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$477 /mo · $5,723/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$985
• Net cashflow: $1,531

Break-even live

Break-even rent $2,753

Max offer price $299,900

Occupancy floor 62%

Sensitivity live

Price	-10% $1,701	-5% $1,616	+0% $1,531	+5% $1,446	+10% $1,362
Rent	-10% $1,161	-5% $1,346	+0% $1,531	+5% $1,717	+10% $1,902
Rate	-1.0pp $1,682	-0.5pp $1,608	base $1,531	+0.5pp $1,454	+1.0pp $1,375

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,692
Total (6 units)			$4,691

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-06-18
   days on market $299,900 Active 180 DOM
2. 2026-06-17
   days on market $299,900 Active 179 DOM
3. 2026-06-16
   days on market $299,900 Active 178 DOM
4. 2026-06-15
   days on market $299,900 Active 177 DOM
5. 2026-06-13
   days on market $299,900 Active 175 DOM
6. 2026-06-12
   days on market $299,900 Active 174 DOM
7. 2026-06-09
   days on market $299,900 Active 171 DOM
8. 2026-06-08
   days on market $299,900 Active 170 DOM
9. 2026-06-08
   days on market $299,900 Active 169 DOM
10. 2026-06-07
    days on market $299,900 Active 168 DOM
11. 2026-06-04
    days on market $299,900 Active 165 DOM
12. 2026-06-02
    days on market $299,900 Active 164 DOM
13. 2026-06-01
    days on market $299,900 Active 163 DOM
14. 2026-05-31
    days on market $299,900 Active 162 DOM
15. 2025-12-20
    listed $299,900 Active 351-char remark

    Show marketing remark (351 chars)

    Rare find! This 6 unit apartment building is located in the heart of Ironton ! There are 3 upstairs units and 3 downstairs, one of which was once used as a commercial location and could be again. Would be great visibility for a business. This is a high traffic, high visibility location. Don't miss this opportunity to have 6 doors all under one roof!

ⓘ 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: $5,723 · $477/mo
• Projected year-2 tax: $5,723 · $477/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X · 22% chance over 30 yrs
• 🔥 Wildfire 5/10 Major
• 🌡 Heat 5/10 Major 8 d/yr ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 2% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,292
• − Mortgage interest: −$16,799
• − Property taxes: −$5,723
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,503
• − Management: −$4,503
• − Depreciation: −$8,724
• Taxable income: $14,540
• Est. tax owed @ 24.0%: −$3,490
• After-tax cash flow: $14,886/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: Ironton City School District
• NCES district ID: 3904414
• Math proficiency: 54% ▼ -10.00%
• Reading proficiency: 58% ▼ -7.00%
• Median HH income: $32,999
• Composite: 46.13/100
• National rank: #2505
• State rank: #382 of 656 in OH

Livability — Ironton

• Score: 72/100
• State rank: #354
• US rank: #5718

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ironton, OH
• County: Lawrence · 57,020 people
• Metro: Huntington-Ashland, WV-KY-OH
• Population (ZIP): 19,921
• Household income: $49,544
• Rent vs Own: 32.4% rent · 67.6% own
• Severe rent burden: 10.7

Population outlook (Lawrence County) Hauer SSP2

• Today (2025): 57,915 people
• By 2030: 55,650 · -3.9%
• By 2040: 50,523 · -12.8%
• By 2050: 45,103 · -22.1%
• By 2075: 32,441 · -44.0%
• By 2100: 21,754 · -62.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Black 1%
• Common ancestry: Slovak 2% Iranian 2% Lithuanian 1%
• Foreign-born: 0%

Political lean MEDSL · Lawrence

• 2024 margin: Solid R (+50.5) · D 24.4% · R 74.9%
• 2008→2024 swing: -35.2pp toward R · 2008: -15.3pp · 2024: -50.5pp
• All cycles: 2024: R+50.5 2020: R+45.6 2016: R+43.9 2012: R+15.5 2008: R+15.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -48.00%
• Current HPI: 196.7459
• 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

1 event — show timeline

• 2025-12-20 Listed $299,900 HBRMLS

Property tax history

+21.0%/yr

Latest (2025): $5,723 · +3.7% YoY. Source: county tax records.