8935-8941 S Main St · Windham, OH 44288

$189,900

16 bd · 8.0 ba · — sqft · MultiFamily · 231 Days on market

Built 1890 Good condition 0.72 ac lot Est $197k · at est.

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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 +9.2/15.0
• Condition / age +3.8/5.0
• Livability +3.1/5.0
• Schools +2.9/10.0
• Rent growth +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: 4 units. confirmed

Listing remarks MLS

Investors Dream! Welcome to this home8935 S. Main St. This used to be a twinplex but the prior owner removed the dividing wall. Wall can be put back up and made back into an investment property. Each side has 2 bedrooms with 1 updated bathroom, kitchen and family room. Each side is roughly 1200 sq feet. There is a 2 car garage in the back of the residence. There are 2 furnaces, 2 hot water tanks, 2 electrical panels. The gas can be easily converted to 2 and same with the water meter. Each unit has a back door as well. Call for a private showing today! Dividing wall will need to be put back up. Seller is working on getting quotes

Key facts

• 0.72 acre lot
• 2 garage spots
• Built 1890

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1-bath units multifamily listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $595/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#886 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, commute F.
• Windham Exempted Village (town): math 27% / reading 43% proficiency, ranked #564 of 656 in OH (top 86%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 68% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 15 active listings in the ZIP; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• At $4,673/mo this rent would consume 86% of the median local household income ($65k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 231 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y ago; this cycle's ask has dropped $18k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 231 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 1890 — 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. 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: 2.46% ✓
• Cap rate: 21.33%
• Cash-on-cash: 53.70%
• DSCR: 3.39
• GRM: 3.4

CMA / ARV

• ARV (median comp): $197,302
• List price: $189,900
• Delta: -3.75%
• Verdict: FAIR
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 51.8%
• Equity multiple: 3.27×
• Total profit: $120,838
• Equity at exit: $28,315

10-year hold

• IRR: 57.1%
• Equity multiple: 6.65×
• Total profit: $300,642
• Equity at exit: $16,419

Cash invested: $53,172 (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 44288

• Home prices YoY: -22.1%
• Active inventory: 15
• Price-to-rent: 13.5×

Monthly cashflow live

• Estimated rent: $4,673 medium
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$237 /mo · $2,848/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$981
• Net cashflow: $2,379

Break-even live

Break-even rent $1,661

Max offer price $189,900

Occupancy floor 44%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,672
Total (4 units)			$4,673

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $189,900 Active 231 DOM
2. 2026-06-17
   days on market $189,900 Active 230 DOM
3. 2026-06-16
   days on market $189,900 Active 229 DOM
4. 2026-06-15
   days on market $189,900 Active 228 DOM
5. 2026-06-13
   days on market $189,900 Active 226 DOM
6. 2026-06-12
   days on market $189,900 Active 225 DOM
7. 2026-06-09
   days on market $189,900 Active 222 DOM
8. 2026-06-08
   days on market $189,900 Active 221 DOM
9. 2026-06-08
   days on market $189,900 Active 220 DOM
10. 2026-06-07
    days on market $189,900 Active 219 DOM
11. 2026-06-04
    days on market $189,900 Active 216 DOM
12. 2026-06-02
    days on market $189,900 Active 215 DOM
13. 2026-06-01
    days on market $189,900 Active 214 DOM
14. 2026-05-31
    days on market $189,900 Active 213 DOM
15. 2026-04-15
    price $189,900 638-char remark

    Show marketing remark (638 chars)

    Investors Dream! Welcome to this home8935 S. Main St. This used to be a twinplex but the prior owner removed the dividing wall. Wall can be put back up and made back into an investment property. Each side has 2 bedrooms with 1 updated bathroom, kitchen and family room. Each side is roughly 1200 sq feet. There is a 2 car garage in the back of the residence. There are 2 furnaces, 2 hot water tanks, 2 electrical panels. The gas can be easily converted to 2 and same with the water meter. Each unit has a back door as well. Call for a private showing today! Dividing wall will need to be put back up. Seller is working on getting quotes

16. 2025-10-29
    listed $207,900 Active 638-char remark

    Show marketing remark (638 chars)

    Investors Dream! Welcome to this home8935 S. Main St. This used to be a twinplex but the prior owner removed the dividing wall. Wall can be put back up and made back into an investment property. Each side has 2 bedrooms with 1 updated bathroom, kitchen and family room. Each side is roughly 1200 sq feet. There is a 2 car garage in the back of the residence. There are 2 furnaces, 2 hot water tanks, 2 electrical panels. The gas can be easily converted to 2 and same with the water meter. Each unit has a back door as well. Call for a private showing today! Dividing wall will need to be put back up. Seller is working on getting quotes

17. 2003-03-31
    historical
18. 2002-09-26
    listed $175,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $56,076
• − Mortgage interest: −$10,637
• − Property taxes: −$2,848
• − Insurance: −$950
• − Repairs & maintenance: −$4,486
• − Management: −$4,486
• − Depreciation: −$5,524
• Taxable income: $27,144
• Est. tax owed @ 24.0%: −$6,515
• After-tax cash flow: $22,037/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 · 12 photos

Good 75/100 Cosmetic rehab

This multi-family home is in good condition with some cosmetic updates needed. The kitchen and bathrooms are in need of updating, which would significantly increase its value.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of updating
• Moderate bathroom fixtures — dated and in need of updating
• Major kitchen appliances — outdated and in need of replacement

Value-add opportunities

• Both update kitchen cabinets and appliances — modernizing the kitchen will appeal to both buyers and renters
• Both update bathroom fixtures — modernizing the bathrooms will appeal to both buyers and renters
• Both paint interior walls — painting the interior walls will improve the home's curb appeal and make it more inviting

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of updating	Moderate	$3,000–15,000
bathroom fixtures · dated and in need of updating	Moderate	$3,000–15,000
kitchen appliances · outdated and in need of replacement	Major	$15,000–50,000
Total estimated repair cost · 3 items		$21,000–80,000

Value-add ROI direction

• Both update kitchen cabinets and appliances — modernizing the kitchen will appeal to both buyers and renters ↑
• Both update bathroom fixtures — modernizing the bathrooms will appeal to both buyers and renters ↑
• Both paint interior walls — painting the interior walls will improve the home's curb appeal and make it more inviting ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Windham Exempted Village
• NCES district ID: 3904566
• Math proficiency: 27% ▼ -27.00%
• Reading proficiency: 43% ▼ -9.00%
• Median HH income: $40,882
• Composite: 29.42/100
• National rank: #6522
• State rank: #564 of 656 in OH

Livability — Windham

• Score: 62/100
• State rank: #886
• US rank: #16824

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Windham, OH
• County: Portage · 165,699 people
• Metro: Akron, OH
• Population (ZIP): 3,555
• Household income: $65,147
• Rent vs Own: 28.5% rent · 71.5% own
• Severe rent burden: 12.9

Population outlook (Portage County) Hauer SSP2

• Today (2025): 166,109 people
• By 2030: 167,752 · +1.0%
• By 2040: 168,640 · +1.5%
• By 2050: 167,469 · +0.8%
• By 2075: 170,131 · +2.4%
• By 2100: 167,958 · +1.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 8% Hispanic / Latino 3% Black 3%
• Common ancestry: Romanian 5% Iranian 1% Scotch-Irish 1%
• Foreign-born: 0%

Political lean MEDSL · Portage

• 2024 margin: R (+15.5) · D 41.8% · R 57.3%
• 2008→2024 swing: -24.5pp toward R · 2008: 9.0pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+12.5 2016: R+10.2 2012: D+4.9 2008: D+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -49.36%
• Current HPI: 173.5838
• 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

+8.5% since first listed

4 events — show timeline

• 2026-04-15 Price Changed $189,900 MLSNOW
• 2025-10-29 Listed $207,900 MLSNOW
• 2003-03-31 Listing Removed — MLSNOW
• 2002-09-26 Listed $175,000 MLSNOW