1037 Middle St · Springfield, OH 45503

$49,000

2 bd · 1.0 ba · 788 sqft · SingleFamily public records · 73 Days on market

Built 1879 3,484 sqft lot $62/sqft · 39% below area Est $80k · 39% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investors dream. Great location, 2/1 ranch, detached garage and carport. Will need a complete renovation. Priced accordingly. Property being sold 'as is',

Key facts

• 3,484 sq ft lot
• Garage
• Built 1879

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $451 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $49k).
• Recommended offer: $46k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.3% vs local median 4.8% in Springfield — 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 56/100 on livability (#1,108 in OH) — a working-class tenant base; expect higher turnover. Strengths: cost of living A+, housing A+; Watch: crime F, amenities F, commute F.
• Springfield City School District (urban): math 20% / reading 27% proficiency, ranked #616 of 656 in OH (top 94%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 142 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $339 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Clark County population projected at -16% 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 $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($46k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.
• Current owner paid $20k; list at $49k implies a 151% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1879 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $46,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 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 1879 — 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. Crime grade is F in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
6. 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.
7. 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.
8. 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: 2.04% ✓
• Cap rate: 17.34%
• Cash-on-cash: 39.46%
• DSCR: 2.76
• GRM: 4.1

CMA / ARV

• ARV (median comp): $79,792
• List price: $49,000
• Delta: -38.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1016 Wayne Ave	0.62mi	2/1.0	772 (-2%)	11mo	$37,000	$48	59
1715 Summit St	0.51mi	2/1.0	720 (-9%)	8mo	$105,900	$147	55
1704 Highland Ave	0.52mi	2/1.0	884 (+12%)	6mo	$120,000	$136	50
240 E College	0.73mi	2/1.0	730 (-7%)	5mo	$87,000	$119	50
914 Mitchell Blvd	0.73mi	2/1.0	750 (-5%)	11mo	$55,000	$73	49
1015 Rodgers Dr	0.66mi	2/1.0	898 (+14%)	1mo	$80,125	$89	45
1582 Morgan St	0.38mi	3/1.0 (+1)	888 (+13%)	15mo	$163,000	$184	44
1002 Wayne Ave	0.60mi	2/1.0	884 (+12%)	13mo	$105,000	$119	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: 35.8%
• Equity multiple: 2.52×
• Total profit: $20,810
• Equity at exit: $7,306

10-year hold

• IRR: 42.5%
• Equity multiple: 5.02×
• Total profit: $55,186
• Equity at exit: $4,237

Cash invested: $13,720 (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 45503

• Active inventory: 142
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,002 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$63 /mo · $754/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $451

Break-even live

Break-even rent $431

Max offer price $49,000

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
127 N Belmont Ave Unit 1 Springfield, OH	2.0	1.0	1052	$1,050	$1.00	1d	1	0.69mi
509 E Northern Ave Unit 511 Springfield, OH	3.0	1.0	995	$995	$1.00	1d	1	0.75mi
515 Ludlow Ave Springfield, OH	3.0	1.0	1000	$950	$0.95	43d	1	0.90mi

Listing history 19 events

1. 2026-06-19
   days on market $49,000 Active 73 DOM
2. 2026-06-18
   days on market $49,000 Active 72 DOM
3. 2026-06-17
   days on market $49,000 Active 71 DOM
4. 2026-06-16
   days on market $49,000 Active 70 DOM
5. 2026-06-15
   days on market $49,000 Active 69 DOM
6. 2026-06-14
   days on market $49,000 Active 67 DOM
7. 2026-06-12
   days on market $49,000 Active 66 DOM
8. 2026-06-09
   days on market $49,000 Active 63 DOM
9. 2026-06-08
   days on market $49,000 Active 62 DOM
10. 2026-06-07
    days on market $49,000 Active 61 DOM
11. 2026-06-05
    days on market $49,000 Active 58 DOM
12. 2026-06-02
    days on market $49,000 Active 56 DOM
13. 2026-06-01
    days on market $49,000 Active 55 DOM
14. 2026-05-31
    days on market $49,000 Active 54 DOM
15. 2026-05-30
    days on market $49,000 Active 53 DOM
16. 2026-04-07
    listed $49,000 Active 154-char remark

    Show marketing remark (154 chars)

    Investors dream. Great location, 2/1 ranch, detached garage and carport. Will need a complete renovation. Priced accordingly. Property being sold 'as is',

17. 2025-07-11
    historical
18. 2025-05-05
    listed $49,000 Active
19. 1995-05-05
    soldstatus $19,500

ⓘ 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: $754 · $63/mo
• Projected year-2 tax: $759 · $63/mo
• Expected delta: +$5/yr ($0/mo · 0.7%)

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

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 12% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,020
• − Mortgage interest: −$2,745
• − Property taxes: −$754
• − Insurance: −$245
• − Repairs & maintenance: −$962
• − Management: −$962
• − Depreciation: −$1,425
• Taxable income: $4,928
• Est. tax owed @ 24.0%: −$1,183
• After-tax cash flow: $4,231/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: Springfield City School District
• NCES district ID: 3904481
• Math proficiency: 20% ▼ -16.00%
• Reading proficiency: 27% ▼ -12.00%
• Median HH income: $32,541
• Composite: 19.12/100
• National rank: #8834
• State rank: #616 of 656 in OH

Livability — Springfield

• Score: 56/100
• State rank: #1108
• US rank: #22551

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springfield, OH
• County: Clark · 134,280 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 32,673
• Household income: $54,561
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 4.7

Population outlook (Clark County) Hauer SSP2

• Today (2025): 130,703 people
• By 2030: 126,952 · -2.9%
• By 2040: 118,344 · -9.5%
• By 2050: 109,590 · -16.2%
• By 2075: 89,464 · -31.6%
• By 2100: 68,810 · -47.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1% Spanish 1%

Political lean MEDSL · Clark

• 2024 margin: Strong R (+29.5) · D 34.8% · R 64.3%
• 2008→2024 swing: -27.0pp toward R · 2008: -2.5pp · 2024: -29.5pp
• All cycles: 2024: R+29.5 2020: R+23.3 2016: R+19.5 2012: R+1.8 2008: R+2.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -211.92%
• Current HPI: 257.5694
• 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

+151.3% since first listed

4 events — show timeline

• 2026-04-07 Listed $49,000 CBRMLS
• 2025-07-11 Listing Removed — CBRMLS
• 2025-05-05 Listed $49,000 CBRMLS
• 1995-05-05 Sold (Public Records) $19,500 Public Records

Property tax history

+2.6%/yr

Latest (2025): $754 · +21.6% YoY. Source: county tax records.