389-391 Oak St · Marion, OH 43302

$174,900

6 bd · 0.0 ba · 2,016 sqft · MultiFamily · 97 Days on market

Built 1900 Fair condition 3,920 sqft lot $87/sqft · 72% above 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
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +2.2/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Attention Investors and Owner-Occupants! This well-maintained duplex offers a fantastic opportunity for investors seeking steady rental income or for buyers looking to live in one unit while letting the other help pay the mortgage. The property features separate entrances for each unit and a fully fenced backyard, providing privacy and functional outdoor space. Each unit offers 3 bedrooms and 1 bathroom. Unit 1 is currently rented for $1,200 per month with a long-term tenant in place since 2015, providing reliable income from day one. Unit 2 is currently rented for $1200 per mom on a month to month. Key updates include a roof replaced in 2015, furnaces updated in 2022 and 2017, and hot water tanks replaced in 2014 and 2021. The owner currently pays sewer, which averages approximately $90 per month combined for both units, while tenants pay all other utilities. Seller is willing to assist with closing costs, and lenders with down payment assistance programs are available, making this a great opportunity for both seasoned investors and buyers looking to build equity while generating rental income. Please do not disturb tenants. Member of selling entity is a Licensed Real Estate agent.

Key facts

• Furnaces updated
• Separate entrances
• Roof replaced

Tags

• SEPARATE ENTRANCES
• FULLY FENCED BACKYARD
• ROOF REPLACED
• FURNACES UPDATED
• HOT WATER TANKS REPLACED

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $918 ($11k/yr) — positive. Per door: $459/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $159k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.6% vs local median 6.9% in Marion — 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Marion City (town): math 22% / reading 31% proficiency, ranked #600 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 210 active listings in the ZIP; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• At $2,692/mo this rent would consume 59% of the median local household income ($55k/yr) (locally 1554% of renters already pay >50% of income on rent) — 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 $5k of value loss. Plan a longer hold.
• Marion County population projected at -18% 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 $49k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 97 days — a 9% lower offer ($159k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 6y ago; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $100k; list at $175k implies a 75% 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 $159,159 (9.0% below list)

Questions for the listing agent

1. It's been on market 97 days. Have you received any prior offers? Is the seller open to a 9% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
9. Crime grade is D 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?
10. 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.
11. 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.
12. 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: 1.54% ✓
• Cap rate: 12.59%
• Cash-on-cash: 22.49%
• DSCR: 2.00
• GRM: 5.4

CMA / ARV

• ARV (median comp): $101,636
• List price: $174,900
• Delta: 72.08%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 15.3%
• Equity multiple: 1.62×
• Total profit: $30,166
• Equity at exit: $26,078

10-year hold

• IRR: 24.0%
• Equity multiple: 3.08×
• Total profit: $101,719
• Equity at exit: $15,122

Cash invested: $48,972 (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 43302

• Home prices YoY: -33.9%
• Active inventory: 210
• Price-to-rent: 10.8×

Monthly cashflow live

• Estimated rent: $2,692 medium
• Mortgage (P&I): −$917
• Tax est. 1.5%: −$219 /mo · $2,624/yr
• Insurance: −$73
• HOA: −$0
• Vacancy / Maint / Mgmt: −$565
• Net cashflow: $918

Break-even live

Break-even rent $1,530

Max offer price $174,900

Occupancy floor 61%

Sensitivity live

Price	-10% $1,039	-5% $978	+0% $918	+5% $858	+10% $797
Rent	-10% $705	-5% $812	+0% $918	+5% $1,024	+10% $1,131
Rate	-1.0pp $1,006	-0.5pp $962	base $918	+0.5pp $873	+1.0pp $827

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,692
Total (2 units)			$2,692

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: $43,725
• Closing costs: $5,247
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-19
   days on market $174,900 Active 97 DOM
2. 2026-06-18
   days on market $174,900 Active 96 DOM
3. 2026-06-17
   days on market $174,900 Active 95 DOM
4. 2026-06-16
   days on market $174,900 Active 94 DOM
5. 2026-06-15
   days on market $174,900 Active 93 DOM
6. 2026-06-14
   days on market $174,900 Active 91 DOM
7. 2026-06-12
   days on market $174,900 Active 90 DOM
8. 2026-06-09
   days on market $174,900 Active 87 DOM
9. 2026-06-08
   days on market $174,900 Active 86 DOM
10. 2026-06-07
    days on market $174,900 Active 85 DOM
11. 2026-06-05
    days on market $174,900 Active 82 DOM
12. 2026-06-03
    days on market $174,900 Active 81 DOM
13. 2026-06-02
    days on market $174,900 Active 80 DOM
14. 2026-06-01
    days on market $174,900 Active 79 DOM
15. 2026-05-31
    days on market $174,900 Active 78 DOM
16. 2026-05-30
    days on market $174,900 Active 77 DOM
17. 2026-05-18
    price $174,900 1201-char remark

    Show marketing remark (1201 chars)

    Attention Investors and Owner-Occupants! This well-maintained duplex offers a fantastic opportunity for investors seeking steady rental income or for buyers looking to live in one unit while letting the other help pay the mortgage. The property features separate entrances for each unit and a fully fenced backyard, providing privacy and functional outdoor space. Each unit offers 3 bedrooms and 1 bathroom. Unit 1 is currently rented for $1,200 per month with a long-term tenant in place since 2015, providing reliable income from day one. Unit 2 is currently rented for $1200 per mom on a month to month. Key updates include a roof replaced in 2015, furnaces updated in 2022 and 2017, and hot water tanks replaced in 2014 and 2021. The owner currently pays sewer, which averages approximately $90 per month combined for both units, while tenants pay all other utilities. Seller is willing to assist with closing costs, and lenders with down payment assistance programs are available, making this a great opportunity for both seasoned investors and buyers looking to build equity while generating rental income. Please do not disturb tenants. Member of selling entity is a Licensed Real Estate agent.

18. 2026-05-18
    price $189,000 1201-char remark

    Show marketing remark (1201 chars)

    Attention Investors and Owner-Occupants! This well-maintained duplex offers a fantastic opportunity for investors seeking steady rental income or for buyers looking to live in one unit while letting the other help pay the mortgage. The property features separate entrances for each unit and a fully fenced backyard, providing privacy and functional outdoor space. Each unit offers 3 bedrooms and 1 bathroom. Unit 1 is currently rented for $1,200 per month with a long-term tenant in place since 2015, providing reliable income from day one. Unit 2 is currently rented for $1200 per mom on a month to month. Key updates include a roof replaced in 2015, furnaces updated in 2022 and 2017, and hot water tanks replaced in 2014 and 2021. The owner currently pays sewer, which averages approximately $90 per month combined for both units, while tenants pay all other utilities. Seller is willing to assist with closing costs, and lenders with down payment assistance programs are available, making this a great opportunity for both seasoned investors and buyers looking to build equity while generating rental income. Please do not disturb tenants. Member of selling entity is a Licensed Real Estate agent.

19. 2026-03-14
    listed $194,900 Active 1201-char remark

    Show marketing remark (1201 chars)

    Attention Investors and Owner-Occupants! This well-maintained duplex offers a fantastic opportunity for investors seeking steady rental income or for buyers looking to live in one unit while letting the other help pay the mortgage. The property features separate entrances for each unit and a fully fenced backyard, providing privacy and functional outdoor space. Each unit offers 3 bedrooms and 1 bathroom. Unit 1 is currently rented for $1,200 per month with a long-term tenant in place since 2015, providing reliable income from day one. Unit 2 is currently rented for $1200 per mom on a month to month. Key updates include a roof replaced in 2015, furnaces updated in 2022 and 2017, and hot water tanks replaced in 2014 and 2021. The owner currently pays sewer, which averages approximately $90 per month combined for both units, while tenants pay all other utilities. Seller is willing to assist with closing costs, and lenders with down payment assistance programs are available, making this a great opportunity for both seasoned investors and buyers looking to build equity while generating rental income. Please do not disturb tenants. Member of selling entity is a Licensed Real Estate agent.

20. 2025-06-26
    soldstatus $100,000 Closed 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

21. 2025-05-21
    historical Contingent 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

22. 2025-05-10
    status Active 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

23. 2025-05-10
    historical 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

24. 2025-05-07
    status Active 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

25. 2025-04-30
    historical Contingent 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

26. 2025-04-10
    price $110,000 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

27. 2025-03-28
    listed $120,000 Active 461-char remark

    Show marketing remark (461 chars)

    ATTENTION INVESTORS Well-maintained duplex with fenced in backyard with separate entrances with add value potential. Unit 1: 3 BR/1BA; Currently rented at 650/mo. Tenant since 2015. Furnace 2022. HWT 2014. Roof 2015. Unit 2: 3 BR/1BA. Currently being rented at $850/mo. Furnace 2017. HWT 2021. Roof 2015. Owner pays Sewer (Averages $90/mo combined for both units). Tenant pays all other utilities. Curb Offers only! Please do not disturb tenants. Selling AS-IS.

28. 2021-05-22
    historical
29. 2021-01-22
    soldstatus $68,000 Closed
30. 2020-11-19
    listed $75,000

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

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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,304
• − Mortgage interest: −$9,797
• − Property taxes: −$2,624
• − Insurance: −$874
• − Repairs & maintenance: −$2,584
• − Management: −$2,584
• − Depreciation: −$5,088
• Taxable income: $8,752
• Est. tax owed @ 24.0%: −$2,101
• After-tax cash flow: $8,915/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 · 11 photos

Fair 45/100 Moderate rehab

This two-unit property requires moderate renovations to its kitchens and bathrooms, exterior, and flooring to significantly increase its resale and rental value.

Repairs flagged

• Moderate Kitchen cabinets — Dated appearance and need for updating.
• Moderate Bathroom fixtures — Dated appearance and need for updating.
• Moderate Exterior siding — Weathered appearance and need for repainting or replacement.
• Moderate Hardwood floors — Signs of wear and need for refinishing or replacement.

Value-add opportunities

• Both Kitchen renovation — Updating the kitchen can significantly increase both resale and rental value.
• Both Bathroom renovation — Updating the bathrooms can significantly increase both resale and rental value.
• Both Exterior painting — Painting the exterior can improve curb appeal and increase both resale and rental value.
• Both Floor refinishing — Refinishing the hardwood floors can improve the overall appearance and increase both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen cabinets · Dated appearance and need for updating.	Moderate	$3,000–15,000
Bathroom fixtures · Dated appearance and need for updating.	Moderate	$3,000–15,000
Exterior siding · Weathered appearance and need for repainting or replacement.	Moderate	$3,000–15,000
Hardwood floors · Signs of wear and need for refinishing or replacement.	Moderate	$3,000–15,000
Total estimated repair cost · 4 items		$12,000–60,000

Value-add ROI direction

• Both Kitchen renovation — Updating the kitchen can significantly increase both resale and rental value. ↑
• Both Bathroom renovation — Updating the bathrooms can significantly increase both resale and rental value. ↑
• Both Exterior painting — Painting the exterior can improve curb appeal and increase both resale and rental value. ↑
• Both Floor refinishing — Refinishing the hardwood floors can improve the overall appearance and increase both resale and rental value. ↑

ⓘ 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: Marion City
• NCES district ID: 3904433
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $32,327
• Composite: 21.58/100
• National rank: #8306
• State rank: #600 of 656 in OH

Livability — Marion

• Score: 65/100
• State rank: #704
• US rank: #12605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, OH
• County: Marion County · 53,702 people
• City population: 53,702
• Metro: Marion, OH
• Population (ZIP): 53,702
• Household income: $55,057
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1554.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 62,078 people
• By 2030: 60,049 · -3.3%
• By 2040: 55,413 · -10.7%
• By 2050: 50,604 · -18.5%
• By 2075: 40,162 · -35.3%
• By 2100: 29,105 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+41.4) · D 28.9% · R 70.3%
• 2008→2024 swing: -32.5pp toward R · 2008: -8.9pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+38.6 2016: R+34.4 2012: R+7.6 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.52%
• Current HPI: 223.5344
• Rent YoY: —
• Metro: Marion, OH
• 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

+133.2% since first listed

14 events — show timeline

• 2026-05-18 Price Changed $174,900 CBRMLS
• 2026-05-18 Price Changed $189,000 CBRMLS
• 2026-03-14 Listed $194,900 CBRMLS
• 2025-06-26 Sold (MLS) $100,000 CBRMLS
• 2025-05-21 Contingent — CBRMLS
• 2025-05-10 Relisted — CBRMLS
• 2025-05-10 Listing Removed — CBRMLS
• 2025-05-07 Relisted — CBRMLS
• 2025-04-30 Contingent — CBRMLS
• 2025-04-10 Price Changed $110,000 CBRMLS
• 2025-03-28 Listed $120,000 CBRMLS
• 2021-05-22 Listing Removed — CBRMLS
• 2021-01-22 Sold (MLS) $68,000 CBRMLS
• 2020-11-19 Listed $75,000 CBRMLS