205 E Grand Ave · Springfield, OH 45505

$45,000

4 bd · 2.0 ba · 1,920 sqft · MultiFamily public records · 152 Days on market

Built 1894 5,500 sqft lot $23/sqft · 54% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor special! Affordable duplex on a corner lot with strong upside that can easily be converted back to a single-family home. Solid winter project for investors or owner-occupants looking to rehab and add value. Features include separate units, flexible floorplans, original hardwoods, and generous yard with off-street parking. Sold as-is. Close to schools, shopping, and transit. Cash or renovation financing recommended. Check this one out by appointment today!

Key facts

• Original hardwoods
• Generous yard
• Separate units

Tags

• CORNER LOT
• SEPARATE UNITS
• FLEXIBLE FLOORPLANS
• ORIGINAL HARDWOODS
• GENEROUS YARD
• OFF-STREET PARKING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $45k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $45k).
• Recommended offer: $40k (12.0% below list) — sets the bar for market timing.
• Cap rate 38.6% 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: 158 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $2,009/mo this rent would consume 55% of the median local household income ($44k/yr) (locally 950% 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 $311 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 152 days — a 12% lower offer ($40k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y ago 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 $28k; list at $45k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: property tax is 3.3% of price; built in 1894 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $39,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 152 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1894 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 4.46% ✓
• Cap rate: 38.56%
• Cash-on-cash: 115.25%
• DSCR: 6.13
• GRM: 1.9

CMA / ARV

• ARV (median comp): $98,705
• List price: $45,000
• Delta: -54.41%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1202 Clifton Ave	0.06mi	4/2.0	2,180 (+14%)	4mo	$124,900	$57	71
1202-1204 Clifton Ave	0.06mi	4/2.0	2,180 (+14%)	4mo	$124,900	$57	71
1603 Woodward Ave	0.46mi	4/2.0	1,873 (-2%)	12mo	$85,000	$45	65
18-20 W Perrin Ave	0.30mi	4/2.0	2,064 (+8%)	13mo	$194,000	$94	63
1363 S Center Blvd	0.41mi	3/2.0 (-1)	1,862 (-3%)	11mo	$85,000	$46	61
1517 Linden Ave	0.32mi	4/2.0	2,172 (+13%)	12mo	$116,000	$53	53
1102-1104 Pine St	0.72mi	4/2.0	1,636 (-15%)	7mo	$50,000	$31	36

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: —
• Equity multiple: 6.54×
• Total profit: $69,854
• Equity at exit: $6,710

10-year hold

• IRR: —
• Equity multiple: 13.73×
• Total profit: $160,363
• Equity at exit: $3,891

Cash invested: $12,600 (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 45505

• Home prices YoY: -34.3%
• Active inventory: 158
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,009 high
• Mortgage (P&I): −$236
• Tax from tax record: −$122 /mo · $1,467/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $1,210

Break-even live

Break-even rent $477

Max offer price $45,000

Occupancy floor 35%

Sensitivity live

Price	-10% $1,236	-5% $1,223	+0% $1,210	+5% $1,197	+10% $1,185
Rent	-10% $1,051	-5% $1,131	+0% $1,210	+5% $1,290	+10% $1,369
Rate	-1.0pp $1,233	-0.5pp $1,222	base $1,210	+0.5pp $1,198	+1.0pp $1,187

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,008
Total (2 units)			$2,009

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: $11,250
• Closing costs: $1,350
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1306 S Limestone St Springfield, OH	4.0	2.0	1452	$1,695	$1.17	21d	1	0.18mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	19d	1	0.20mi
421 Catherine St Springfield, OH	3.0	2.0	1498	$1,500	$1.00	44d	1	0.30mi
830 Oak St Unit 830 Springfield, OH	4.0	1.5	1400	$1,250	$0.89	14d	1	0.79mi
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	3d	1	0.84mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	11d	1	0.89mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	44d	1	0.90mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	11d	1	0.93mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	11d	1	0.95mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	11d	1	0.99mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	11d	1	1.02mi
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	24d	1	1.04mi

Listing history 36 events

1. 2026-06-19
   days on market $45,000 Active 152 DOM
2. 2026-06-18
   days on market $45,000 Active 151 DOM
3. 2026-06-17
   days on market $45,000 Active 150 DOM
4. 2026-06-16
   days on market $45,000 Active 149 DOM
5. 2026-06-15
   days on market $45,000 Active 148 DOM
6. 2026-06-14
   days on market $45,000 Active 146 DOM
7. 2026-06-12
   days on market $45,000 Active 145 DOM
8. 2026-06-09
   days on market $45,000 Active 142 DOM
9. 2026-06-08
   days on market $45,000 Active 141 DOM
10. 2026-06-07
    days on market $45,000 Active 140 DOM
11. 2026-06-05
    days on market $45,000 Active 137 DOM
12. 2026-06-02
    days on market $45,000 Active 135 DOM
13. 2026-06-01
    days on market $45,000 Active 134 DOM
14. 2026-05-31
    days on market $45,000 Active 133 DOM
15. 2026-05-30
    days on market $45,000 Active 132 DOM
16. 2026-01-18
    listed $45,000 Active 468-char remark

    Show marketing remark (468 chars)

    Investor special! Affordable duplex on a corner lot with strong upside that can easily be converted back to a single-family home. Solid winter project for investors or owner-occupants looking to rehab and add value. Features include separate units, flexible floorplans, original hardwoods, and generous yard with off-street parking. Sold as-is. Close to schools, shopping, and transit. Cash or renovation financing recommended. Check this one out by appointment today!

17. 2025-12-31
    historical
18. 2025-12-09
    price $45,000
19. 2025-12-01
    listed $49,900 Active
20. 2024-06-04
    historical
21. 2024-05-20
    status Pending
22. 2024-04-26
    price $45,000
23. 2024-03-22
    listed $50,000 Active
24. 2023-02-16
    soldstatus $28,000
25. 2023-02-10
    soldstatus $28,000 Sold
26. 2023-02-10
    soldstatus $28,000 Closed
27. 2023-02-10
    soldstatus $28,000 Closed
28. 2023-01-30
    status Pending
29. 2023-01-30
    status Pending
30. 2023-01-24
    listed $37,500 Active
31. 2023-01-24
    listed $37,500 Active
32. 2008-09-18
    soldstatus $32,900
33. 2007-09-10
    soldstatus $65,000
34. 2002-02-26
    soldstatus $38,500
35. 1999-04-15
    soldstatus $31,500
36. 1988-12-20
    soldstatus $30,000

ⓘ 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: $1,467 · $122/mo
• Projected year-2 tax: $1,467 · $122/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 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $24,108
• − Mortgage interest: −$2,521
• − Property taxes: −$1,467
• − Insurance: −$225
• − Repairs & maintenance: −$1,929
• − Management: −$1,929
• − Depreciation: −$1,309
• Taxable income: $14,729
• Est. tax owed @ 24.0%: −$3,535
• After-tax cash flow: $10,987/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 County · 33,261 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 19,826
• Household income: $43,819
• Rent vs Own: 47.3% rent · 52.7% own
• Severe rent burden: 950.0

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 (75%)
• Race & ethnicity: White 75% Black 14% Two or more races 7% Hispanic / Latino 4%
• Common ancestry: Slovak 1% German 1% Iranian 1%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 1% German/W. Germanic 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: ▼ -135.16%
• Current HPI: 258.9037
• Rent YoY: —
• Metro: Springfield, 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

+50.0% since first listed

21 events — show timeline

• 2026-01-18 Listed $45,000 Dayton MLS
• 2025-12-31 Listing Removed — WRIST
• 2025-12-09 Price Changed $45,000 WRIST
• 2025-12-01 Listed $49,900 WRIST
• 2024-06-04 Listing Removed — Dayton MLS
• 2024-05-20 Pending — Dayton MLS
• 2024-04-26 Price Changed $45,000 Dayton MLS
• 2024-03-22 Listed $50,000 Dayton MLS
• 2023-02-16 Sold (Public Records) $28,000 Public Records
• 2023-02-10 Sold (MLS) $28,000 WRIST
• 2023-02-10 Sold (MLS) $28,000 Dayton MLS
• 2023-02-10 Sold (MLS) $28,000 Dayton MLS
• 2023-01-30 Pending — Dayton MLS
• 2023-01-30 Pending — WRIST
• 2023-01-24 Listed $37,500 WRIST
• 2023-01-24 Listed $37,500 Dayton MLS
• 2008-09-18 Sold (Public Records) $32,900 Public Records
• 2007-09-10 Sold (Public Records) $65,000 Public Records
• 2002-02-26 Sold (Public Records) $38,500 Public Records
• 1999-04-15 Sold (Public Records) $31,500 Public Records
• 1988-12-20 Sold (Public Records) $30,000 Public Records

Property tax history

+14.7%/yr

Latest (2025): $1,467 · +69.3% YoY. Source: county tax records.