903 Franklin St · Sandusky, OH 44870

$141,900

3 bd · 2.0 ba · 1,879 sqft · MultiFamily public records · 42 Days on market

Built 1930 3,367 sqft lot Est $158k · 10% 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 +12.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +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: 2 units. confirmed

Listing remarks MLS

This charming 3 BR, 2 BA home with a bonus room upstairs that can be used as a kitchen or extra room or big closet. The home has a nice big backyard for your enjoyment. Home was previously used as two apartment but has been converted back to a single home.

Key facts

• 3,367 sq ft lot
• Built 1930
• Listed 41 days

Property features AI

Finance

• Other: Located in the Southwark Addition subdivision; Within the Sandusky school district

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Multiple units
• Construction: Stucco exterior
• Exterior features: Asphalt roof

Interior

• Heating & cooling: Electric baseboard heating
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.0ba + 1×1.0bd/1.0ba units multifamily listed at $142k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $624/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $142k).
• Recommended offer: $138k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 6.0% in Sandusky — 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 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: The Sandusky Intermediate School (math 26% / reading 38%, grade F, #1,135 of 1,584 statewide, top 73%, 909 students, 0% FRL); Sandusky Middle School (math 25% / reading 32%, grade F, #580 of 654 statewide, top 89%, 468 students, 0% FRL); Sandusky High School (math 17% / reading 41%, grade F, #627 of 781 statewide, top 81%, 1,004 students, 0% FRL) — zoned schools average 0% FRL vs 71% district-wide (71 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 212 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $2,722/mo this rent would consume 53% of the median local household income ($62k/yr) (locally 1602% 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 $981 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Erie County population projected at -15% 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 $40k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($138k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y ago; this cycle's ask has dropped $8k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $50k; list at $142k implies a 184% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $137,643 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% 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 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.92% ✓
• Cap rate: 16.85%
• Cash-on-cash: 37.70%
• DSCR: 2.68
• GRM: 4.3

CMA / ARV

• ARV (median comp): $157,711
• List price: $141,900
• Delta: -10.03%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 33.7%
• Equity multiple: 2.42×
• Total profit: $56,506
• Equity at exit: $21,158

10-year hold

• IRR: 40.6%
• Equity multiple: 4.81×
• Total profit: $151,553
• Equity at exit: $12,269

Cash invested: $39,732 (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 44870

• Active inventory: 212
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $2,722 medium
• Mortgage (P&I): −$744
• Tax from tax record: −$99 /mo · $1,185/yr
• Insurance: −$59
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $1,248

Break-even live

Break-even rent $1,142

Max offer price $141,900

Occupancy floor 49%

Sensitivity live

Price	-10% $1,329	-5% $1,288	+0% $1,248	+5% $1,208	+10% $1,168
Rent	-10% $1,033	-5% $1,141	+0% $1,248	+5% $1,356	+10% $1,463
Rate	-1.0pp $1,320	-0.5pp $1,284	base $1,248	+0.5pp $1,212	+1.0pp $1,174

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1	$1,628
1× unit	1.0	1	$1,094
Total (2 units)			$2,722

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: $35,475
• Closing costs: $4,257
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 Perry St Sandusky, OH	4.0	2.5	1845	$850	$0.46	46d	1	0.25mi
156 E Market St Sandusky, OH	1.0–2.0	1.0–2.5	1266	$3,539	$2.79	46d	5	0.59mi

Listing history 24 events

1. 2026-06-22
   days on market $141,900 Active 42 DOM
2. 2026-06-21
   days on market $141,900 Active 41 DOM
3. 2026-06-19
   days on market $141,900 Active 39 DOM
4. 2026-06-18
   days on market $141,900 Active 38 DOM
5. 2026-06-17
   price $141,900 Active 37 DOM
6. 2026-06-17
   days on market $144,400 Active 37 DOM
7. 2026-06-16
   days on market $144,400 Active 36 DOM
8. 2026-06-15
   days on market $144,400 Active 35 DOM
9. 2026-06-14
   days on market $144,400 Active 33 DOM
10. 2026-06-12
    days on market $144,400 Active 32 DOM
11. 2026-06-09
    days on market $144,400 Active 29 DOM
12. 2026-06-08
    days on market $144,400 Active 28 DOM
13. 2026-06-07
    days on market $144,400 Active 27 DOM
14. 2026-06-03
    pricedays on market $144,400 Active 23 DOM
15. 2026-06-02
    days on market $149,900 Active 22 DOM
16. 2026-06-01
    days on market $149,900 Active 21 DOM
17. 2026-05-31
    days on market $149,900 Active 20 DOM
18. 2026-05-30
    days on market $149,900 Active 19 DOM
19. 2026-05-12
    listed $149,900 Active 873-char remark
20. 2026-05-07
    historical $149,900 873-char remark
21. 2018-07-10
    soldstatus $50,000 256-char remark

    Show marketing remark (256 chars)

    This charming 3 BR, 2 BA home with a bonus room upstairs that can be used as a kitchen or extra room or big closet. The home has a nice big backyard for your enjoyment. Home was previously used as two apartment but has been converted back to a single home.

22. 2018-07-09
    soldstatus $50,000
23. 2017-11-27
    listed $59,900 256-char remark

    Show marketing remark (256 chars)

    This charming 3 BR, 2 BA home with a bonus room upstairs that can be used as a kitchen or extra room or big closet. The home has a nice big backyard for your enjoyment. Home was previously used as two apartment but has been converted back to a single home.

24. 2000-10-23
    soldstatus $75,000

ⓘ 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: $1,185 · $99/mo
• Projected year-2 tax: $1,700 · $142/mo
• Expected delta: +$514/yr (+$43/mo · 43.4%)

ⓘ 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 ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,664
• − Mortgage interest: −$7,949
• − Property taxes: −$1,185
• − Insurance: −$710
• − Repairs & maintenance: −$2,613
• − Management: −$2,613
• − Depreciation: −$4,128
• Taxable income: $13,466
• Est. tax owed @ 24.0%: −$3,232
• After-tax cash flow: $11,748/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: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 73,204 people
• By 2030: 71,341 · -2.5%
• By 2040: 66,771 · -8.8%
• By 2050: 62,512 · -14.6%
• By 2075: 56,154 · -23.3%
• By 2100: 49,045 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Erie

• 2024 margin: R (+14.1) · D 42.5% · R 56.6%
• 2008→2024 swing: -28.0pp toward R · 2008: 13.9pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.6 2016: R+9.8 2012: D+11.3 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, 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

+89.2% since first listed

8 events — show timeline

• 2026-06-17 Price Changed $141,900 FAOR
• 2026-06-03 Price Changed $144,400 FAOR
• 2026-05-12 Listed $149,900 FAOR
• 2026-05-07 Coming Soon $149,900 FAOR
• 2018-07-10 Sold (MLS) $50,000 FAOR
• 2018-07-09 Sold (Public Records) $50,000 Public Records
• 2017-11-27 Listed $59,900 FAOR
• 2000-10-23 Sold (Public Records) $75,000 Public Records

Property tax history

-0.2%/yr

Latest (2025): $1,185 · -1.0% YoY. Source: county tax records.