506 W Southern Ave · Springfield, OH 45506

$84,900

4 bd · 1.0 ba · 2,120 sqft · SingleFamily public records · 405 Days on market

Built 1881 6,534 sqft lot $40/sqft · 12% above area Est $76k · 12% over

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Why this score? — see what drove the C+ 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
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• Schools +1.9/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

Key facts

• 6,534 sq ft lot
• Built 1881
• Listed 404 days

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $85k.

Deal economics

• At list price, monthly cash flow is $802 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.6% vs local median 4.7% 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: 45 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $1,711/mo this rent would consume 49% of the median local household income ($42k/yr) (locally 684% 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 $587 of loan paydown is wiped out by about $3k 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 $24k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 405 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 17y 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 $85k implies a 209% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $74,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 405 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 1881 — 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: 2.01% ✓
• Cap rate: 17.63%
• Cash-on-cash: 40.51%
• DSCR: 2.80
• GRM: 4.1

CMA / ARV

• ARV (median comp): $75,743
• List price: $84,900
• Delta: 12.09%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
320 W Grand Ave	0.18mi	4/1.0	1,945 (-8%)	14mo	$163,000	$84	66
1307 S Limestone St	0.60mi	4/2.0	2,112 (-0%)	12mo	$108,900	$52	57
1415 Woodward Ave	0.50mi	4/2.0	2,254 (+6%)	9mo	$170,000	$75	54
127 W Grand Ave	0.35mi	4/2.0	1,882 (-11%)	9mo	$150,100	$80	54
235 W Euclid Ave	0.25mi	4/2.0	2,318 (+9%)	19mo	$67,500	$29	53
1428 S Fountain Ave	0.60mi	4/1.5	2,231 (+5%)	12mo	$225,000	$101	51
525 S Light St	0.49mi	3/2.0 (-1)	1,877 (-12%)	2mo	$172,000	$92	48
317 S Plum St	0.62mi	4/2.0	1,896 (-11%)	8mo	$60,000	$32	42
1413 Woodward Ave	0.50mi	3/2.0 (-1)	1,977 (-7%)	21mo	$70,000	$35	39
721 W Pleasant St	0.54mi	3/1.5 (-1)	1,848 (-13%)	9mo	$65,000	$35	38

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: 36.9%
• Equity multiple: 2.57×
• Total profit: $37,352
• Equity at exit: $12,659

10-year hold

• IRR: 43.6%
• Equity multiple: 5.14×
• Total profit: $98,344
• Equity at exit: $7,341

Cash invested: $23,772 (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 45506

• Home prices YoY: -14.1%
• Active inventory: 45
• Price-to-rent: 4.1×

Monthly cashflow live

• Estimated rent: $1,711 high
• Mortgage (P&I): −$445
• Tax from tax record: −$68 /mo · $820/yr
• Insurance: −$35
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $802

Break-even live

Break-even rent $695

Max offer price $84,900

Occupancy floor 48%

Sensitivity live

Price	-10% $850	-5% $826	+0% $802	+5% $778	+10% $754
Rent	-10% $667	-5% $735	+0% $802	+5% $870	+10% $938
Rate	-1.0pp $845	-0.5pp $824	base $802	+0.5pp $780	+1.0pp $758

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: $21,225
• Closing costs: $2,547
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	4d	1	0.10mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	12d	1	0.52mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	12d	1	0.56mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	20d	1	0.56mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	12d	1	0.60mi
1306 S Limestone St Springfield, OH	4.0	2.0	1452	$1,695	$1.17	22d	1	0.62mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	12d	1	0.66mi
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	24d	1	0.71mi
421 Catherine St Springfield, OH	3.0	2.0	1498	$1,500	$1.00	45d	1	0.93mi
534 Homeview Ave Springfield, OH	3.0	1.0	2660	$1,200	$0.45	45d	1	1.07mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	12d	1	1.22mi

Listing history 38 events

1. 2026-06-15
   days on market $84,900 Active 405 DOM
2. 2026-06-14
   days on market $84,900 Active 403 DOM
3. 2026-06-12
   days on market $84,900 Active 402 DOM
4. 2026-06-09
   days on market $84,900 Active 399 DOM
5. 2026-06-08
   days on market $84,900 Active 398 DOM
6. 2026-06-07
   days on market $84,900 Active 397 DOM
7. 2026-06-05
   days on market $84,900 Active 394 DOM
8. 2026-06-02
   days on market $84,900 Active 392 DOM
9. 2026-06-01
   days on market $84,900 Active 391 DOM
10. 2026-05-31
    days on market $84,900 Active 390 DOM
11. 2026-05-30
    days on market $84,900 Active 389 DOM
12. 2026-02-18
    price $84,900 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

13. 2026-01-05
    historical
14. 2025-12-27
    status Active 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

15. 2025-08-12
    listed $89,000 Active
16. 2025-08-01
    historical 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

17. 2025-05-26
    price $88,000 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

18. 2025-01-27
    price $88,900 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

19. 2025-01-06
    price $89,000 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

20. 2024-12-09
    listed $89,900 Active 168-char remark

    Show marketing remark (168 chars)

    Great opportunity for a 4bedroom home located in Sprignfield OH, nice size lot and move in ready. Currently tenant occupied with m2m tenants in place, curb offers only

21. 2021-11-09
    status Active
22. 2021-09-07
    soldstatus $27,500 Closed
23. 2021-09-07
    soldstatus $27,500 Closed
24. 2021-08-26
    status Pending
25. 2021-08-25
    historical
26. 2021-08-03
    listed $23,000 Active
27. 2021-08-03
    listed $23,000 Active
28. 2015-09-11
    soldstatus $50,000
29. 2014-02-12
    historical
30. 2013-12-09
    listed $100
31. 2010-09-01
    historical
32. 2010-09-01
    historical
33. 2010-06-02
    listed $12,900
34. 2010-06-02
    listed $12,900
35. 2009-11-15
    historical
36. 2009-06-01
    listed $9,900
37. 2006-08-31
    soldstatus $79,000
38. 2004-09-13
    soldstatus $70,000

ⓘ 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: $820 · $68/mo
• Projected year-2 tax: $1,072 · $89/mo
• Expected delta: +$252/yr (+$21/mo · 30.7%)

ⓘ 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: $20,527
• − Mortgage interest: −$4,756
• − Property taxes: −$820
• − Insurance: −$424
• − Repairs & maintenance: −$1,642
• − Management: −$1,642
• − Depreciation: −$2,470
• Taxable income: $8,773
• Est. tax owed @ 24.0%: −$2,105
• After-tax cash flow: $7,524/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): 13,435
• Household income: $42,104
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 684.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Asian/Pacific 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: ▼ -46.97%
• Current HPI: 286.2883
• 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

+21.3% since first listed

27 events — show timeline

• 2026-02-18 Price Changed $84,900 CBRMLS
• 2026-01-05 Listing Removed — CBRMLS
• 2025-12-27 Relisted — CBRMLS
• 2025-08-12 Listed $89,000 CBRMLS
• 2025-08-01 Listing Removed — CBRMLS
• 2025-05-26 Price Changed $88,000 CBRMLS
• 2025-01-27 Price Changed $88,900 CBRMLS
• 2025-01-06 Price Changed $89,000 CBRMLS
• 2024-12-09 Listed $89,900 CBRMLS
• 2021-11-09 Relisted — CBRMLS
• 2021-09-07 Sold (MLS) $27,500 WRIST
• 2021-09-07 Sold (MLS) $27,500 CBRMLS
• 2021-08-26 Pending — WRIST
• 2021-08-25 Listing Removed — CBRMLS
• 2021-08-03 Listed $23,000 WRIST
• 2021-08-03 Listed $23,000 CBRMLS
• 2015-09-11 Sold (Public Records) $50,000 Public Records
• 2014-02-12 Listing Removed — CBRMLS
• 2013-12-09 Listed $100 CBRMLS
• 2010-09-01 Listing Removed — WRIST
• 2010-09-01 Listing Removed — Dayton MLS
• 2010-06-02 Listed $12,900 WRIST
• 2010-06-02 Listed $12,900 Dayton MLS
• 2009-11-15 Listing Removed — WRIST
• 2009-06-01 Listed $9,900 WRIST
• 2006-08-31 Sold (Public Records) $79,000 Public Records
• 2004-09-13 Sold (Public Records) $70,000 Public Records

Property tax history

+0.7%/yr

Latest (2025): $820 · +18.6% YoY. Source: county tax records.