389-391 E 2nd St · Chillicothe, OH 45601

$215,000

4 bd · 0.0 ba · 3,020 sqft · MultiFamily · 11 Days on market

Built 1910 Fair condition 3,484 sqft lot Est $196k · 10% 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 +26.7/30.0
• DSCR +9.2/10.0
• 1% rule +7.2/10.0
• Schools +3.5/10.0
• ARV discount +3.2/15.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• 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

Opportunity knocks with this well-maintained multi-family duplex located in the desirable 45601 area of Chillicothe, Ohio. Close to lots of restaurants on bridge street. Offering a total of four 1-bedroom, 1-bathroom units, this property spans 3,020 square feet. Each unit is thoughtfully laid out making it ideal for long-term tenants. The property features a shared front porch, perfect for relaxing and enjoying the neighborhood vibe. Owned and cared for by the same landlord for the past 20 years, this building has been consistently maintained and is a true turnkey investment. Whether you're a seasoned investor or just entering the rental market, this property presents an outstanding opportu

Key facts

• Multi-family duplex
• Turnkey investment
• Shared front porch

Tags

• MULTI-FAMILY DUPLEX
• SHARED FRONT PORCH
• TURNKEY INVESTMENT

Property features AI

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Built in 1910
• Construction: Lot size approximately 0.08 acres (about 3,485 sq ft)
• Exterior features: Located on Main St.; Township: Scioto

Interior

• Interior features: Multi-unit building with 4 total units

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $215k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $583 ($7k/yr) — positive. Per door: $292/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $215k).
• Cap rate 9.5% vs local median 4.2% in Chillicothe — 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 62/100 on livability (#909 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D, crime D-, amenities F.
• Chillicothe City (town): math 36% / reading 47% proficiency, ranked #535 of 656 in OH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 178 active listings in the ZIP; 24 units permitted in Ross County in 2024 (0 in 5+ unit buildings).
• At $2,619/mo this rent would consume 55% of the median local household income ($57k/yr) — 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 $6k of value loss. Plan a longer hold.
• Ross County population projected at -12% 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 $60k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1910 — 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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?
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: 1.22% ✓
• Cap rate: 9.55%
• Cash-on-cash: 11.63%
• DSCR: 1.52
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $196,300
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
148 Hirn St	0.17mi	4/—	2,688 (-11%)	10mo	$175,000	$65	65

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: 1.0%
• Equity multiple: 1.04×
• Total profit: $2,344
• Equity at exit: $32,057

10-year hold

• IRR: 10.7%
• Equity multiple: 1.83×
• Total profit: $50,031
• Equity at exit: $18,589

Cash invested: $60,200 (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 45601

• Active inventory: 178
• Price-to-rent: 13.7×

Monthly cashflow live

• Estimated rent: $2,619 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$550
• Net cashflow: $583

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 73%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,618
Total (2 units)			$2,619

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $215,000 Active 11 DOM
2. 2026-06-17
   days on market $215,000 Active 10 DOM
3. 2026-06-16
   days on market $215,000 Active 9 DOM
4. 2026-06-15
   days on market $215,000 Active 8 DOM
5. 2026-06-13
   days on market $215,000 Active 6 DOM
6. 2026-06-12
   days on market $215,000 Active 5 DOM
7. 2026-06-09
   days on market $215,000 Active 2 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-08
   listed $215,000 Active 1 DOM

ⓘ 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 3/10 Moderate
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,428
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,514
• − Management: −$2,514
• − Depreciation: −$6,255
• Taxable income: $3,802
• Est. tax owed @ 24.0%: −$912
• After-tax cash flow: $6,086/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 · 6 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. Key areas for improvement include the kitchen, bathrooms, roof, flooring, and interior walls.

Repairs flagged

• Moderate kitchen cabinets — dated and in need of replacement
• Major bathroom fixtures — outdated and in poor condition
• Major roof — visible damage and wear
• Moderate flooring — visible wear and tear
• Major paint — paint peeling and wear

Value-add opportunities

• Both kitchen renovation — modernizing the kitchen can significantly increase both resale and rental value
• Both bathroom updates — upgrading bathrooms is a high-ROI investment for both resale and rental
• Both roof replacement — replacing the roof will improve the home's appearance and increase its value
• Both painting and updating interior walls — fresh paint and updated decor can make the home more appealing to potential buyers and renters

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · dated and in need of replacement	Moderate	$3,000–15,000
bathroom fixtures · outdated and in poor condition	Major	$15,000–50,000
roof · visible damage and wear	Major	$15,000–50,000
flooring · visible wear and tear	Moderate	$3,000–15,000
paint · paint peeling and wear	Major	$15,000–50,000
Total estimated repair cost · 5 items		$51,000–180,000

Value-add ROI direction

• Both kitchen renovation — modernizing the kitchen can significantly increase both resale and rental value ↑
• Both bathroom updates — upgrading bathrooms is a high-ROI investment for both resale and rental ↑
• Both roof replacement — replacing the roof will improve the home's appearance and increase its value ↑
• Both painting and updating interior walls — fresh paint and updated decor can make the home more appealing to potential buyers and renters ↑

ⓘ 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: Chillicothe City
• NCES district ID: 3904374
• Math proficiency: 36% ▼ -12.00%
• Reading proficiency: 47% ▼ -11.00%
• Median HH income: $37,990
• Composite: 34.55/100
• National rank: #5174
• State rank: #535 of 656 in OH

Livability — Chillicothe

• Score: 62/100
• State rank: #909
• US rank: #17195

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Chillicothe, OH
• County: Ross · 75,517 people
• Population (ZIP): 56,453
• Household income: $57,430
• Rent vs Own: 30.6% rent · 69.4% own
• Severe rent burden: 10.6

Population outlook (Ross County) Hauer SSP2

• Today (2025): 75,482 people
• By 2030: 74,035 · -1.9%
• By 2040: 70,702 · -6.3%
• By 2050: 66,706 · -11.6%
• By 2075: 55,398 · -26.6%
• By 2100: 42,197 · -44.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Black 7% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Iranian 1% Italian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Ross

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -32.1pp toward R · 2008: -7.2pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+35.2 2016: R+27.4 2012: R+2.4 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -231.40%
• Current HPI: 205.7051
• 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

+7.6% since first listed

5 events — show timeline

• 2026-06-04 Listed $215,000 CBRMLS
• 2025-10-13 Price Changed $174,900 SVAR
• 2025-08-08 Price Changed $179,900 SVAR
• 2025-06-19 Price Changed $189,900 SVAR
• 2025-05-08 Listed $199,900 SVAR