16 High School Ave · Shelby, OH 44875

$169,900

3 bd · 2.0 ba · 3,287 sqft · MultiFamily public records · 87 Days on market

Built 1920 0.28 ac lot $52/sqft · 50% below area ↓ 13% since listing

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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 +28.1/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

Key facts

• 0.28 acre lot
• Built 1920
• Listed 86 days

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $532 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Recommended offer: $160k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 4.4% in Shelby — 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 74/100 on livability (#301 in OH, #4,837 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: commute D+, employment D, amenities F.
• Shelby City (town): math 62% / reading 62% proficiency, ranked #269 of 656 in OH (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Shelby Elementary School (math 67% / reading 67%, grade B+, #456 of 1,584 statewide, top 31%, 900 students, 0% FRL); Shelby Middle School (math 65% / reading 62%, grade B+, #228 of 654 statewide, top 35%, 454 students, 99% FRL); Shelby High School (math 52% / reading 67%, grade C+, #243 of 781 statewide, top 33%, 499 students, 35% FRL).
• Market conditions: 60 active listings in the ZIP; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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.
• Richland 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 $48k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 87 days — a 6% lower offer ($160k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $159,706 (6.0% below list)

Questions for the listing agent

1. It's been on market 87 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — 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. 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?
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 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: 1.25% ✓
• Cap rate: 10.05%
• Cash-on-cash: 13.43%
• DSCR: 1.60
• GRM: 6.7

CMA / ARV

• ARV (median comp): $341,819
• List price: $169,900
• Delta: -50.30%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 3.5%
• Equity multiple: 1.13×
• Total profit: $6,392
• Equity at exit: $25,333

10-year hold

• IRR: 13.0%
• Equity multiple: 2.04×
• Total profit: $49,279
• Equity at exit: $14,690

Cash invested: $47,572 (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 44875

• Home prices YoY: -26.2%
• Active inventory: 60
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,117 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$178 /mo · $2,138/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$445
• Net cashflow: $532

Break-even live

Break-even rent $1,443

Max offer price $169,900

Occupancy floor 70%

Sensitivity live

Price	-10% $629	-5% $581	+0% $532	+5% $484	+10% $436
Rent	-10% $365	-5% $449	+0% $532	+5% $616	+10% $700
Rate	-1.0pp $618	-0.5pp $576	base $532	+0.5pp $488	+1.0pp $444

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,247
1× unit	1	1	$870
Total (2 units)			$2,117

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: $42,475
• Closing costs: $5,097
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-22
   days on market $169,900 Active 87 DOM
2. 2026-06-21
   days on market $169,900 Active 86 DOM
3. 2026-06-19
   days on market $169,900 Active 84 DOM
4. 2026-06-18
   days on market $169,900 Active 83 DOM
5. 2026-06-17
   days on market $169,900 Active 82 DOM
6. 2026-06-16
   days on market $169,900 Active 81 DOM
7. 2026-06-15
   days on market $169,900 Active 80 DOM
8. 2026-06-14
   days on market $169,900 Active 78 DOM
9. 2026-06-12
   days on market $169,900 Active 77 DOM
10. 2026-06-09
    days on market $169,900 Active 74 DOM
11. 2026-06-08
    days on market $169,900 Active 73 DOM
12. 2026-06-07
    days on market $169,900 Active 72 DOM
13. 2026-06-03
    days on market $169,900 Active 68 DOM
14. 2026-06-02
    days on market $169,900 Active 67 DOM
15. 2026-06-01
    days on market $169,900 Active 66 DOM
16. 2026-05-31
    days on market $169,900 Active 65 DOM
17. 2026-05-30
    days on market $169,900 Active 64 DOM
18. 2026-05-14
    price $169,900 922-char remark

    Show marketing remark (922 chars)

    Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

19. 2026-05-14
    price $169,900 922-char remark

    Show marketing remark (922 chars)

    Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

20. 2026-04-20
    price $179,900 922-char remark

    Show marketing remark (922 chars)

    Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

21. 2026-04-20
    price $179,900 922-char remark

    Show marketing remark (922 chars)

    Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

22. 2026-03-27
    listed $194,900 Active 922-char remark

    Show marketing remark (922 chars)

    Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

23. 2026-03-26
    listed $194,900 Active 922-char remark

    Show marketing remark (922 chars)

    Welcome to this versatile and beautifully sized duplex offering 3287 square feet of living space perfect for the Investors, multi-generational living or homeowners looking for rental income. Downstairs unit: Enjoy generous living with 3 Bedrooms and 2 full bathrooms. This level features a well appointed kitchen, dedicated laundry area, family room and a living room, for plenty of space for relaxing and entertaining. Upstairs unit: Includes a living room, kitchen, full bath and 1 bedroom plus an additional room that can serve as a walk-in-closet, home office or even a second bedroom. Bonus opportunity, convert this duplex back into a single-family home to create one expansive residence tailored to your needs. Whether you're looking to live in one unit and rent the other, accommodate extended family or invest in a flexible property this home offers incredible potential. Sold As-Is. Seller will make no repairs.

ⓘ 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: $2,138 · $178/mo
• Projected year-2 tax: $2,394 · $200/mo
• Expected delta: +$256/yr (+$21/mo · 12.0%)

ⓘ 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 ≥98°F today · 17 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: $25,404
• − Mortgage interest: −$9,517
• − Property taxes: −$2,138
• − Insurance: −$850
• − Repairs & maintenance: −$2,032
• − Management: −$2,032
• − Depreciation: −$4,943
• Taxable income: $3,892
• Est. tax owed @ 24.0%: −$934
• After-tax cash flow: $5,455/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: Shelby City
• NCES district ID: 3910009
• Math proficiency: 62% ▼ -12.00%
• Reading proficiency: 62% ▼ -8.00%
• Median HH income: $44,197
• Composite: 52.19/100
• National rank: #1609
• State rank: #269 of 656 in OH

Livability — Shelby

• Score: 74/100
• State rank: #301
• US rank: #4837

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Shelby, OH
• County: Richland County · 43,943 people
• City population: 14,144
• Metro: Mansfield, OH
• Population (ZIP): 14,144
• Household income: $61,276
• Rent vs Own: 26.9% rent · 73.1% own
• Severe rent burden: 284.0

Population outlook (Richland County) Hauer SSP2

• Today (2025): 115,577 people
• By 2030: 111,669 · -3.4%
• By 2040: 103,323 · -10.6%
• By 2050: 95,135 · -17.7%
• By 2075: 76,719 · -33.6%
• By 2100: 57,188 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2% Asian 1%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 1%
• Foreign-born: 1% · Canada
• Languages at home: 97% English-only · Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+42.3) · D 28.4% · R 70.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.6pp · 2024: -42.3pp
• All cycles: 2024: R+42.3 2020: R+39.7 2016: R+37.5 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -78.08%
• Current HPI: 220.0577
• Rent YoY: —
• Metro: Mansfield, 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

-12.8% since first listed

6 events — show timeline

• 2026-05-14 Price Changed $169,900 MARMLS
• 2026-05-14 Price Changed $169,900 CBRMLS
• 2026-04-20 Price Changed $179,900 MARMLS
• 2026-04-20 Price Changed $179,900 CBRMLS
• 2026-03-27 Listed $194,900 MARMLS
• 2026-03-26 Listed $194,900 CBRMLS

Property tax history

+2.4%/yr

Latest (2025): $2,138 · -2.5% YoY. Source: county tax records.