502 N Prospect St · Bowling Green, OH 43402

$250,000

4 bd · 3.0 ba · 2,025 sqft · MultiFamily public records · 13 Days on market

Built 1900 3,480 sqft lot

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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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Livability +4.5/5.0
• Schools +4.1/10.0
• 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: 3 units. confirmed

Listing remarks MLS

Incredible Opportunity! 3-unit building, all units currently leased totalling $1,550/mo. Building features attached 2-car garage, largecorner lot, additional garage/shed for storage.Unit A- Main Floor. Approx 1,000 sq ft, 2 bedrooms, 1 bath. Rented at $675/mo. Lease ends 7/16/25. Unit B upstairs-Approx. 530 sq ft,features 1 bedroom, large kitchen with eat-in area and pantry! Rented for $475/mo. Lease ends 4/30/25. Unit C upstairs-Approx. 410 sq ft,1 bedroom studio. Rented for $405/mo. Lease ends 7/16/25

Key facts

• 3,480 sq ft lot
• 616 garage spots
• Built 1900

Property features AI

Finance

• Other: Additional parcel recorded (B07-511-190125013000)
• Financial info: Residential income property with 3 units (1 leased, 2 vacant); Tenant pays electricity and gas; owner pays water
• HOA & community: Cats and dogs allowed

Exterior

• Parking: Attached garage; Driveway; Asphalt and gravel parking surfaces; Has garage (616 garage spaces listed)
• Utilities: Electricity available and connected (fuses); Natural gas available; Public water available and connected; Sanitary sewer available and connected
• Home design: Residential income property (duplex); Two-story; Entry level: Two
• Construction: Aluminum siding; Other foundation
• Exterior features: Shingle roof; Corner lot; City street frontage; Asphalt road surface

Interior

• Kitchen: Electric range; Refrigerator
• Flooring: Carpet; Ceramic tile; Plank; Other
• Heating & cooling: Baseboard heating; Boiler
• Interior features: Double pane windows; Other interior features

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 2×1bd/1ba units multifamily listed at $250k.

Deal economics

• At list price, monthly cash flow is $639 ($8k/yr) — positive. Per door: $213/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $250k).
• Cap rate 9.4% vs local median 2.6% in Bowling Green — 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 90/100 on livability (#8 in OH, #71 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: employment F.
• Bowling Green City School District (town): math 40% / reading 58% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Crim Elementary School (math 42% / reading 52%, grade D-, #942 of 1,584 statewide, top 61%, 353 students, 62% FRL); Bowling Green Middle School (math 41% / reading 53%, grade D+, #451 of 654 statewide, top 70%, 630 students, 32% FRL); Bowling Green High School (math 29% / reading 65%, grade D-, #435 of 781 statewide, top 59%, 807 students, 23% FRL).
• Market conditions: 105 active listings in the ZIP; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• At $2,829/mo this rent would consume 65% of the median local household income ($52k/yr) (locally 2629% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y ago; this cycle's ask is 42% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $160k; list at $250k implies a 56% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $250,000

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. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-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: 1.13% ✓
• Cap rate: 9.36%
• Cash-on-cash: 10.95%
• DSCR: 1.49
• GRM: 7.4

CMA / ARV

• ARV (on-the-fly): $164,025
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
502 N Prospect St	0.00mi	4/3.0	1,985 (-2%)	12mo	$160,000	$81	87

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: 0.1%
• Equity multiple: 1.00×
• Total profit: $148
• Equity at exit: $37,276

10-year hold

• IRR: 9.7%
• Equity multiple: 1.75×
• Total profit: $52,377
• Equity at exit: $21,615

Cash invested: $70,000 (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 43402

• Active inventory: 105
• Price-to-rent: 20.9×

Monthly cashflow live

• Estimated rent: $2,829 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$181 /mo · $2,169/yr
• Insurance: −$104
• HOA: −$0
• Vacancy / Maint / Mgmt: −$594
• Net cashflow: $639

Break-even live

Break-even rent $2,020

Max offer price $250,000

Occupancy floor 72%

Sensitivity live

Price	-10% $780	-5% $710	+0% $639	+5% $568	+10% $497
Rent	-10% $415	-5% $527	+0% $639	+5% $751	+10% $862
Rate	-1.0pp $765	-0.5pp $703	base $639	+0.5pp $574	+1.0pp $508

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$995
▸ 2× units	1	1	$1,834
Total (3 units)			$2,829

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-18
   days on market $250,000 Active 13 DOM
2. 2026-06-17
   days on market $250,000 Active 12 DOM
3. 2026-06-16
   days on market $250,000 Active 11 DOM
4. 2026-06-15
   days on market $250,000 Active 10 DOM
5. 2026-06-14
   days on market $250,000 Active 8 DOM
6. 2026-06-10
   days on market $250,000 Active 5 DOM
7. 2026-06-09
   days on market $250,000 Active 4 DOM
8. 2026-06-08
   days on market $250,000 Active 3 DOM
9. 2026-06-07
   status $250,000 Active 2 DOM
10. 2026-06-03
    days on market $250,000 Coming Soon 2 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $250,000 Coming Soon 1 DOM

ⓘ 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: $2,169 · $181/mo
• Projected year-2 tax: $3,034 · $253/mo
• Expected delta: +$866/yr (+$72/mo · 39.9%)

ⓘ 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 · 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: $33,948
• − Mortgage interest: −$14,004
• − Property taxes: −$2,169
• − Insurance: −$1,250
• − Repairs & maintenance: −$2,716
• − Management: −$2,716
• − Depreciation: −$7,273
• Taxable income: $3,821
• Est. tax owed @ 24.0%: −$917
• After-tax cash flow: $6,751/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: Bowling Green City School District
• NCES district ID: 3904363
• Math proficiency: 40% ▼ -27.00%
• Reading proficiency: 58% ▼ -10.00%
• Median HH income: $37,785
• Composite: 40.72/100
• National rank: #3661
• State rank: #469 of 656 in OH

Livability — Bowling Green

• Score: 90/100
• State rank: #8
• US rank: #71

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bowling Green, OH
• County: Wood County · 75,163 people
• City population: 31,393
• Metro: Toledo, OH
• Population (ZIP): 31,393
• Household income: $52,426
• Rent vs Own: 56.5% rent · 43.5% own
• Severe rent burden: 2629.0

Population outlook (Wood County) Hauer SSP2

• Today (2025): 138,744 people
• By 2030: 143,189 · +3.2%
• By 2040: 150,896 · +8.8%
• By 2050: 158,589 · +14.3%
• By 2075: 182,166 · +31.3%
• By 2100: 196,533 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Two or more races 7% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 4%
• Common ancestry: Romanian 8% Lithuanian 4% Slovak 2%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Wood

• 2024 margin: R (+10.2) · D 44.4% · R 54.6%
• 2008→2024 swing: -17.3pp toward R · 2008: 7.1pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+7.6 2016: R+8.5 2012: D+4.2 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -132.67%
• Current HPI: 179.1826
• Rent YoY: —
• Metro: Toledo, 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

+42.0% since first listed

10 events — show timeline

• 2026-06-01 Coming Soon $250,000 NORIS
• 2025-10-14 Price Changed $160,000 NORIS
• 2025-06-18 Pending — NORIS
• 2025-06-18 Sold (Public Records) $160,000 Public Records
• 2025-06-17 Sold (MLS) $160,000 NORIS
• 2025-05-14 Contingent — NORIS
• 2025-01-31 Price Changed $169,500 NORIS
• 2024-11-22 Relisted — NORIS
• 2024-11-04 Contingent — NORIS
• 2024-08-28 Listed $176,000 NORIS

Property tax history

+2.5%/yr

Latest (2025): $2,169 · +0.1% YoY. Source: county tax records.