412 E Madison Ave · Springfield, OH 45503

$155,000

4 bd · 2.0 ba · 1,800 sqft · MultiFamily public records · 220 Days on market

Built 1912 6,750 sqft lot $86/sqft · 19% above area Est $130k · 19% over

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Why this score? — see what drove the D+ 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 +25.1/30.0
• DSCR +8.2/10.0
• 1% rule +6.4/10.0
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• ARV discount +0.0/15.0
• 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

Come home to this spacious single family home as you walk through to a grand entry way that opens to the family room and kitchen. This home has 2 full baths, 4 spacious bedrooms also a 29 x 25 unfinished basement newer Kitchen, new flooring, and many other updates, completely fenced in yard, newly stained deck Gas fireplace sellers never used it - is not warranted 2026 roof

Key facts

• Newer kitchen
• Newly stained deck
• New flooring

Tags

• GRAND ENTRY WAY
• NEWER KITCHEN
• NEW FLOORING
• COMPLETELY FENCED IN YARD
• NEWLY STAINED DECK
• UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $342 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $136k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.9% vs local median 4.8% 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: 142 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 11d on market — plan ~1-2 weeks tenant-placement turnaround); 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• This rent runs 39% of the median local income ($55k/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.
• Clark County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 220 days — a 12% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 13y ago; this cycle's ask has dropped $20k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $155k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $136,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 220 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 1912 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.14% ✓
• Cap rate: 8.94%
• Cash-on-cash: 9.45%
• DSCR: 1.42
• GRM: 7.3

CMA / ARV

• ARV (median comp): $130,484
• List price: $155,000
• Delta: 18.79%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
913-915 Mitchell Blvd	0.56mi	4/2.0	1,728 (-4%)	0mo	$172,000	$100	67
876 E Mccreight Ave	0.53mi	4/2.0	1,728 (-4%)	2mo	$130,000	$75	67
1309-1311 W Cedarview Dr	0.58mi	4/2.0	1,728 (-4%)	14mo	$166,000	$96	54
1330-1332 E Cedarview Dr	0.65mi	4/2.0	1,728 (-4%)	21mo	$152,000	$88	46
1340-1342 E Cedarview Dr	0.66mi	4/2.0	1,728 (-4%)	21mo	$162,000	$94	45
1223 Cedarview Dr	0.55mi	4/—	1,944 (+8%)	23mo	$156,000	$80	42
1674 Brentwood Dr	0.74mi	4/2.0	1,552 (-14%)	22mo	$155,000	$100	24

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: -2.0%
• Equity multiple: 0.92×
• Total profit: $-3,318
• Equity at exit: $23,111

10-year hold

• IRR: 7.7%
• Equity multiple: 1.58×
• Total profit: $25,233
• Equity at exit: $13,402

Cash invested: $43,400 (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 45503

• Active inventory: 142
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $1,774 high
• Mortgage (P&I): −$813
• Tax from tax record: −$182 /mo · $2,183/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $342

Break-even live

Break-even rent $1,341

Max offer price $155,000

Occupancy floor 76%

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	11d	1	0.72mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	44d	1	1.22mi
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	23d	1	1.25mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	11d	1	1.29mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	11d	1	1.35mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	11d	1	1.38mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	11d	1	1.40mi

Listing history 24 events

1. 2026-06-19
   statusdays on market $155,000 Active 220 DOM
2. 2026-06-18
   days on market $155,000 ActiveUnderContract 219 DOM
3. 2026-06-17
   days on market $155,000 ActiveUnderContract 218 DOM
4. 2026-06-16
   days on market $155,000 ActiveUnderContract 217 DOM
5. 2026-06-16
   status $155,000 ActiveUnderContract 216 DOM
6. 2026-06-15
   days on market $155,000 Active 216 DOM
7. 2026-06-14
   days on market $155,000 Active 214 DOM
8. 2026-06-12
   days on market $155,000 Active 213 DOM
9. 2026-06-09
   pricedays on market $155,000 Active 210 DOM
10. 2026-06-08
    days on market $163,000 Active 209 DOM
11. 2026-06-07
    days on market $163,000 Active 208 DOM
12. 2026-06-05
    days on market $163,000 Active 205 DOM
13. 2026-06-02
    days on market $163,000 Active 203 DOM
14. 2026-06-01
    days on market $163,000 Active 202 DOM
15. 2026-05-31
    days on market $163,000 Active 201 DOM
16. 2026-05-30
    days on market $163,000 Active 200 DOM
17. 2026-05-13
    price $163,000 379-char remark

    Show marketing remark (379 chars)

    Come home to this spacious single family home as you walk through to a grand entry way that opens to the family room and kitchen. This home has 2 full baths, 4 spacious bedrooms also a 29 x 25 unfinished basement newer Kitchen, new flooring, and many other updates, completely fenced in yard, newly stained deck Gas fireplace sellers never used it - is not warranted 2026 roof

18. 2026-03-02
    price $168,000 379-char remark

    Show marketing remark (379 chars)

    Come home to this spacious single family home as you walk through to a grand entry way that opens to the family room and kitchen. This home has 2 full baths, 4 spacious bedrooms also a 29 x 25 unfinished basement newer Kitchen, new flooring, and many other updates, completely fenced in yard, newly stained deck Gas fireplace sellers never used it - is not warranted 2026 roof

19. 2026-01-15
    price $173,000 379-char remark

    Show marketing remark (379 chars)

    Come home to this spacious single family home as you walk through to a grand entry way that opens to the family room and kitchen. This home has 2 full baths, 4 spacious bedrooms also a 29 x 25 unfinished basement newer Kitchen, new flooring, and many other updates, completely fenced in yard, newly stained deck Gas fireplace sellers never used it - is not warranted 2026 roof

20. 2025-11-11
    listed $175,000 Active 379-char remark

    Show marketing remark (379 chars)

    Come home to this spacious single family home as you walk through to a grand entry way that opens to the family room and kitchen. This home has 2 full baths, 4 spacious bedrooms also a 29 x 25 unfinished basement newer Kitchen, new flooring, and many other updates, completely fenced in yard, newly stained deck Gas fireplace sellers never used it - is not warranted 2026 roof

21. 2016-03-01
    soldstatus $85,000
22. 2013-09-27
    soldstatus $28,000 539-char remark

    Show marketing remark (539 chars)

    Could be 5 bedrooms. Asset#1048148. Freddie Mac First Look Initiative and ONLY Owner Occupant or NSP offers accepted through 07 - 29 - 2013; then open to all offers. Buyer needs APPROVAL LETTER OR PROOF OF FUNDS WITH OFFER. Agent, see Broker Remarks for necessary forms to submit with offer. Seller's Title Company or Link-Hellmuth to hold earnest money in a certified or cashier check; NO CASH or money order. OCCUPANCY AND KEYS AFTER FUNDING (after seller signs all documents and notifies listing agent). Addenda signed after acceptance.

23. 2013-07-11
    listed $29,900 539-char remark

    Show marketing remark (539 chars)

    Could be 5 bedrooms. Asset#1048148. Freddie Mac First Look Initiative and ONLY Owner Occupant or NSP offers accepted through 07 - 29 - 2013; then open to all offers. Buyer needs APPROVAL LETTER OR PROOF OF FUNDS WITH OFFER. Agent, see Broker Remarks for necessary forms to submit with offer. Seller's Title Company or Link-Hellmuth to hold earnest money in a certified or cashier check; NO CASH or money order. OCCUPANCY AND KEYS AFTER FUNDING (after seller signs all documents and notifies listing agent). Addenda signed after acceptance.

24. 1997-03-19
    soldstatus $62,500

ⓘ 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: $2,183 · $182/mo
• Projected year-2 tax: $2,301 · $192/mo
• Expected delta: +$117/yr (+$10/mo · 5.4%)

ⓘ 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 ≥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: $21,285
• − Mortgage interest: −$8,682
• − Property taxes: −$2,183
• − Insurance: −$775
• − Repairs & maintenance: −$1,703
• − Management: −$1,703
• − Depreciation: −$4,509
• Taxable income: $1,730
• Est. tax owed @ 24.0%: −$415
• After-tax cash flow: $3,688/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 · 134,280 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 32,673
• Household income: $54,561
• Rent vs Own: 40.1% rent · 59.9% own
• Severe rent burden: 4.7

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: Predominantly White (84%)
• Race & ethnicity: White 84% Black 9% Two or more races 5% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · French/Haitian/Cajun 1% Spanish 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: ▼ -211.92%
• Current HPI: 257.5694
• 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

+160.8% since first listed

8 events — show timeline

• 2026-05-13 Price Changed $163,000 Dayton MLS
• 2026-03-02 Price Changed $168,000 Dayton MLS
• 2026-01-15 Price Changed $173,000 Dayton MLS
• 2025-11-11 Listed $175,000 Dayton MLS
• 2016-03-01 Sold (Public Records) $85,000 Public Records
• 2013-09-27 Sold (MLS) $28,000 WRIST
• 2013-07-11 Listed $29,900 WRIST
• 1997-03-19 Sold (Public Records) $62,500 Public Records

Property tax history

+4.3%/yr

Latest (2025): $2,183 · +14.7% YoY. Source: county tax records.