408 N Columbus St · Galion, OH 44833

$89,900

3 bd · 3.0 ba · 2,328 sqft · MultiFamily public records · 6 Days on market

Built 1890

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.8/10.0
• Livability +3.2/5.0
• 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: 3 units. confirmed

Listing remarks

Multi-family property featuring 2 income-producing units: Unit 1: Spacious 6-bedroom, 2-story unit 2bath Unit 2: 1-bedroom lower-level 1bath Current tenant income: $14,400 annually Approximate yearly expenses: $1,953.71 Great potential for investors looking to expand their portfolio with strong rental space.

Key facts

• Built 1890
• Listed 6 days

Property features AI

Finance

• Other: Directions: Take Sherman Street to North Columbus.

Exterior

• Parking: Concrete parking; On-street parking
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; 2 stories
• Construction: Aluminum siding construction
• Exterior features: Aluminum siding

Interior

• Heating & cooling: Forced air heating; Property has heating
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/?-bath units multifamily listed at $90k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $397/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 22.2% vs local median 4.8% in Galion — 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 63/100 on livability (#833 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: schools C-, amenities F, commute F.
• Galion City (town): math 36% / reading 56% proficiency, ranked #499 of 656 in OH (top 76%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 76 active listings in the ZIP; 8 units permitted in Crawford County in 2024 (0 in 5+ unit buildings).
• At $2,266/mo this rent would consume 48% 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 $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Crawford County population projected at -22% 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 $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $58k; list at $90k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

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 1890 — 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. 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.
6. 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.
7. 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: 2.52% ✓
• Cap rate: 22.20%
• Cash-on-cash: 56.83%
• DSCR: 3.53
• GRM: 3.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 55.3%
• Equity multiple: 3.44×
• Total profit: $61,372
• Equity at exit: $13,404

10-year hold

• IRR: 60.3%
• Equity multiple: 7.01×
• Total profit: $151,281
• Equity at exit: $7,773

Cash invested: $25,172 (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 44833

• Home prices YoY: -27.9%
• Active inventory: 76
• Price-to-rent: 9.9×

Monthly cashflow live

• Estimated rent: $2,266 medium
• Mortgage (P&I): −$471
• Tax from tax record: −$89 /mo · $1,071/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $1,192

Break-even live

Break-even rent $757

Max offer price $89,900

Occupancy floor 42%

Sensitivity live

Price	-10% $1,243	-5% $1,217	+0% $1,192	+5% $1,167	+10% $1,141
Rent	-10% $1,013	-5% $1,102	+0% $1,192	+5% $1,282	+10% $1,371
Rate	-1.0pp $1,237	-0.5pp $1,215	base $1,192	+0.5pp $1,169	+1.0pp $1,145

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	—	$2,265
Total (3 units)			$2,266

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Listing history 6 events

1. 2026-06-01
   statusdays on market $89,900 Pending 6 DOM
2. 2026-05-31
   days on market $89,900 Active 5 DOM
3. 2026-05-30
   days on market $89,900 Active 4 DOM
4. 2026-05-26
   listed $89,900 Active
5. 2001-08-24
   soldstatus $58,500
6. 1999-09-08
   soldstatus $47,000

ⓘ 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: $1,071 · $89/mo
• Projected year-2 tax: $1,237 · $103/mo
• Expected delta: +$166/yr (+$14/mo · 15.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% 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 · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,192
• − Mortgage interest: −$5,036
• − Property taxes: −$1,071
• − Insurance: −$450
• − Repairs & maintenance: −$2,175
• − Management: −$2,175
• − Depreciation: −$2,615
• Taxable income: $13,670
• Est. tax owed @ 24.0%: −$3,281
• After-tax cash flow: $11,023/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: Galion City
• NCES district ID: 3904402
• Math proficiency: 36% ▼ -12.00%
• Reading proficiency: 56% ▬ 0.00%
• Median HH income: $36,331
• Composite: 38.08/100
• National rank: #4279
• State rank: #499 of 656 in OH

Livability — Galion

• Score: 63/100
• State rank: #833
• US rank: #15587

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Galion, OH
• County: Morrow · 41,908 people
• City population: 16,641
• Metro: Columbus, OH
• Population (ZIP): 16,641
• Household income: $57,234
• Rent vs Own: 34.6% rent · 65.4% own
• Severe rent burden: 3.8

Population outlook (Crawford County) Hauer SSP2

• Today (2025): 39,421 people
• By 2030: 37,656 · -4.5%
• By 2040: 34,043 · -13.6%
• By 2050: 30,617 · -22.3%
• By 2075: 23,652 · -40.0%
• By 2100: 17,786 · -54.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (96%)
• Race & ethnicity: White 96% Two or more races 2% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 1%

Political lean MEDSL · Crawford

• 2024 margin: Solid R (+53.0) · D 23.1% · R 76.1%
• 2008→2024 swing: -33.9pp toward R · 2008: -19.0pp · 2024: -53.0pp
• All cycles: 2024: R+53.0 2020: R+50.9 2016: R+46.8 2012: R+22.7 2008: R+19.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -84.57%
• Current HPI: 218.195
• 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

+91.3% since first listed

3 events — show timeline

• 2026-05-26 Listed $89,900 MARMLS
• 2001-08-24 Sold (Public Records) $58,500 Public Records
• 1999-09-08 Sold (Public Records) $47,000 Public Records

Property tax history

-0.0%/yr

Latest (2025): $1,071 · -0.3% YoY. Source: county tax records.