39 First St · Corwin, OH 45068

$239,900

3 bd · 1.0 ba · 1,787 sqft · SingleFamily public records · 44 Days on market

Built 1951 6,996 sqft lot ↓ 4% since listing

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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 +13.5/30.0
• ARV discount +7.5/15.0
• Schools +6.6/10.0
• DSCR +4.1/10.0
• Livability +3.2/5.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't let the curb fool you — this charming 3-bed, 1-bath gem is so much more than meets the eye! Offering over 1,700 square feet, this home surprises at every turn with a warm, welcoming layout made for comfortable everyday living. The rustic country kitchen steals the show with rich wood cabinetry, a butcher block island, open shelving, and a back door that floods the space with natural light — the kind of kitchen that makes you want to pull up a chair and stay a while. It flows beautifully into a dedicated dining room perfect for family dinners and entertaining. The bright front den/office offers incredible flexibility, easily converting into a 4th bedroom for guests or a growing family. Need storage? You'll love the generous laundry room and pantry — a rare find that keeps life organized and clutter-free. Whether you're a first-time buyer, downsizing, or simply searching for a place to truly call home, this one delivers warmth, character, and space in all the right places.

Key facts

• 6,996 sq ft lot
• Garage
• Built 1951

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Parking: Attached front garage with 1 garage space; Driveway parking; On-street parking available
• Utilities: Public water; Public sewer; Natural gas
• Home design: Ranch-style single-family home; One story; Block foundation; Shingle roof
• Construction: Vinyl siding
• Exterior features: Less than 0.5 acre lot; Residential zoning; Vinyl windows (insulated)

Interior

• Kitchen: Island; Wood cabinets; Laminate flooring
• Bedrooms: Three bedrooms, all on the main level; Primary bedroom about 15 x 15; Second bedroom about 12 x 9; Third bedroom about 10 x 10
• Flooring: Wall-to-wall carpet in living room and study; Laminate flooring in kitchen and dining room
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (gas); Electric water heater; Central air conditioning
• Interior features: 8 total rooms; Partial, unfinished basement
• Laundry & utility: Main-level laundry room (about 13 x 9)

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $240k.

Deal economics

• At list price, monthly cash flow is $11 ($131/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $193k (19.7% below list).
• Recommended offer: $193k (19.7% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 65/100 on livability (#698 in OH) — a middle-class / working-renter tenant base. Strengths: employment A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Wayne Local (suburban): math 77% / reading 76% proficiency, ranked #72 of 656 in OH (top 11%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Zoned schools: Waynesville Elementary School (math 78% / reading 70%, grade A, #301 of 1,584 statewide, top 20%, 906 students, 9% FRL); Waynesville Middle School (math 80% / reading 82%, grade A+, #38 of 654 statewide, top 6%, 246 students, 0% FRL); Waynesville High School (math 67% / reading 77%, grade B+, #89 of 781 statewide, top 12%, 465 students, 17% FRL).
• Market conditions: 120 active listings in the ZIP; solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($233k) is reasonable based on typical stale-listing flexibility.
• 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 1951 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,521 (19.7% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
2. Built in 1951 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.80% ✗
• Cap rate: 6.35%
• Cash-on-cash: 0.19%
• DSCR: 1.01
• GRM: 10.4

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: -16.0%
• Equity multiple: 0.43×
• Total profit: $-38,242
• Equity at exit: $35,770

10-year hold

• IRR: -7.7%
• Equity multiple: 0.51×
• Total profit: $-32,659
• Equity at exit: $20,742

Cash invested: $67,172 (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 45068

• Home prices YoY: -27.4%
• Active inventory: 120
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,925 medium
• Mortgage (P&I): −$1,258
• Tax from tax record: −$152 /mo · $1,824/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $11

Break-even live

Break-even rent $1,911

Max offer price $239,900

Occupancy floor 94%

Sensitivity live

Price	-10% $147	-5% $79	+0% $11	+5% $-57	+10% $-125
Rent	-10% $-141	-5% $-65	+0% $11	+5% $87	+10% $163
Rate	-1.0pp $132	-0.5pp $72	base $11	+0.5pp $-51	+1.0pp $-115

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-21
   days on market $239,900 Active 44 DOM
2. 2026-06-18
   days on market $239,900 Active 41 DOM
3. 2026-06-17
   days on market $239,900 Active 40 DOM
4. 2026-06-16
   days on market $239,900 Active 39 DOM
5. 2026-06-15
   days on market $239,900 Active 38 DOM
6. 2026-06-13
   days on market $239,900 Active 36 DOM
7. 2026-06-13
   days on market $239,900 Active 35 DOM
8. 2026-06-09
   days on market $239,900 Active 32 DOM
9. 2026-06-08
   days on market $239,900 Active 31 DOM
10. 2026-06-07
    days on market $239,900 Active 30 DOM
11. 2026-06-05
    days on market $239,900 Active 27 DOM
12. 2026-06-03
    days on market $239,900 Active 26 DOM
13. 2026-06-02
    days on market $239,900 Active 25 DOM
14. 2026-06-01
    days on market $239,900 Active 24 DOM
15. 2026-05-31
    pricedays on market $239,900 Active 23 DOM
16. 2026-05-08
    listed $249,900 Active 990-char remark

    Show marketing remark (1009 chars)

    Don't let the curb fool you — this charming 3-bed, 1-bath gem is so much more than meets the eye! Offering over 1,700 square feet, this home surprises at every turn with a warm, welcoming layout made for comfortable everyday living. The rustic country kitchen steals the show with rich wood cabinetry, a butcher block island, open shelving, and a back door that floods the space with natural light — the kind of kitchen that makes you want to pull up a chair and stay a while. It flows beautifully into a dedicated dining room perfect for family dinners and entertaining. The bright front den/office offers incredible flexibility, easily converting into a 4th bedroom for guests or a growing family. Need storage? You'll love the generous laundry room and pantry — a rare find that keeps life organized and clutter-free. Whether you're a first-time buyer, downsizing, or simply searching for a place to truly call home, this one delivers warmth, character, and space in all the right places.

17. 2026-05-08
    listed $249,900 Active 1009-char remark

    Show marketing remark (1009 chars)

    Don't let the curb fool you — this charming 3-bed, 1-bath gem is so much more than meets the eye! Offering over 1,700 square feet, this home surprises at every turn with a warm, welcoming layout made for comfortable everyday living. The rustic country kitchen steals the show with rich wood cabinetry, a butcher block island, open shelving, and a back door that floods the space with natural light — the kind of kitchen that makes you want to pull up a chair and stay a while. It flows beautifully into a dedicated dining room perfect for family dinners and entertaining. The bright front den/office offers incredible flexibility, easily converting into a 4th bedroom for guests or a growing family. Need storage? You'll love the generous laundry room and pantry — a rare find that keeps life organized and clutter-free. Whether you're a first-time buyer, downsizing, or simply searching for a place to truly call home, this one delivers warmth, character, and space in all the right places.

ⓘ 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: $1,824 · $152/mo
• Projected year-2 tax: $2,783 · $232/mo
• Expected delta: +$959/yr (+$80/mo · 52.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥100°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,103
• − Mortgage interest: −$13,438
• − Property taxes: −$1,824
• − Insurance: −$1,200
• − Repairs & maintenance: −$1,848
• − Management: −$1,848
• − Depreciation: −$6,979
• Taxable loss: −$4,034
• Est. tax savings @ 24.0%: +$968
• After-tax cash flow: $1,099/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: Wayne Local
• NCES district ID: 3905046
• Math proficiency: 77% ▼ -12.00%
• Reading proficiency: 76% ▼ -9.00%
• Median HH income: $64,904
• Composite: 66.19/100
• National rank: #432
• State rank: #72 of 656 in OH

Livability — Corwin

• Score: 65/100
• State rank: #698
• US rank: #12470

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Corwin, OH
• County: Warren · 227,646 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 11,606
• Household income: $95,040
• Rent vs Own: 17.4% rent · 82.6% own
• Severe rent burden: 7.9

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 4% Asian 3%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Other Asian/Pacific 1% Other Indo-European 1% Chinese 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -97.94%
• Current HPI: 259.5223
• 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

-4.0% since first listed

4 events — show timeline

• 2026-05-30 Price Changed $239,900 Dayton MLS
• 2026-05-30 Price Changed $239,900 Cincy MLS
• 2026-05-08 Listed $249,900 Cincy MLS
• 2026-05-08 Listed $249,900 Dayton MLS

Property tax history

+5.0%/yr

Latest (2025): $1,824 · -0.1% YoY. Source: county tax records.