436 Race St · Dover, OH 44622

$169,900

3 bd · 2.0 ba · 1,271 sqft · MultiFamily public records · 47 Days on market

Built 1920 9,147 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 +22.2/30.0
• ARV discount +7.5/15.0
• DSCR +7.1/10.0
• Schools +5.4/10.0
• 1% rule +5.3/10.0
• Livability +3.6/5.0
• 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

Rent: First-floor unit pays $995.00 per month and the upper unit pays $830.00 per month. A well-maintained multi-family property in the heart of Dover, Ohio. Strong investment opportunity with established tenants already in place. The first-floor unit features two bedrooms and one full bath, while the upper unit offers one bedroom and one full bath, providing flexible rental options. Located just minutes from Dover High School, local parks, and everyday conveniences, this property delivers a steady income in a desirable, accessible neighborhood. Call today to schedule your private showing.

Key facts

• Established tenants
• Local parks
• 9,147 sq ft lot

Tags

• MULTI-FAMILY PROPERTY
• STRONG INVESTMENT OPPORTUNITY
• ESTABLISHED TENANTS
• FLEXIBLE RENTAL OPTIONS
• MINUTES FROM DOVER HIGH SCHOOL
• LOCAL PARKS

Property features AI

Finance

• Financial info: Both units currently leased; Upper unit rent: $830 (lease expires May 30, 2026); Lower unit rent: $995 (lease expires May 30, 2026)

Exterior

• Parking: Driveway; Off-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story building; Multi-unit property with one building; Upper and lower rental units
• Construction: Vinyl siding; Asphalt/fiberglass roof
• Exterior features: Driveway and off-street parking

Interior

• Kitchen: Kitchens in each unit (appliance specifics not provided)
• Bedrooms: Upper unit: 1 bedroom; Lower unit: 2 bedrooms
• Bathrooms: Two full bathrooms (one in each unit)
• Heating & cooling: Electric forced air heating; Central air conditioning
• Interior features: Full unfinished basement
• Laundry & utility: No laundry appliance details provided

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 $278 ($3k/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: $165k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.3% vs local median 2.7% in Dover — 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 72/100 on livability (#384 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• Dover City (town): math 59% / reading 69% proficiency, ranked #233 of 656 in OH (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 65 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 244 units permitted in Tuscarawas County in 2024 (0 in 5+ unit buildings).

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.
• Tuscarawas County population projected to shrink 10% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.

Negotiation context

• It's been on market 47 days — a 3% lower offer ($165k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $103k; list at $170k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $164,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 47 days. Have you received any prior offers? Is the seller open to a 3% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.03% ✓
• Cap rate: 8.25%
• Cash-on-cash: 7.00%
• DSCR: 1.31
• GRM: 8.1

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: -5.6%
• Equity multiple: 0.79×
• Total profit: $-9,866
• Equity at exit: $25,333

10-year hold

• IRR: 4.1%
• Equity multiple: 1.30×
• Total profit: $14,110
• 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 44622

• Active inventory: 65
• Price-to-rent: 16.2×

Monthly cashflow live

• Estimated rent: $1,750 medium
• Mortgage (P&I): −$891
• Tax from tax record: −$143 /mo · $1,718/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$368
• Net cashflow: $278

Break-even live

Break-even rent $1,399

Max offer price $169,900

Occupancy floor 79%

Sensitivity live

Price	-10% $374	-5% $326	+0% $278	+5% $230	+10% $181
Rent	-10% $139	-5% $208	+0% $278	+5% $347	+10% $416
Rate	-1.0pp $363	-0.5pp $321	base $278	+0.5pp $234	+1.0pp $189

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$875
1× unit	1	1	$875
Total (2 units)			$1,750

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: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
604 Harger St Dover, OH	2.0	1.5	936	$1,050	$1.12	22d	1	1.29mi

Listing history 15 events

1. 2026-06-21
   days on market $169,900 Active 47 DOM
2. 2026-06-18
   days on market $169,900 Active 45 DOM
3. 2026-06-17
   days on market $169,900 Active 44 DOM
4. 2026-06-16
   days on market $169,900 Active 43 DOM
5. 2026-06-15
   days on market $169,900 Active 42 DOM
6. 2026-06-13
   days on market $169,900 Active 40 DOM
7. 2026-06-12
   days on market $169,900 Active 39 DOM
8. 2026-06-09
   days on market $169,900 Active 36 DOM
9. 2026-06-08
   days on market $169,900 Active 35 DOM
10. 2026-06-08
    days on market $169,900 Active 34 DOM
11. 2026-06-07
    days on market $169,900 Active 33 DOM
12. 2026-06-04
    days on market $169,900 Active 30 DOM
13. 2026-06-03
    price $169,900 Active 29 DOM
14. 2026-06-02
    remarks 596-char remark
15. 2026-06-02
    listed $179,900 Active 29 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: $1,718 · $143/mo
• Projected year-2 tax: $2,184 · $182/mo
• Expected delta: +$466/yr (+$39/mo · 27.2%)

ⓘ 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 ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $21,000
• − Mortgage interest: −$9,517
• − Property taxes: −$1,718
• − Insurance: −$850
• − Repairs & maintenance: −$1,680
• − Management: −$1,680
• − Depreciation: −$4,943
• Taxable income: $613
• Est. tax owed @ 24.0%: −$147
• After-tax cash flow: $3,184/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: Dover City
• NCES district ID: 3904389
• Math proficiency: 59% ▼ -11.00%
• Reading proficiency: 69% ▼ -6.00%
• Median HH income: $46,508
• Composite: 54.03/100
• National rank: #1394
• State rank: #233 of 656 in OH

Livability — Dover

• Score: 72/100
• State rank: #384
• US rank: #6212

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dover, OH
• County: Tuscarawas · 99,287 people
• City population: 18,774
• Population (ZIP): 18,774
• Household income: $70,237
• Rent vs Own: 32.3% rent · 67.7% own
• Severe rent burden: 5.8

Population outlook (Tuscarawas County) Hauer SSP2

• Today (2025): 92,253 people
• By 2030: 91,060 · -1.3%
• By 2040: 87,479 · -5.2%
• By 2050: 83,174 · -9.8%
• By 2075: 72,000 · -22.0%
• By 2100: 58,574 · -36.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Hispanic / Latino 5% Two or more races 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Romanian 4% Slovak 2% Italian 1%
• Foreign-born: 4% · Canada
• Languages at home: 93% English-only · Spanish 2% German/W. Germanic 2%

Political lean MEDSL · Tuscarawas

• 2024 margin: Solid R (+43.3) · D 28.0% · R 71.2%
• 2008→2024 swing: -45.7pp toward R · 2008: 2.4pp · 2024: -43.3pp
• All cycles: 2024: R+43.3 2020: R+39.9 2016: R+35.5 2012: R+9.8 2008: D+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -139.17%
• Current HPI: 203.1093
• 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

+261.5% since first listed

6 events — show timeline

• 2026-06-02 Price Changed $169,900 MLSNOW
• 2026-05-18 Price Changed $179,900 MLSNOW
• 2026-05-04 Price Changed $199,900 MLSNOW
• 2026-05-04 Listed $119,900 MLSNOW
• 2024-03-08 Sold (Public Records) $103,000 Public Records
• 1994-07-18 Sold (Public Records) $47,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,718 · +13.4% YoY. Source: county tax records.