232 W Main St · Cardington, OH 43315

$220,000

3 bd · 1.0 ba · 2,162 sqft · SingleFamily public records · 7 Days on market

Built 1925 0.32 ac lot Est $355k · 38% under

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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 +20.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.3/10.0
• 1% rule +4.5/10.0
• Schools +4.5/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Large home with lots of updates! Located in Cardington is this 3 possible 4 BR 2 story home with very large lot. Updates include metal roof, windows, updated eat-in kitchen with lots of cabinet space, new stainless steel stove and microwave, updated baths, brand new flooring in MBR. Home offers large formal dining room, living room, additional room that can be used as a craft/den. Tons of closet space throughout. Upstairs you will find 3 bedrooms and half bath, and additional room that can be used as office/playroom or bedroom. Screened in covered back porch and updated front porch. Outside is a detached 2 car garage with workshop area, 30 amp outlet on back of garage to charge your camper, large mature trees on lot! Immediate possession and move in ready! Call today!

Key facts

• Large fenced yard
• Expansive lot size
• Two sunrooms

Tags

• MULTIPLE LIVING AREAS
• FULLY APPLIANCED KITCHEN
• TWO SUNROOMS
• LARGE FENCED YARD
• DETACHED GARAGE
• EXPANSIVE LOT SIZE

Property features AI

Exterior

• Parking: Detached garage; 2 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels; Built in 1925; No shared/common walls
• Construction: Block and stone foundation
• Exterior features: Patio; Fenced yard; Shed(s) on the property; Additional parcels included

Interior

• Flooring: Carpet; Vinyl; Other flooring
• Bathrooms: 1 full bathroom; 1 half bathroom (total 1.5 bathrooms)
• Heating & cooling: Electric heating; Central air conditioning; Window unit(s)
• Interior features: Walk-up basement access with crawl space and cellar; Living area approximately 2,162

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $220k.

Deal economics

• At list price, monthly cash flow is $271 ($3k/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 $210k (4.8% below list).
• Recommended offer: $210k (4.8% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 73/100 on livability (#310 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: schools C-, employment D+, amenities F.
• Cardington-Lincoln Local (rural): math 48% / reading 58% proficiency, ranked #395 of 656 in OH (top 60%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 33 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 129 units permitted in Morrow County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($70k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Morrow County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 9y ago 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.
• Current owner paid $98k; list at $220k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $209,500 (4.8% below list)

Questions for the listing agent

1. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 0.95% ✗
• Cap rate: 7.77%
• Cash-on-cash: 5.27%
• DSCR: 1.23
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $354,568
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
134 E Main St	0.26mi	3/2.0	2,362 (+9%)	5mo	$67,000	$28	65
2132 County Road 11	0.71mi	3/2.0	2,040 (-6%)	4mo	$335,000	$164	50
436 Kinsale Dr	0.60mi	4/2.5 (+1)	1,977 (-9%)	14mo	$389,900	$197	35

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: -8.1%
• Equity multiple: 0.70×
• Total profit: $-18,465
• Equity at exit: $32,803

10-year hold

• IRR: 1.4%
• Equity multiple: 1.10×
• Total profit: $5,904
• Equity at exit: $19,022

Cash invested: $61,600 (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 43315

• Home prices YoY: -25.8%
• Active inventory: 33
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,095 medium
• Mortgage (P&I): −$1,154
• Tax from tax record: −$139 /mo · $1,669/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $271

Break-even live

Break-even rent $1,752

Max offer price $220,000

Occupancy floor 82%

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3622 US Highway 42 Cardington, OH	3.0	2.0	1744	$2,095	$1.20	17d	1	1.44mi

Listing history 7 events

1. 2026-06-19
   days on market $220,000 Active 7 DOM
2. 2026-06-18
   days on market $220,000 Active 6 DOM
3. 2026-06-17
   days on market $220,000 Active 5 DOM
4. 2026-06-16
   days on market $220,000 Active 4 DOM
5. 2026-06-15
   days on market $220,000 Active 3 DOM
6. 2026-06-12
   remarks 699-char remark
7. 2026-06-12
   listed $220,000 Active 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: $1,669 · $139/mo
• Projected year-2 tax: $2,550 · $213/mo
• Expected delta: +$882/yr (+$73/mo · 52.8%)

ⓘ 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 ≥98°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: $25,140
• − Mortgage interest: −$12,323
• − Property taxes: −$1,669
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,011
• − Management: −$2,011
• − Depreciation: −$6,400
• Taxable loss: −$375
• Est. tax savings @ 24.0%: +$90
• After-tax cash flow: $3,337/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: Cardington-Lincoln Local
• NCES district ID: 3904879
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 58% ▼ -1.00%
• Median HH income: $50,782
• Composite: 45.31/100
• National rank: #2646
• State rank: #395 of 656 in OH

Livability — Cardington

• Score: 73/100
• State rank: #310
• US rank: #5049

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cardington, OH
• County: Morrow · 41,908 people
• Metro: Columbus, OH
• Population (ZIP): 6,996
• Household income: $69,621
• Rent vs Own: 21.8% rent · 78.2% own
• Severe rent burden: 4.1

Population outlook (Morrow County) Hauer SSP2

• Today (2025): 35,607 people
• By 2030: 35,482 · -0.4%
• By 2040: 34,369 · -3.5%
• By 2050: 32,038 · -10.0%
• By 2075: 25,090 · -29.5%
• By 2100: 17,123 · -51.9%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 4% Black 1%
• Common ancestry: Slovak 7% Portuguese 5% Romanian 3%
• Foreign-born: 0%
• Languages at home: 99% English-only · German/W. Germanic 1%

Political lean MEDSL · Morrow

• 2024 margin: Solid R (+55.7) · D 21.7% · R 77.5%
• 2008→2024 swing: -32.4pp toward R · 2008: -23.4pp · 2024: -55.7pp
• All cycles: 2024: R+55.7 2020: R+54.3 2016: R+49.5 2012: R+24.6 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.79%
• Current HPI: 235.5712
• 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

+100.2% since first listed

14 events — show timeline

• 2026-06-12 Listed $220,000 CBRMLS
• 2026-06-09 Coming Soon $220,000 CBRMLS
• 2024-05-23 Delisted — KCBOR
• 2017-11-09 Sold (Public Records) $97,500 Public Records
• 2017-10-16 Sold (MLS) $97,400 MARMLS
• 2017-10-16 Sold (MLS) $97,400 CBRMLS
• 2017-08-29 Contingent — CBRMLS
• 2017-08-25 Price Changed $99,999 CBRMLS
• 2017-07-28 Price Changed $104,900 CBRMLS
• 2017-07-17 Relisted — CBRMLS
• 2017-07-11 Contingent — CBRMLS
• 2017-07-03 Listed $99,999 KCBOR
• 2017-06-30 Listed $99,999 MARMLS
• 2017-06-30 Listed $109,900 CBRMLS

Property tax history

+2.8%/yr

Latest (2025): $1,669 · -2.9% YoY. Source: county tax records.