222 N Race St · Springfield, OH 45504

$245,000

4 bd · 2.0 ba · 1,871 sqft · MultiFamily public records · 343 Days on market

Built 1881 4,018 sqft lot $131/sqft · 199% above area

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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
• Livability +2.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +1.9/10.0
• 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

Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

Key facts

• 4,018 sq ft lot
• Built 1881
• Listed 342 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $245k.

Deal economics

• At list price, monthly cash flow is $2k ($27k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $245k).
• Recommended offer: $216k (12.0% below list) — sets the bar for market timing.
• Cap rate 17.5% 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: 93 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• At $4,887/mo this rent would consume 87% of the median local household income ($67k/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 $2k of loan paydown is wiped out by about $7k 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $69k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 343 days — a 12% lower offer ($216k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 20y ago; this cycle's ask has dropped $130k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1881 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 343 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 1881 — 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. 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 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: 1.99% ✓
• Cap rate: 17.51%
• Cash-on-cash: 40.05%
• DSCR: 2.78
• GRM: 4.2

CMA / ARV

• ARV (median comp): $81,839
• List price: $245,000
• Delta: 199.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
423 N Jackson St	0.33mi	4/2.5	1,836 (-2%)	1mo	$80,000	$44	79
410 N Isabella St	0.59mi	4/2.5	1,836 (-2%)	23mo	$158,900	$87	48
1124 W Mulberry St	0.72mi	3/1.0 (-1)	1,786 (-4%)	2mo	$115,000	$64	48

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: 36.4%
• Equity multiple: 2.55×
• Total profit: $106,126
• Equity at exit: $36,530

10-year hold

• IRR: 43.1%
• Equity multiple: 5.08×
• Total profit: $280,184
• Equity at exit: $21,183

Cash invested: $68,600 (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 45504

• Active inventory: 93
• Price-to-rent: 25.1×

Monthly cashflow live

• Estimated rent: $4,887 medium
• Mortgage (P&I): −$1,285
• Tax from tax record: −$184 /mo · $2,211/yr
• Insurance: −$102
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,026
• Net cashflow: $2,290

Break-even live

Break-even rent $1,989

Max offer price $245,000

Occupancy floor 48%

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

Units	Beds	Baths	Est. rent
▸ 6× units	1	1	$4,884
Total (6 units)			$4,887

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: $61,250
• Closing costs: $7,350
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
220 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	23d	1	0.40mi
302 S Yellow Springs St Springfield, OH	4.0	2.0	1456	$1,845	$1.27	11d	1	0.44mi
356 S Yellow Springs St Springfield, OH	4.0	2.0	1606	$1,825	$1.14	11d	1	0.50mi
306 S Plum St Springfield, OH	4.0	2.0	1352	$1,700	$1.26	44d	1	0.51mi
523 W Mulberry St Springfield, OH	4.0	2.0	1456	$1,825	$1.25	11d	1	0.55mi
524 W Pleasant St Springfield, OH	4.0	2.0	1456	$1,645	$1.13	11d	1	0.58mi
307 N Isabella St Unit 309 Springfield, OH	3.0	1.5	1300	$1,400	$1.08	3d	1	0.58mi
401 Section St Springfield, OH	4.0	2.0	1612	$1,850	$1.15	11d	1	0.97mi
545 W Grand Ave Springfield, OH	4.0	2.0	1456	$1,595	$1.10	3d	1	1.06mi
18 E Grand Ave Springfield, OH	4.0	2.0	1452	$1,575	$1.08	19d	1	1.23mi
1306 S Limestone St Springfield, OH	4.0	2.0	1452	$1,695	$1.17	21d	1	1.41mi

Listing history 50 events

1. 2026-06-19
   days on market $245,000 Active 343 DOM
2. 2026-06-18
   days on market $245,000 Active 342 DOM
3. 2026-06-17
   days on market $245,000 Active 341 DOM
4. 2026-06-16
   days on market $245,000 Active 340 DOM
5. 2026-06-15
   days on market $245,000 Active 339 DOM
6. 2026-06-14
   days on market $245,000 Active 337 DOM
7. 2026-06-12
   days on market $245,000 Active 336 DOM
8. 2026-06-09
   days on market $245,000 Active 333 DOM
9. 2026-06-08
   days on market $245,000 Active 332 DOM
10. 2026-06-07
    days on market $245,000 Active 331 DOM
11. 2026-06-05
    days on market $245,000 Active 328 DOM
12. 2026-06-02
    days on market $245,000 Active 326 DOM
13. 2026-06-01
    days on market $245,000 Active 325 DOM
14. 2026-05-31
    days on market $245,000 Active 324 DOM
15. 2026-05-30
    days on market $245,000 Active 323 DOM
16. 2026-04-22
    price $245,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

17. 2026-04-22
    price $245,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

18. 2026-01-09
    price $275,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

19. 2026-01-09
    price $275,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

20. 2025-09-22
    price $299,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

21. 2025-09-22
    price $299,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

22. 2025-08-25
    price $325,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

23. 2025-08-25
    price $325,000 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

24. 2025-07-11
    listed $375,000 Active 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

25. 2025-07-11
    listed $375,000 Active 267-char remark

    Show marketing remark (267 chars)

    Portfolio Package!! 6 total units on 2 parcels with a monthly gross income of $4,100. a month. All units are leased, Property addresses are 222-224 N Race St, 1201, 1201.5, 1205 and 1205.5 W High St. Don't miss out on adding to or starting your Investment Portfolio!!

26. 2021-10-01
    soldstatus $720,000
27. 2010-12-04
    historical
28. 2010-05-04
    listed $39,500
29. 2010-04-04
    historical
30. 2009-04-05
    listed $39,500
31. 2008-08-01
    historical
32. 2008-04-30
    listed $48,000
33. 2008-04-28
    historical
34. 2008-01-28
    listed $48,000
35. 2007-12-08
    historical
36. 2007-12-07
    historical
37. 2007-09-27
    listed $47,000
38. 2007-09-24
    listed $47,000
39. 2007-09-18
    historical
40. 2007-07-18
    listed $48,000
41. 2007-07-15
    historical
42. 2007-06-15
    listed $48,000
43. 2007-06-07
    historical
44. 2007-03-09
    historical
45. 2006-12-07
    listed $48,000
46. 2006-12-07
    listed $48,000
47. 2001-09-19
    soldstatus $18,000
48. 2001-05-08
    soldstatus $42,000
49. 1993-06-01
    soldstatus $26,000
50. 1992-03-26
    soldstatus $25,000

ⓘ 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: $2,211 · $184/mo
• Projected year-2 tax: $3,016 · $251/mo
• Expected delta: +$806/yr (+$67/mo · 36.4%)

ⓘ 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: $58,644
• − Mortgage interest: −$13,724
• − Property taxes: −$2,211
• − Insurance: −$1,225
• − Repairs & maintenance: −$4,692
• − Management: −$4,692
• − Depreciation: −$7,127
• Taxable income: $24,974
• Est. tax owed @ 24.0%: −$5,994
• After-tax cash flow: $21,482/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): 16,654
• Household income: $67,334
• Rent vs Own: 25.9% rent · 74.1% own
• Severe rent burden: 6.4

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 (85%)
• Race & ethnicity: White 85% Two or more races 7% Black 5% Hispanic / Latino 3%
• Common ancestry: Lithuanian 2% Slovak 2% Italian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -138.72%
• Current HPI: 240.7049
• 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

+1261.1% since first listed

36 events — show timeline

• 2026-04-22 Price Changed $245,000 Dayton MLS
• 2026-04-22 Price Changed $245,000 WRIST
• 2026-01-09 Price Changed $275,000 Dayton MLS
• 2026-01-09 Price Changed $275,000 WRIST
• 2025-09-22 Price Changed $299,000 WRIST
• 2025-09-22 Price Changed $299,000 Dayton MLS
• 2025-08-25 Price Changed $325,000 Dayton MLS
• 2025-08-25 Price Changed $325,000 WRIST
• 2025-07-11 Listed $375,000 WRIST
• 2025-07-11 Listed $375,000 Dayton MLS
• 2021-10-01 Sold (Public Records) $720,000 Public Records
• 2010-12-04 Listing Removed — WRIST
• 2010-05-04 Listed $39,500 WRIST
• 2010-04-04 Listing Removed — WRIST
• 2009-04-05 Listed $39,500 WRIST
• 2008-08-01 Listing Removed — WRIST
• 2008-04-30 Listed $48,000 WRIST
• 2008-04-28 Listing Removed — WRIST
• 2008-01-28 Listed $48,000 WRIST
• 2007-12-08 Listing Removed — CBRMLS
• 2007-12-07 Listing Removed — WRIST
• 2007-09-27 Listed $47,000 CBRMLS
• 2007-09-24 Listed $47,000 WRIST
• 2007-09-18 Listing Removed — WRIST
• 2007-07-18 Listed $48,000 WRIST
• 2007-07-15 Listing Removed — WRIST
• 2007-06-15 Listed $48,000 WRIST
• 2007-06-07 Listing Removed — WRIST
• 2007-03-09 Listing Removed — CBRMLS
• 2006-12-07 Listed $48,000 CBRMLS
• 2006-12-07 Listed $48,000 WRIST
• 2001-09-19 Sold (Public Records) $18,000 Public Records
• 2001-05-08 Sold (Public Records) $42,000 Public Records
• 1993-06-01 Sold (Public Records) $26,000 Public Records
• 1992-03-26 Sold (Public Records) $25,000 Public Records
• 1990-05-07 Sold (Public Records) $18,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $2,211 · +61.9% YoY. Source: county tax records.