23117 Defiance Pike · Custar, OH 43511

$49,000

4 bd · 1.0 ba · 1,344 sqft · SingleFamily public records · 37 Days on market

Built 1900 0.32 ac lot $36/sqft · 38% below area Est $79k · 38% under

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Why this score? — see what drove the A- 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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +6.0/10.0
• Schools +4.1/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This home is gutted ready for completion. All items in home stay such as siding, drywall, any new items such as the tub. Please be careful touring as there are holes in parts of the floor. Being sold "AS-IS" and includes second parcel w/ address 8963 High St, #K42-409-290203010000. Please include second parcel on offer.

Key facts

• Bathtub
• Additional parcel
• 0.32 acre lot

Tags

• 200 AMP METER BREAKER BOX
• BATHTUB
• ADDITIONAL PARCEL

Property features AI

Finance

• Other: Lot includes an additional parcel (#K42-409-290203010000)

Exterior

• Parking: On-street parking
• Utilities: Public water; Sanitary sewer (public sewer available); Utilities: Sewer and water available; Power details not specified
• Home design: Single-family residence; Detached house with no common walls; Two levels / two-story home; Entry on main level
• Construction: Vinyl siding exterior; Crawl space foundation; Built as a house (residential)
• Exterior features: Front porch; Side porch; Shingle roof

Interior

• Kitchen: Main-level kitchen (approx. 9 x 11)
• Bedrooms: Bedroom 2 on the upper level (approx. 10 x 11); Bedroom 3 on the upper level (approx. 9 x 10); An additional upper-level room (approx. 12 x 8)
• Flooring: Other flooring
• Bathrooms: Two full bathrooms
• Heating & cooling: Propane heating; Has heating
• Interior features: Seven total rooms; Other interior finishes
• Laundry & utility: Main-level utility / laundry room (approx. 7 x 11)

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $49k.

Deal economics

• At list price, monthly cash flow is $811 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $49k).
• Recommended offer: $48k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 62/100 on livability (#911 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime D+, amenities F, commute F.
• Bowling Green City School District (town): math 40% / reading 58% proficiency, ranked #469 of 656 in OH (top 72%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Kenwood Elementary School (math 52% / reading 67%, grade B-, #670 of 1,584 statewide, top 45%, 274 students, 43% FRL); Bowling Green Middle School (math 41% / reading 53%, grade D+, #451 of 654 statewide, top 70%, 630 students, 32% FRL); Bowling Green High School (math 29% / reading 65%, grade D-, #435 of 781 statewide, top 59%, 807 students, 23% FRL) — zoned schools at 33% FRL track the district average.
• Market conditions: 8 active listings in the ZIP; solid renter incomes; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).

Forward outlook

• In year one you build about $1k of equity ($339 loan paydown + $951 appreciation (1.9% local appreciation)).
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (1.9% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($48k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts; this cycle's ask has dropped $6k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $35k; 40% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: property tax is 3.4% of price; built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $47,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 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 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Crime grade is D 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 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: 3.17% ✓
• Cap rate: 26.14%
• Cash-on-cash: 70.90%
• DSCR: 4.15
• GRM: 2.6

CMA / ARV

• ARV (median comp): $79,140
• List price: $49,000
• Delta: -38.08%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
23117 Defiance Pike	0.00mi	3/2.0 (-1)	1,344 (0%)	3mo	$35,000	$26	88

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.94% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 74.7%
• Equity multiple: 5.00×
• Total profit: $54,910
• Equity at exit: $19,170

10-year hold

• IRR: 75.0%
• Equity multiple: 10.24×
• Total profit: $126,722
• Equity at exit: $27,484

Cash invested: $13,720 (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 43511

• Home prices YoY: 1.0%
• Active inventory: 8
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,551 medium
• Mortgage (P&I): −$257
• Tax from tax record: −$138 /mo · $1,652/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$326
• Net cashflow: $811

Break-even live

Break-even rent $525

Max offer price $49,000

Occupancy floor 43%

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: $12,250
• Closing costs: $1,470
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-18
   days on market $49,000 Active 37 DOM
2. 2026-06-17
   days on market $49,000 Active 36 DOM
3. 2026-06-16
   days on market $49,000 Active 35 DOM
4. 2026-06-15
   days on market $49,000 Active 34 DOM
5. 2026-06-14
   days on market $49,000 Active 32 DOM
6. 2026-06-10
   days on market $49,000 Active 29 DOM
7. 2026-06-09
   days on market $49,000 Active 28 DOM
8. 2026-06-08
   days on market $49,000 Active 27 DOM
9. 2026-06-07
   pricedays on market $49,000 Active 26 DOM
10. 2026-06-03
    days on market $55,000 Active 22 DOM
11. 2026-06-02
    days on market $55,000 Active 21 DOM
12. 2026-06-01
    days on market $55,000 Active 20 DOM
13. 2026-05-31
    days on market $55,000 Active 19 DOM
14. 2026-05-30
    days on market $55,000 Active 18 DOM
15. 2026-05-12
    listed $55,000 Active 403-char remark
16. 2026-03-20
    soldstatus $35,000
17. 2026-03-18
    soldstatus $35,000 Closed 331-char remark

    Show marketing remark (331 chars)

    This home is gutted ready for completion. All items in home stay such as siding, drywall, any new items such as the tub. Please be careful touring as there are holes in parts of the floor. Being sold "AS-IS" and includes second parcel w/ address 8963 High St, #K42-409-290203010000. Please include second parcel on offer.

18. 2026-02-18
    status Pending 331-char remark

    Show marketing remark (331 chars)

    This home is gutted ready for completion. All items in home stay such as siding, drywall, any new items such as the tub. Please be careful touring as there are holes in parts of the floor. Being sold "AS-IS" and includes second parcel w/ address 8963 High St, #K42-409-290203010000. Please include second parcel on offer.

19. 2026-02-03
    status Active 331-char remark

    Show marketing remark (331 chars)

    This home is gutted ready for completion. All items in home stay such as siding, drywall, any new items such as the tub. Please be careful touring as there are holes in parts of the floor. Being sold "AS-IS" and includes second parcel w/ address 8963 High St, #K42-409-290203010000. Please include second parcel on offer.

20. 2025-12-09
    status Pending 331-char remark

    Show marketing remark (331 chars)

    This home is gutted ready for completion. All items in home stay such as siding, drywall, any new items such as the tub. Please be careful touring as there are holes in parts of the floor. Being sold "AS-IS" and includes second parcel w/ address 8963 High St, #K42-409-290203010000. Please include second parcel on offer.

21. 2025-10-14
    listed $45,000 Active 331-char remark

    Show marketing remark (331 chars)

    This home is gutted ready for completion. All items in home stay such as siding, drywall, any new items such as the tub. Please be careful touring as there are holes in parts of the floor. Being sold "AS-IS" and includes second parcel w/ address 8963 High St, #K42-409-290203010000. Please include second parcel on offer.

22. 2019-11-12
    soldstatus $20,000
23. 2016-03-11
    soldstatus $250,000

ⓘ 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: $1,652 · $138/mo
• Projected year-2 tax: $1,652 · $138/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 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: $18,617
• − Mortgage interest: −$2,745
• − Property taxes: −$1,652
• − Insurance: −$245
• − Repairs & maintenance: −$1,489
• − Management: −$1,489
• − Depreciation: −$1,425
• Taxable income: $9,571
• Est. tax owed @ 24.0%: −$2,297
• After-tax cash flow: $7,430/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: Bowling Green City School District
• NCES district ID: 3904363
• Math proficiency: 40% ▼ -27.00%
• Reading proficiency: 58% ▼ -10.00%
• Median HH income: $37,785
• Composite: 40.72/100
• National rank: #3661
• State rank: #469 of 656 in OH

Livability — Custar

• Score: 62/100
• State rank: #911
• US rank: #17205

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Custar, OH
• County: Wood · 127,168 people
• Metro: Toledo, OH
• Population (ZIP): 918
• Household income: $90,368
• Rent vs Own: 7.9% rent · 92.1% own

Population outlook (Wood County) Hauer SSP2

• Today (2025): 138,744 people
• By 2030: 143,189 · +3.2%
• By 2040: 150,896 · +8.8%
• By 2050: 158,589 · +14.3%
• By 2075: 182,166 · +31.3%
• By 2100: 196,533 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Hispanic / Latino 8% Two or more races 4% Black 2%
• Hispanic origin (detail): Mexican 8%
• Common ancestry: English 3% Romanian 2% Italian 2%

Political lean MEDSL · Wood

• 2024 margin: R (+10.2) · D 44.4% · R 54.6%
• 2008→2024 swing: -17.3pp toward R · 2008: 7.1pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+7.6 2016: R+8.5 2012: D+4.2 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 1.94%
• Current HPI: 198.9852
• 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

-80.4% since first listed

10 events — show timeline

• 2026-06-05 Price Changed $49,000 NORIS
• 2026-05-12 Listed $55,000 NORIS
• 2026-03-20 Sold (Public Records) $35,000 Public Records
• 2026-03-18 Sold (MLS) $35,000 NORIS
• 2026-02-18 Pending — NORIS
• 2026-02-03 Relisted — NORIS
• 2025-12-09 Pending — NORIS
• 2025-10-14 Listed $45,000 NORIS
• 2019-11-12 Sold (Public Records) $20,000 Public Records
• 2016-03-11 Sold (Public Records) $250,000 Public Records

Property tax history

+11.1%/yr

Latest (2025): $1,652 · +61.1% YoY. Source: county tax records.