408 Park St · Ashland, OH 44805

$67,500

3 bd · 2.0 ba · 1,912 sqft · MultiFamily public records · 46 Days on market

Built 1920 3,049 sqft lot $35/sqft · 56% below 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
• Schools +5.8/10.0
• Rent growth +4.3/5.0
• Livability +3.6/5.0
• 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

Great opportunity to purchase an investment property located between downtown Ashland and Ashland University. Tons of potential!

Key facts

• 3,049 sq ft lot
• Built 1920
• Listed 45 days

Property features AI

Exterior

• Parking: Other parking
• Utilities: Public water service; Public sewer service
• Home design: Residential income (multi-family); 2 stories
• Construction: Metal siding
• Exterior features: Public water; Public sewer; Zoned RS - Residential Districts

Interior

• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Gas water heater; Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $68k.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $68k).
• Recommended offer: $65k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.0% vs local median 3.8% in Ashland — 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 (#373 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B+; Watch: employment C-, amenities D-, commute F.
• Ashland City (town): math 70% / reading 69% proficiency, ranked #165 of 656 in OH (top 25%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+7.1%/yr); 122 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 61 units permitted in Ashland County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $467 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Ashland County population projected at -13% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 7.1% rent growth), your $19k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($65k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $65,475 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 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 B-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: 1.96% ✓
• Cap rate: 15.97%
• Cash-on-cash: 34.55%
• DSCR: 2.54
• GRM: 4.3

CMA / ARV

• ARV (median comp): $154,361
• List price: $67,500
• Delta: -56.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
926/928 W Main St	0.68mi	4/2.0 (+1)	1,925 (+1%)	5mo	$195,000	$101	58
701/703 Garmon St	0.58mi	4/2.0 (+1)	1,840 (-4%)	5mo	$185,800	$101	58
705/707 Garmon St	0.61mi	4/2.0 (+1)	1,788 (-6%)	8mo	$190,000	$106	49
469 Cleveland Ave	0.71mi	4/2.0 (+1)	1,926 (+1%)	15mo	$185,000	$96	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 · 7.07% rent growth · sell at horizon

5-year hold

• IRR: 34.7%
• Equity multiple: 2.55×
• Total profit: $29,387
• Equity at exit: $10,064

10-year hold

• IRR: 43.7%
• Equity multiple: 6.05×
• Total profit: $95,501
• Equity at exit: $5,836

Cash invested: $18,900 (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 44805

• Rents YoY: 7.1%
• Active inventory: 122
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,321 medium
• Mortgage (P&I): −$354
• Tax from tax record: −$117 /mo · $1,406/yr
• Insurance: −$28
• HOA: −$0
• Vacancy / Maint / Mgmt: −$277
• Net cashflow: $544

Break-even live

Break-even rent $632

Max offer price $67,500

Occupancy floor 54%

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: $16,875
• Closing costs: $2,025
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
510 Broad St Ashland, OH	3.0	1.0	1681	$1,650	$0.98	44d	1	0.22mi
200 Race St Unit 200 Ashland, OH	2.0	1.0	1532	$735	$0.48	43d	1	0.33mi
606 Edgehill Ave Ashland, OH	4.0	2.0	1858	$1,850	$1.00	43d	1	0.66mi

Listing history 19 events

1. 2026-06-19
   days on market $67,500 Active 46 DOM
2. 2026-06-18
   days on market $67,500 Active 45 DOM
3. 2026-06-17
   pricedays on market $67,500 Active 44 DOM
4. 2026-06-16
   days on market $79,900 Active 43 DOM
5. 2026-06-15
   days on market $79,900 Active 42 DOM
6. 2026-06-14
   days on market $79,900 Active 40 DOM
7. 2026-06-12
   days on market $79,900 Active 39 DOM
8. 2026-06-09
   days on market $79,900 Active 36 DOM
9. 2026-06-08
   days on market $79,900 Active 35 DOM
10. 2026-06-07
    days on market $79,900 Active 34 DOM
11. 2026-06-02
    days on market $79,900 Active 29 DOM
12. 2026-06-01
    days on market $79,900 Active 28 DOM
13. 2026-05-31
    days on market $79,900 Active 27 DOM
14. 2026-05-30
    days on market $79,900 Active 26 DOM
15. 2026-05-14
    price $79,900 128-char remark
16. 2026-05-04
    listed $99,900 Active 128-char remark
17. 2004-02-23
    soldstatus $66,000
18. 2002-10-18
    soldstatus $49,000
19. 1984-06-06
    soldstatus $32,500

ⓘ 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: $1,406 · $117/mo
• Projected year-2 tax: $1,406 · $117/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 ≥97°F today · 16 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: $15,848
• − Mortgage interest: −$3,781
• − Property taxes: −$1,406
• − Insurance: −$338
• − Repairs & maintenance: −$1,268
• − Management: −$1,268
• − Depreciation: −$1,964
• Taxable income: $5,825
• Est. tax owed @ 24.0%: −$1,398
• After-tax cash flow: $5,131/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: Ashland City
• NCES district ID: 3904350
• Math proficiency: 70% ▼ -2.00%
• Reading proficiency: 69% ▼ -4.00%
• Median HH income: $43,164
• Composite: 58.31/100
• National rank: #1015
• State rank: #165 of 656 in OH

Livability — Ashland

• Score: 72/100
• State rank: #373
• US rank: #6095

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashland, OH
• County: Ashland County · 30,805 people
• City population: 30,805
• Metro: Ashland, OH
• Population (ZIP): 30,805
• Household income: $68,299
• Rent vs Own: 28.0% rent · 72.0% own
• Severe rent burden: 706.0

Population outlook (Ashland County) Hauer SSP2

• Today (2025): 52,732 people
• By 2030: 51,728 · -1.9%
• By 2040: 48,956 · -7.2%
• By 2050: 46,070 · -12.6%
• By 2075: 38,945 · -26.1%
• By 2100: 30,883 · -41.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (93%)
• Race & ethnicity: White 93% Two or more races 3% Black 2% Hispanic / Latino 2%
• Common ancestry: Italian 2% Romanian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · German/W. Germanic 4% Spanish 1%

Political lean MEDSL · Ashland

• 2024 margin: Solid R (+50.0) · D 24.5% · R 74.5%
• 2008→2024 swing: -26.7pp toward R · 2008: -23.3pp · 2024: -50.0pp
• All cycles: 2024: R+50.0 2020: R+48.7 2016: R+47.8 2012: R+30.0 2008: R+23.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -196.79%
• Current HPI: 201.96
• Rent YoY: ▲ 7.07%
• Metro: Ashland, OH
• 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

+107.7% since first listed

6 events — show timeline

• 2026-06-16 Price Changed $67,500 ABOR
• 2026-05-14 Price Changed $79,900 ABOR
• 2026-05-04 Listed $99,900 ABOR
• 2004-02-23 Sold (Public Records) $66,000 Public Records
• 2002-10-18 Sold (Public Records) $49,000 Public Records
• 1984-06-06 Sold (Public Records) $32,500 Public Records

Property tax history

+3.8%/yr

Latest (2025): $1,406 · +0.0% YoY. Source: county tax records.