929 S Western Ave · Springfield, OH 45506

$47,900

3 bd · 1.0 ba · 912 sqft · SingleFamily public records · 1 Days on market

Built 1971 0.25 ac lot Est $95k · 49% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Listing remarks MLS

Amazing opportunity for rental income or a great starter home. This adorable 3 bedroom 1 and a half bath offers a large corner lot with a full fenced in yard, a nice sized master bedroom with double closets and a half bath. Sliding glass doors in kitchen that lead out to large yard and a nice patio. Utility room off of kitchen. Roof replaced is 2017, furnace 2009, AC 2012. Previously rented for $650 a month. Don't miss out on this one!

Key facts

• 0.25 acre lot
• Built 1971

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $48k.

Deal economics

• At list price, monthly cash flow is $650 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $48k).
• Cap rate 22.6% 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: 45 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 232 units permitted in Clark County in 2024 (116 in 5+ unit buildings).
• This rent runs 36% of the median local income ($42k/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 $331 of loan paydown is wiped out by about $1k 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 $13k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 11y 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 $40k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $47,900

Questions for the listing agent

1. Built in 1971 — 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. 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?
4. 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.
5. 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.
6. 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: 2.63% ✓
• Cap rate: 22.57%
• Cash-on-cash: 58.13%
• DSCR: 3.59
• GRM: 3.2

CMA / ARV

• ARV (on-the-fly): $94,848
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
924 W State St	0.17mi	2/1.0 (-1)	860 (-6%)	7mo	$60,000	$70	72
1216 Innisfallen Ave	0.15mi	3/1.0	1,000 (+10%)	8mo	$119,900	$120	70
827 W Perrin Ave	0.29mi	2/1.0 (-1)	836 (-8%)	9mo	$75,000	$90	61
1923 Portage Path	0.75mi	3/1.0	925 (+1%)	4mo	$95,000	$103	59
542 Rosewood Ave	0.47mi	3/1.0	999 (+10%)	6mo	$95,000	$95	58
540 Mead Ln	0.59mi	3/1.0	864 (-5%)	8mo	$113,000	$131	57
610 Portage Path	0.52mi	3/1.0	1,008 (+10%)	2mo	$105,000	$104	57
1632 Springmont Ave	0.45mi	2/1.0 (-1)	840 (-8%)	7mo	$87,500	$104	56
550 W Parkwood Ave	0.51mi	2/1.0 (-1)	822 (-10%)	2mo	$79,000	$96	54
609 Tarimore Dr	0.63mi	3/1.0	864 (-5%)	11mo	$124,900	$145	53
1551 Southgate Ave	0.59mi	3/1.0	1,008 (+10%)	6mo	$75,000	$74	50
1618 Portage Path	0.54mi	2/1.0 (-1)	780 (-14%)	4mo	$85,000	$109	42

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: 56.7%
• Equity multiple: 3.51×
• Total profit: $33,645
• Equity at exit: $7,142

10-year hold

• IRR: 61.6%
• Equity multiple: 7.17×
• Total profit: $82,692
• Equity at exit: $4,142

Cash invested: $13,412 (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 45506

• Home prices YoY: -14.1%
• Active inventory: 45
• Price-to-rent: 3.2×

Monthly cashflow live

• Estimated rent: $1,260 medium
• Mortgage (P&I): −$251
• Tax from tax record: −$75 /mo · $895/yr
• Insurance: −$20
• HOA: −$0
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $650

Break-even live

Break-even rent $438

Max offer price $47,900

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: $11,975
• Closing costs: $1,437
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1452 S Wittenberg Ave Springfield, OH	2.0	1.0	937	$1,010	$1.08	1d	1	0.79mi
826 Grant St Springfield, OH	2.0	1.0	950	$1,200	$1.26	2d	1	1.22mi
313 E Rose St Springfield, OH	3.0	1.0	828	$1,200	$1.45	23d	1	1.29mi

Listing history 15 events

1. 2024-12-02
   status Pending
2. 2019-04-04
   soldstatus $40,000
3. 2019-04-02
   soldstatus $40,000 439-char remark

   Show marketing remark (439 chars)

   Amazing opportunity for rental income or a great starter home. This adorable 3 bedroom 1 and a half bath offers a large corner lot with a full fenced in yard, a nice sized master bedroom with double closets and a half bath. Sliding glass doors in kitchen that lead out to large yard and a nice patio. Utility room off of kitchen. Roof replaced is 2017, furnace 2009, AC 2012. Previously rented for $650 a month. Don't miss out on this one!

4. 2019-04-02
   soldstatus $40,000 Closed 439-char remark

   Show marketing remark (439 chars)

   Amazing opportunity for rental income or a great starter home. This adorable 3 bedroom 1 and a half bath offers a large corner lot with a full fenced in yard, a nice sized master bedroom with double closets and a half bath. Sliding glass doors in kitchen that lead out to large yard and a nice patio. Utility room off of kitchen. Roof replaced is 2017, furnace 2009, AC 2012. Previously rented for $650 a month. Don't miss out on this one!

5. 2019-04-02
   soldstatus $40,000 439-char remark

   Show marketing remark (439 chars)

   Amazing opportunity for rental income or a great starter home. This adorable 3 bedroom 1 and a half bath offers a large corner lot with a full fenced in yard, a nice sized master bedroom with double closets and a half bath. Sliding glass doors in kitchen that lead out to large yard and a nice patio. Utility room off of kitchen. Roof replaced is 2017, furnace 2009, AC 2012. Previously rented for $650 a month. Don't miss out on this one!

6. 2019-02-26
   historical
7. 2019-01-21
   listed $47,900
8. 2018-11-30
   listed $47,900 439-char remark

   Show marketing remark (439 chars)

   Amazing opportunity for rental income or a great starter home. This adorable 3 bedroom 1 and a half bath offers a large corner lot with a full fenced in yard, a nice sized master bedroom with double closets and a half bath. Sliding glass doors in kitchen that lead out to large yard and a nice patio. Utility room off of kitchen. Roof replaced is 2017, furnace 2009, AC 2012. Previously rented for $650 a month. Don't miss out on this one!

9. 2018-11-30
   listed $47,900 439-char remark

   Show marketing remark (439 chars)

   Amazing opportunity for rental income or a great starter home. This adorable 3 bedroom 1 and a half bath offers a large corner lot with a full fenced in yard, a nice sized master bedroom with double closets and a half bath. Sliding glass doors in kitchen that lead out to large yard and a nice patio. Utility room off of kitchen. Roof replaced is 2017, furnace 2009, AC 2012. Previously rented for $650 a month. Don't miss out on this one!

10. 2017-02-28
    historical
11. 2016-08-02
    listed $35,000
12. 2016-08-01
    historical
13. 2016-02-01
    listed $35,700
14. 2015-11-21
    historical
15. 2015-05-21
    listed $35,700

ⓘ 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: $895 · $75/mo
• Projected year-2 tax: $895 · $75/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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $15,120
• − Mortgage interest: −$2,683
• − Property taxes: −$895
• − Insurance: −$240
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − Depreciation: −$1,393
• Taxable income: $7,490
• Est. tax owed @ 24.0%: −$1,798
• After-tax cash flow: $5,999/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 County · 33,261 people
• City population: 33,261
• Metro: Springfield, OH
• Population (ZIP): 13,435
• Household income: $42,104
• Rent vs Own: 42.4% rent · 57.6% own
• Severe rent burden: 684.0

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: Diverse neighborhood (Simpson 0.62)
• Race & ethnicity: White 53% Black 30% Two or more races 10% Hispanic / Latino 8%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Serbian 2% Romanian 1% Iranian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Asian/Pacific 1%

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: ▼ -46.97%
• Current HPI: 286.2883
• Rent YoY: —
• Metro: Springfield, 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

+12.0% since first listed

15 events — show timeline

• 2024-12-02 Pending — CBRMLS
• 2019-04-04 Sold (Public Records) $40,000 Public Records
• 2019-04-02 Sold (MLS) $40,000 WRIST
• 2019-04-02 Sold (MLS) $40,000 Dayton MLS
• 2019-04-02 Sold (MLS) $40,000 Dayton MLS
• 2019-02-26 Listing Removed — CBRMLS
• 2019-01-21 Listed $47,900 CBRMLS
• 2018-11-30 Listed $47,900 WRIST
• 2018-11-30 Listed $47,900 Dayton MLS
• 2017-02-28 Listing Removed — WRIST
• 2016-08-02 Listed $35,000 WRIST
• 2016-08-01 Listing Removed — WRIST
• 2016-02-01 Listed $35,700 WRIST
• 2015-11-21 Listing Removed — WRIST
• 2015-05-21 Listed $35,700 WRIST

Property tax history

+2.3%/yr

Latest (2025): $895 · +24.5% YoY. Source: county tax records.