301 Howard St · Findlay, OH 45840

$189,000

3 bd · 3.0 ba · 2,212 sqft · MultiFamily public records · 15 Days on market

Built 1900 5,201 sqft lot $85/sqft · 15% below area Est $185k · at est.

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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 +6.4/15.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• 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: 3 units. confirmed

Listing remarks

Three units on the University of Findlay Campus. Two newer furnaces / central air units, separate meters except water. . Showings 5PM or later

Key facts

• Newer furnaces
• Central air units
• Separate meters

Tags

• NEWER FURNACES
• CENTRAL AIR UNITS
• SEPARATE METERS

Property features AI

Finance

• Other: Zoned (city)
• Financial info: Triplex with 3 total units (all 3 currently leased); Tenant pays cable TV, electricity, gas, internet, and trash collection; Owner pays water, sewer, and taxes
• HOA & community: Community features include curbs and sidewalks

Exterior

• Parking: Off-street parking for 3 vehicles
• Security: Other security features
• Utilities: Public water (connected); Sanitary sewer (connected); Electricity available and connected; Natural gas available and connected; Cable available
• Home design: Residential income property (triplex); Two and one-half levels; Two stories total; Single building
• Construction: Vinyl siding; Block foundation; Built-in living area of approximately 2,212 (below-grade finished area noted)
• Exterior features: Metal roof; Corner lot; Curbs and sidewalks

Interior

• Kitchen: Electric range; Refrigerator; Disposal
• Bedrooms: Information not provided
• Flooring: Carpet; Vinyl
• Bathrooms: Information not provided
• Heating & cooling: Forced air heating (electric and natural gas); Central air; Window unit(s)
• Interior features: Double-pane windows; ENERGY STAR qualified doors; Other
• Laundry & utility: Washer and dryer; Laundry located in basement; Water heater

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/3.0-bath units multifamily listed at $189k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $772/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $189k).
• Recommended offer: $186k (1.5% below list) — sets the bar for market timing.
• Cap rate 21.0% vs local median 5.0% in Findlay — 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 81/100 on livability (#98 in OH, #1,496 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Findlay City (town): math 56% / reading 56% proficiency, ranked #357 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Northview Primary School (math 57% / reading 57%, grade C+, #729 of 1,584 statewide, top 48%, 361 students, 54% FRL); Donnell Middle School (math 57% / reading 54%, grade B-, #321 of 654 statewide, top 51%, 523 students, 41% FRL); Findlay High School (math 51% / reading 60%, grade C, #296 of 781 statewide, top 39%, 1,915 students, 31% FRL) — zoned schools at 42% FRL track the district average.
• Market conditions: Rents rising fast (+5.7%/yr); 219 active listings in the ZIP; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).
• At $4,468/mo this rent would consume 79% of the median local household income ($68k/yr) (locally 1540% of renters already pay >50% of income on rent) — 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $53k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($186k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $186,165 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 2.36% ✓
• Cap rate: 21.01%
• Cash-on-cash: 52.55%
• DSCR: 3.34
• GRM: 3.5

CMA / ARV

• ARV (median comp): $184,521
• List price: $189,000
• Delta: 2.43%
• Verdict: FAIR
• Comps: 12 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.68% rent growth · sell at horizon

5-year hold

• IRR: 53.5%
• Equity multiple: 3.44×
• Total profit: $129,349
• Equity at exit: $28,181

10-year hold

• IRR: 59.7%
• Equity multiple: 7.73×
• Total profit: $356,359
• Equity at exit: $16,341

Cash invested: $52,920 (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 45840

• Rents YoY: 5.7%
• Active inventory: 219
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $4,468 medium
• Mortgage (P&I): −$991
• Tax from tax record: −$142 /mo · $1,709/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$938
• Net cashflow: $2,317

Break-even live

Break-even rent $1,535

Max offer price $189,000

Occupancy floor 43%

Sensitivity live

Price	-10% $2,424	-5% $2,371	+0% $2,317	+5% $2,264	+10% $2,210
Rent	-10% $1,964	-5% $2,141	+0% $2,317	+5% $2,494	+10% $2,670
Rate	-1.0pp $2,413	-0.5pp $2,365	base $2,317	+0.5pp $2,268	+1.0pp $2,219

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$4,467
Total (3 units)			$4,468

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: $47,250
• Closing costs: $5,670
• Reserves months: —
• Total cash needed: —

Listing history 2 events

1. 2026-05-14
   status Pending 145-char remark
2. 2026-04-28
   listed $189,000 Active 145-char remark

ⓘ 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: $1,709 · $142/mo
• Projected year-2 tax: $2,329 · $194/mo
• Expected delta: +$620/yr (+$52/mo · 36.2%)

ⓘ 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: $53,616
• − Mortgage interest: −$10,587
• − Property taxes: −$1,709
• − Insurance: −$945
• − Repairs & maintenance: −$4,289
• − Management: −$4,289
• − Depreciation: −$5,498
• Taxable income: $26,298
• Est. tax owed @ 24.0%: −$6,312
• After-tax cash flow: $21,497/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: Findlay City
• NCES district ID: 3910000
• Math proficiency: 56% ▼ -11.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $45,261
• Composite: 47.31/100
• National rank: #2300
• State rank: #357 of 656 in OH

Livability — Findlay

• Score: 81/100
• State rank: #98
• US rank: #1496

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Findlay, OH
• County: Hancock County · 54,559 people
• City population: 54,559
• Metro: Findlay, OH
• Population (ZIP): 54,559
• Household income: $68,083
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1540.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,526 people
• By 2030: 77,777 · +0.3%
• By 2040: 76,976 · -0.7%
• By 2050: 74,479 · -3.9%
• By 2075: 65,741 · -15.2%
• By 2100: 52,942 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+38.4) · D 30.2% · R 68.7% · Other 1.1%
• 2008→2024 swing: -15.3pp toward R · 2008: -23.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+37.5 2016: R+40.8 2012: R+28.3 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.43%
• Current HPI: 194.9132
• Rent YoY: ▲ 5.68%
• Metro: Findlay, 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

2 events — show timeline

• 2026-05-14 Pending — NORIS
• 2026-04-28 Listed $189,000 NORIS

Property tax history

+3.5%/yr

Latest (2025): $1,709 · +26.6% YoY. Source: county tax records.