728 S Main St · Bellefontaine, OH 43311

$225,000

4 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 21 Days on market

Built 1900 4,356 sqft lot

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Why this score? — see what drove the C- 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 +19.2/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• Schools +4.8/10.0
• 1% rule +4.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Take a look at this duplex with off street parking! Downstairs unit has 2 bedrooms and a separate laundry room, furnace is 6 years old. Upstairs is an efficiency apartment with electric baseboard heat. Refrigerator and stove in each unit. Great location - within walking distance to shops and restaurants! Live in one unit and rent out the other to pay your mortgage. Could easily be converted back into a single family home.. lots of possibilities! Call for more information.

Key facts

• New floors
• New countertops
• 4,356 sq ft lot

Tags

• WELL MAINTAINED DUPLEX
• WALKING DISTANCE TO SHOPS
• REMODELED FIRST FLOOR UNIT
• NEW FLOORS
• NEW COUNTERTOPS
• REMODELED SECOND FLOOR STUDIO

Property features AI

Finance

• Financial info: Two total units

Exterior

• Utilities: Public sewer; Supplied water
• Home design: Duplex (multi-family); Built in 1900
• Construction: Wood siding exterior
• Exterior features: Residential lot; Lot approximately 0.1 acre (50 x 92)

Interior

• Kitchen: Range; Refrigerator
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Natural gas heating
• Interior features: Range; Refrigerator; Partial basement

What this means for you Summary

Snapshot

• This is a 1×3bd/2.0ba + 1×1bd/1.0ba units multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive. Per door: $122/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (8.0% below list).
• Recommended offer: $207k (8.0% below list) — sets the bar for 1% rule.
• Cap rate 7.6% vs local median 3.6% in Bellefontaine — 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 76/100 on livability (#213 in OH, #3,316 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bellefontaine City (town): math 55% / reading 59% proficiency, ranked #348 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 152 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• This rent runs 39% of the median local income ($64k/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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Logan County population projected at -15% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($222k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 5y 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 $75k; list at $225k implies a 200% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $206,900 (8.0% 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. 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: 0.92% ✗
• Cap rate: 7.59%
• Cash-on-cash: 4.65%
• DSCR: 1.21
• GRM: 9.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -9.1%
• Equity multiple: 0.67×
• Total profit: $-20,989
• Equity at exit: $33,548

10-year hold

• IRR: 0.3%
• Equity multiple: 1.02×
• Total profit: $1,450
• Equity at exit: $19,454

Cash invested: $63,000 (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 43311

• Active inventory: 152
• Price-to-rent: 16.5×

Monthly cashflow live

• Estimated rent: $2,069 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$117 /mo · $1,402/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$434
• Net cashflow: $244

Break-even live

Break-even rent $1,760

Max offer price $225,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,138
1× unit	1	1	$932
Total (2 units)			$2,069

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $225,000 Active 21 DOM
2. 2026-06-17
   days on market $225,000 Active 20 DOM
3. 2026-06-16
   days on market $225,000 Active 19 DOM
4. 2026-06-15
   days on market $225,000 Active 18 DOM
5. 2026-06-13
   days on market $225,000 Active 16 DOM
6. 2026-06-12
   days on market $225,000 Active 15 DOM
7. 2026-06-09
   days on market $225,000 Active 12 DOM
8. 2026-06-08
   days on market $225,000 Active 11 DOM
9. 2026-06-07
   days on market $225,000 Active 10 DOM
10. 2026-06-07
    days on market $225,000 Active 9 DOM
11. 2026-06-04
    days on market $225,000 Active 6 DOM
12. 2026-06-02
    days on market $225,000 Active 5 DOM
13. 2026-06-01
    days on market $225,000 Active 4 DOM
14. 2026-05-31
    days on market $225,000 Active 3 DOM
15. 2026-05-28
    listed $225,000 Active
16. 2022-02-09
    soldstatus $75,000 Closed 476-char remark

    Show marketing remark (476 chars)

    Take a look at this duplex with off street parking! Downstairs unit has 2 bedrooms and a separate laundry room, furnace is 6 years old. Upstairs is an efficiency apartment with electric baseboard heat. Refrigerator and stove in each unit. Great location - within walking distance to shops and restaurants! Live in one unit and rent out the other to pay your mortgage. Could easily be converted back into a single family home.. lots of possibilities! Call for more information.

17. 2022-02-09
    soldstatus $75,000

    Show marketing remark (476 chars)

    Take a look at this duplex with off street parking! Downstairs unit has 2 bedrooms and a separate laundry room, furnace is 6 years old. Upstairs is an efficiency apartment with electric baseboard heat. Refrigerator and stove in each unit. Great location - within walking distance to shops and restaurants! Live in one unit and rent out the other to pay your mortgage. Could easily be converted back into a single family home.. lots of possibilities! Call for more information.

18. 2021-11-03
    historical Contingency - Finance and Inspections 476-char remark

    Show marketing remark (476 chars)

    Take a look at this duplex with off street parking! Downstairs unit has 2 bedrooms and a separate laundry room, furnace is 6 years old. Upstairs is an efficiency apartment with electric baseboard heat. Refrigerator and stove in each unit. Great location - within walking distance to shops and restaurants! Live in one unit and rent out the other to pay your mortgage. Could easily be converted back into a single family home.. lots of possibilities! Call for more information.

19. 2021-08-30
    price $85,000 476-char remark

    Show marketing remark (476 chars)

    Take a look at this duplex with off street parking! Downstairs unit has 2 bedrooms and a separate laundry room, furnace is 6 years old. Upstairs is an efficiency apartment with electric baseboard heat. Refrigerator and stove in each unit. Great location - within walking distance to shops and restaurants! Live in one unit and rent out the other to pay your mortgage. Could easily be converted back into a single family home.. lots of possibilities! Call for more information.

20. 2021-06-13
    listed $89,900 Active 476-char remark

    Show marketing remark (476 chars)

    Take a look at this duplex with off street parking! Downstairs unit has 2 bedrooms and a separate laundry room, furnace is 6 years old. Upstairs is an efficiency apartment with electric baseboard heat. Refrigerator and stove in each unit. Great location - within walking distance to shops and restaurants! Live in one unit and rent out the other to pay your mortgage. Could easily be converted back into a single family home.. lots of possibilities! Call for more information.

21. 2004-01-16
    soldstatus $120,000

ⓘ 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: $1,402 · $117/mo
• Projected year-2 tax: $2,456 · $205/mo
• Expected delta: +$1,054/yr (+$88/mo · 75.2%)

ⓘ 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 ≥99°F today · 18 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: $24,828
• − Mortgage interest: −$12,603
• − Property taxes: −$1,402
• − Insurance: −$1,125
• − Repairs & maintenance: −$1,986
• − Management: −$1,986
• − Depreciation: −$6,545
• Taxable loss: −$821
• Est. tax savings @ 24.0%: +$197
• After-tax cash flow: $3,125/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: Bellefontaine City
• NCES district ID: 3904358
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $43,270
• Composite: 47.94/100
• National rank: #2207
• State rank: #348 of 656 in OH

Livability — Bellefontaine

• Score: 76/100
• State rank: #213
• US rank: #3316

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellefontaine, OH
• County: Logan · 47,256 people
• City population: 20,074
• Population (ZIP): 20,074
• Household income: $64,217
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 10.1

Population outlook (Logan County) Hauer SSP2

• Today (2025): 44,240 people
• By 2030: 43,166 · -2.4%
• By 2040: 40,495 · -8.5%
• By 2050: 37,511 · -15.2%
• By 2075: 30,453 · -31.2%
• By 2100: 23,081 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Black 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+56.2) · D 21.5% · R 77.7%
• 2008→2024 swing: -29.6pp toward R · 2008: -26.6pp · 2024: -56.2pp
• All cycles: 2024: R+56.2 2020: R+55.2 2016: R+52.6 2012: R+31.8 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.18%
• Current HPI: 243.9954
• 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

+87.5% since first listed

7 events — show timeline

• 2026-05-28 Listed $225,000 WRIST
• 2022-02-09 Sold (Public Records) $75,000 Public Records
• 2022-02-09 Sold (MLS) $75,000 WRIST
• 2021-11-03 Contingent — WRIST
• 2021-08-30 Price Changed $85,000 WRIST
• 2021-06-13 Listed $89,900 WRIST
• 2004-01-16 Sold (Public Records) $120,000 Public Records

Property tax history

+9.5%/yr

Latest (2025): $1,402 · +33.4% YoY. Source: county tax records.