401 N Main St · Bellefontaine, OH 43311

$1,699

5 bd · 3.0 ba · 3,206 sqft · MultiFamily public records · 18 Days on market

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Exceptionally nice multi-family home. 3 Unit investment property with full occupancy, great income and an excellent location. Just north of down town and is in walking distance to all the beautiful shops, parks, and eateries. All utilities are on separate meters, and tenants pay all their own. The 3 bedroom unit has central a/c. Total monthly income is $1350 a month. NEW metal roof and many new windows. 72 hr notice for showings.

Key facts

• Fenced in back porch
• Patio
• Listed 18 days

Tags

• FENCED IN BACK PORCH
• PATIO

Property features AI

Exterior

• Utilities: Public sewer
• Home design: Single-family residential property; Subdivision: Township/Lk
• Construction: Vinyl siding
• Exterior features: Supplied water; Residential lot

Interior

• Bathrooms: 2 full bathrooms (total 2)
• Heating & cooling: Natural gas heating; Has heating
• Interior features: No basement

🏷️ Possibly a rental listed for sale. The $1,699 price doesn't fit this home's estimated sale value (~$256,480) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $2k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $2k).
• Recommended offer: $2k (1.5% below list) — sets the bar for market timing.
• Cap rate 865.8% vs local median 3.7% 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: 151 active listings in the ZIP; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $11 of loan paydown is wiped out by about $51 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.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $476 cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($2k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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.

Recommended offer $1,673 (1.5% below list)

Questions for the listing agent

1. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
2. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
3. 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.
4. 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.
5. 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: 91.54% ✓
• Cap rate: 865.76%
• Cash-on-cash: 3069.52%
• DSCR: 137.58
• GRM: 0.1

CMA / ARV

• ARV (on-the-fly): $256,480
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
401 N Detroit St	0.10mi	4/— (-1)	2,787 (-13%)	7mo	$33,000	$12	63
704 N Main St	0.35mi	6/3.0 (+1)	2,954 (-8%)	8mo	$235,000	$80	59

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: —
• Equity multiple: 163.39×
• Total profit: $77,251
• Equity at exit: $253

10-year hold

• IRR: —
• Equity multiple: 352.38×
• Total profit: $167,160
• Equity at exit: $147

Cash invested: $476 (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: 151
• Price-to-rent: 0.1×

Monthly cashflow live

• Estimated rent: $1,555 medium
• Mortgage (P&I): −$9
• Tax est. 1.5%: −$2 /mo · $25/yr
• Insurance: −$1
• HOA: −$0
• Vacancy / Maint / Mgmt: −$327
• Net cashflow: $1,217

Break-even live

Break-even rent $15

Max offer price $1,699

Occupancy floor 17%

Sensitivity live

Price	-10% $1,218	-5% $1,217	+0% $1,217	+5% $1,216	+10% $1,216
Rent	-10% $1,094	-5% $1,155	+0% $1,217	+5% $1,278	+10% $1,340
Rate	-1.0pp $1,218	-0.5pp $1,217	base $1,217	+0.5pp $1,216	+1.0pp $1,216

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: $425
• Closing costs: $51
• Reserves months: —
• Total cash needed: —

Listing history 13 events

1. 2026-06-21
   days on market $1,699 Active 18 DOM
2. 2026-06-18
   days on market $1,699 Active 16 DOM
3. 2026-06-17
   days on market $1,699 Active 15 DOM
4. 2026-06-16
   days on market $1,699 Active 14 DOM
5. 2026-06-15
   days on market $1,699 Active 13 DOM
6. 2026-06-13
   days on market $1,699 Active 11 DOM
7. 2026-06-12
   days on market $1,699 Active 10 DOM
8. 2026-06-09
   days on market $1,699 Active 7 DOM
9. 2026-06-08
   days on market $1,699 Active 6 DOM
10. 2026-06-07
    days on market $1,699 Active 5 DOM
11. 2026-06-07
    days on market $1,699 Active 4 DOM
12. 2026-06-02
    remarks 277-char remark
13. 2026-06-02
    listed $1,699 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 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: $18,662
• − Mortgage interest: −$95
• − Property taxes: −$25
• − Insurance: −$8
• − Repairs & maintenance: −$1,493
• − Management: −$1,493
• − Depreciation: −$49
• Taxable income: $15,498
• Est. tax owed @ 24.0%: −$3,719
• After-tax cash flow: $10,883/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

-97.8% since first listed

8 events — show timeline

• 2026-06-02 Listed $1,699 WRIST
• 2018-09-27 Sold (MLS) $99,000 WRIST
• 2018-08-09 Listed $109,900 WRIST
• 2016-08-31 Listing Removed — WRIST
• 2015-08-31 Listing Removed — WRIST
• 2014-06-16 Listed $104,900 WRIST
• 2014-06-16 Listed $104,900 WRIST
• 2004-04-13 Sold (Public Records) $78,400 Public Records

Property tax history

+10.7%/yr

Latest (2025): $3,469 · +36.2% YoY. Source: county tax records.