11 E Main St · Lucas, OH 44843

$210,000

2 bd · 1.0 ba · 4,944 sqft · MultiFamily public records · 44 Days on market

Built 1940 7,405 sqft lot

---

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
• Appreciation +8.8/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +3.3/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

If you have you been looking for a solid investment property, it is right here. This four-unit building is located in the heart of the village of Lucas, close to a community center with a cafe, shopping, and a park. It provides good cash-flow with additional potential, along with steady tenant demand. All four units come with kitchen appliances, and feature one full bath each, and laundry hookups in the basement. One unit has three beds, two with two beds, and one has one bed with a multi-use space. The property features a grassy back yard plus an eight-space parking area. There are separate gas and electric meters allowing tenants to pay their own utilities, while the owner pays for lawn/s

Key facts

• Four unit building
• Kitchen appliances
• Newer flooring

Tags

• FOUR UNIT BUILDING
• GRASSY BACK YARD
• EIGHT SPACE PARKING AREA
• KITCHEN APPLIANCES
• LAUNDRY HOOKUPS
• NEWER FLOORING

Property features AI

Exterior

• Parking: 8 parking spaces
• Utilities: Public water; Public sewer
• Home design: Residential income, multi-family property; 2 stories
• Construction: Aluminum siding and brick exterior
• Exterior features: Lot approximately 62 x 120; Zoning: Other; Located just east of the center of the Village of Lucas on Main St.

Interior

• Heating & cooling: Forced air heating; Hot water heating; Natural gas heating
• Interior features: Gas water heater; Has basement (partial crawl space); 17 total rooms

What this means for you Summary

Snapshot

• This is a 3×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $2k ($25k/yr) — positive. Per door: $522/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 66/100 on livability (#684 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools A-; Watch: crime C-, amenities F, commute F.
• Lucas Local (rural): math 55% / reading 65% proficiency, ranked #281 of 656 in OH (top 43%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 12 active listings in the ZIP; solid renter incomes; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• At $4,298/mo this rent would consume 58% of the median local household income ($89k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (7.6% local appreciation)).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (7.6% appreciation + 3.0% rent growth), your $59k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $203,700 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are A-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?
7. 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.
8. 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.
9. 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: 2.05% ✓
• Cap rate: 18.23%
• Cash-on-cash: 42.64%
• DSCR: 2.90
• GRM: 4.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

7.61% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 54.3%
• Equity multiple: 4.65×
• Total profit: $214,347
• Equity at exit: $153,987

10-year hold

• IRR: 49.7%
• Equity multiple: 9.89×
• Total profit: $522,917
• Equity at exit: $300,511

Cash invested: $58,800 (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 44843

• Home prices YoY: 3.5%
• Active inventory: 12
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $4,298 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$117 /mo · $1,405/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$903
• Net cashflow: $2,090

Break-even live

Break-even rent $1,653

Max offer price $210,000

Occupancy floor 46%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$3,141
1× unit	3	1	$1,159
Total (4 units)			$4,298

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $210,000 Active 44 DOM
2. 2026-06-17
   days on market $210,000 Active 43 DOM
3. 2026-06-16
   days on market $210,000 Active 42 DOM
4. 2026-06-15
   days on market $210,000 Active 41 DOM
5. 2026-06-13
   days on market $210,000 Active 39 DOM
6. 2026-06-12
   days on market $210,000 Active 38 DOM
7. 2026-06-09
   days on market $210,000 Active 35 DOM
8. 2026-06-08
   days on market $210,000 Active 34 DOM
9. 2026-06-08
   days on market $210,000 Active 33 DOM
10. 2026-06-07
    days on market $210,000 Active 32 DOM
11. 2026-06-04
    days on market $210,000 Active 29 DOM
12. 2026-06-02
    days on market $210,000 Active 28 DOM
13. 2026-06-01
    days on market $210,000 Active 27 DOM
14. 2026-05-31
    days on market $210,000 Active 26 DOM
15. 2026-05-18
    status Active 915-char remark
16. 2026-05-09
    historical Active Under Contract 915-char remark
17. 2026-05-05
    listed $210,000 Active 915-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: $1,405 · $117/mo
• Projected year-2 tax: $2,341 · $195/mo
• Expected delta: +$935/yr (+$78/mo · 66.6%)

ⓘ 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 ≥96°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $51,576
• − Mortgage interest: −$11,763
• − Property taxes: −$1,405
• − Insurance: −$1,050
• − Repairs & maintenance: −$4,126
• − Management: −$4,126
• − Depreciation: −$6,109
• Taxable income: $22,996
• Est. tax owed @ 24.0%: −$5,519
• After-tax cash flow: $19,556/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: Lucas Local
• NCES district ID: 3904944
• Math proficiency: 55% ▼ -6.00%
• Reading proficiency: 65% ▼ -3.00%
• Median HH income: $55,665
• Composite: 51.59/100
• National rank: #1708
• State rank: #281 of 656 in OH

Livability — Lucas

• Score: 66/100
• State rank: #684
• US rank: #11982

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lucas, OH
• County: Richland · 128,966 people
• Metro: Mansfield, OH
• Population (ZIP): 2,732
• Household income: $89,139
• Rent vs Own: 11.3% rent · 88.7% own
• Severe rent burden: 11.3

Population outlook (Richland County) Hauer SSP2

• Today (2025): 115,577 people
• By 2030: 111,669 · -3.4%
• By 2040: 103,323 · -10.6%
• By 2050: 95,135 · -17.7%
• By 2075: 76,719 · -33.6%
• By 2100: 57,188 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 5% Black 2%
• Common ancestry: Italian 7% Slovak 4% Iranian 2%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+42.3) · D 28.4% · R 70.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.6pp · 2024: -42.3pp
• All cycles: 2024: R+42.3 2020: R+39.7 2016: R+37.5 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 7.61%
• Current HPI: 222.63
• 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

3 events — show timeline

• 2026-05-18 Relisted — ABOR
• 2026-05-09 Contingent — ABOR
• 2026-05-05 Listed $210,000 ABOR

Property tax history

+0.1%/yr

Latest (2025): $1,405 · -0.1% YoY. Source: county tax records.