166-170 S Main St · Rittman, OH 44270

$199,900

6 bd · 3.0 ba · 2,500 sqft · MultiFamily · 31 Days on market

Built 1911 10,541 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 +27.0/30.0
• DSCR +9.3/10.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• Schools +5.4/10.0
• Livability +3.2/5.0
• 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: 3 units. confirmed

Listing remarks

Rare 3 unit apartment building that has been extensively remodeled inside. All of the apartments contain 2 bedrooms/1 bathroom with 2 apartments on the second floor and 1 apartment on the ground floor. The second floor apartments are all electric with baseboard heating, the ground floor apartment has gas forced air furnace heating. Owner pays city water/sewer monthly billing at approximately $110-$120/month along with a trash dumpster on site at approximately $90/month, tenants pay all other utilities. Updates include roof, windows, electrical, plumbing, in addition to the interior of the apartments themselves. Plenty of remaining unfinished space on the ground floor to possibly construct p

Key facts

• Updates include roof
• 0.24 acre lot
• Built 1911

Tags

• EXTENSIVELY REMODELED
• ELECTRIC BASEBOARD HEATING
• GAS FORCED AIR FURNACE HEATING
• UPDATES INCLUDE ROOF
• UPDATES INCLUDE WINDOWS
• UPDATES INCLUDE ELECTRICAL

Property features AI

Finance

• Financial info: Owner pays insurance, sewer, taxes, trash collection, and water; Tenants pay electricity and gas; Examples of current rents: unit #170 $750 (leased); unit #168 $800; unit #166 $825

Exterior

• Parking: On-site open parking (gravel, off-street, outside parking lot; no garage)
• Utilities: Public water; Public sewer
• Home design: Multi-unit property with 2 stories; One building; Above-grade finished area approximately 2,500 (source: owner)
• Construction: Brick and vinyl siding exterior; Mixed roof types including elastomeric, foam, membrane, pitched
• Exterior features: Corner lot in a city setting; Irregular lot shape

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Multiple two-bedroom units (examples: #170 first floor; #168 and #166 second floor)
• Bathrooms: Three full bathrooms (total for property); individual units include one bathroom each
• Heating & cooling: Baseboard heating; Electric heating; Forced air heating; Gas heating
• Interior features: Updated/remodeled condition; 10 total rooms; Full basement with exterior entry, concrete floor, unfinished storage space and sump pump
• Laundry & utility: Basement utility/storage area

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $560 ($7k/yr) — positive. Per door: $187/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#724 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B+; Watch: amenities F, commute F, employment D-.
• Rittman Exempted Village (suburban): math 61% / reading 66% proficiency, ranked #245 of 656 in OH (top 37%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 25 active listings in the ZIP; 284 units permitted in Wayne County in 2024 (42 in 5+ unit buildings).
• This rent runs 45% of the median local income ($66k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Wayne County population projected to shrink 6% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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.

Risks & watch-outs

• Watch-outs: built in 1911 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 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 1911 — 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 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?
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: 1.23% ✓
• Cap rate: 9.65%
• Cash-on-cash: 12.00%
• DSCR: 1.53
• GRM: 6.8

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: 1.5%
• Equity multiple: 1.06×
• Total profit: $3,284
• Equity at exit: $29,806

10-year hold

• IRR: 11.2%
• Equity multiple: 1.87×
• Total profit: $48,901
• Equity at exit: $17,284

Cash invested: $55,972 (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 44270

• Active inventory: 25
• Price-to-rent: 20.3×

Monthly cashflow live

• Estimated rent: $2,457 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$516
• Net cashflow: $560

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$2,457
Total (3 units)			$2,457

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 24 events

1. 2026-06-18
   days on market $199,900 Active 31 DOM
2. 2026-06-17
   days on market $199,900 Active 30 DOM
3. 2026-06-16
   days on market $199,900 Active 29 DOM
4. 2026-06-15
   days on market $199,900 Active 28 DOM
5. 2026-06-13
   days on market $199,900 Active 26 DOM
6. 2026-06-09
   days on market $199,900 Active 22 DOM
7. 2026-06-08
   days on market $199,900 Active 21 DOM
8. 2026-06-07
   days on market $199,900 Active 20 DOM
9. 2026-06-05
   days on market $199,900 Active 17 DOM
10. 2026-06-03
    days on market $199,900 Active 16 DOM
11. 2026-06-02
    days on market $199,900 Active 15 DOM
12. 2026-06-01
    days on market $199,900 Active 14 DOM
13. 2026-05-31
    days on market $199,900 Active 13 DOM
14. 2026-05-18
    listed $199,900 Active
15. 2025-11-20
    historical
16. 2025-06-27
    price $219,900
17. 2025-03-14
    price $235,000
18. 2025-02-20
    listed $250,000 Active
19. 2008-12-31
    historical
20. 2008-07-25
    listed $99,500
21. 2005-02-19
    historical
22. 2005-02-19
    historical
23. 2004-08-19
    listed $130,000
24. 2004-08-19
    listed $130,000

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

Taxation est. · year 1

• Rental income: $29,484
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,359
• − Management: −$2,359
• − Depreciation: −$5,815
• Taxable income: $3,756
• Est. tax owed @ 24.0%: −$901
• After-tax cash flow: $5,813/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: Rittman Exempted Village
• NCES district ID: 3910028
• Math proficiency: 61% ▼ -10.00%
• Reading proficiency: 66% ▼ -4.00%
• Median HH income: $45,391
• Composite: 53.52/100
• National rank: #1449
• State rank: #245 of 656 in OH

Livability — Rittman

• Score: 65/100
• State rank: #724
• US rank: #13173

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Rittman, OH
• County: Wayne · 117,095 people
• City population: 8,138
• Population (ZIP): 8,138
• Household income: $66,016
• Rent vs Own: 26.4% rent · 73.6% own
• Severe rent burden: 10.0

Population outlook (Wayne County) Hauer SSP2

• Today (2025): 116,616 people
• By 2030: 116,214 · -0.3%
• By 2040: 113,891 · -2.3%
• By 2050: 109,009 · -6.5%
• By 2075: 94,622 · -18.9%
• By 2100: 70,577 · -39.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Hispanic / Latino 2% Two or more races 2%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 2%

Political lean MEDSL · Wayne

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -24.6pp toward R · 2008: -14.6pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+37.0 2016: R+34.9 2012: R+21.3 2008: R+14.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -157.59%
• Current HPI: 197.1789
• 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

+53.8% since first listed

11 events — show timeline

• 2026-05-18 Listed $199,900 MLSNOW
• 2025-11-20 Listing Removed — MLSNOW
• 2025-06-27 Price Changed $219,900 MLSNOW
• 2025-03-14 Price Changed $235,000 MLSNOW
• 2025-02-20 Listed $250,000 MLSNOW
• 2008-12-31 Listing Removed — MLSNOW
• 2008-07-25 Listed $99,500 MLSNOW
• 2005-02-19 Listing Removed — MLSNOW
• 2005-02-19 Listing Removed — MLSNOW
• 2004-08-19 Listed $130,000 MLSNOW
• 2004-08-19 Listed $130,000 MLSNOW