226 Sullivan Ave · London, OH 43140

$49,900

3 bd · 1.5 ba · 1,440 sqft · SingleFamily public records · 5 Days on market

Built 1978 6,098 sqft lot ↓ 33% since listing

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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 +7.5/15.0
• Schools +4.0/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

BEAUTIFULLY DECORATED BI-LEVEL ON CUL-DE-SAC. LOTS OF FLOWER BEDS ANDROSES. LARGE COVERED DECK. REMODELED KITCHEN.

Key facts

• 6,098 sq ft lot
• 2 garage spots
• Built 1978

Property features AI

Exterior

• Parking: Attached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; Bi-level design; Built in 1978; No common walls
• Construction: Block foundation
• Exterior features: Additional parcel(s) included (31-03052.000, 31-03053.000)

Interior

• Bathrooms: 1 full bathroom; 1 half bathroom (1.5 total)
• Interior features: Partial basement

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $754 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 24.4% vs local median 3.1% in London — 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 70/100 on livability (#477 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, health & safety F.
• London City (town): math 39% / reading 54% proficiency, ranked #479 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 112 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 530 units permitted in Madison County in 2024 (120 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Madison County population projected at +4% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 31y ago; this cycle's ask has dropped $25k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: property tax is 2.9% of price.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.94% ✓
• Cap rate: 24.43%
• Cash-on-cash: 64.77%
• DSCR: 3.88
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $227,520
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
200 Washington Ave	0.42mi	3/2.0	1,395 (-3%)	2mo	$225,000	$161	72
25 Vernon Ave	0.38mi	3/2.0	1,456 (+1%)	11mo	$204,900	$141	69
37 Lotspeich Ave	0.47mi	3/1.5	1,494 (+4%)	4mo	$213,000	$143	68
188 S Oak St	0.47mi	4/1.5 (+1)	1,404 (-2%)	11mo	$250,000	$178	60
121 Maple St	0.29mi	3/1.0	1,264 (-12%)	11mo	$199,900	$158	55
244 S Main St	0.30mi	2/1.0 (-1)	1,248 (-13%)	4mo	$180,000	$144	54
148 New Hampshire Ave	0.59mi	3/1.0	1,364 (-5%)	11mo	$190,000	$139	53
161 Western Ave	0.72mi	4/1.0 (+1)	1,356 (-6%)	5mo	$175,000	$129	46
202 Toland St	0.61mi	4/2.5 (+1)	1,502 (+4%)	11mo	$300,000	$200	46
251 E 1st St	0.50mi	4/1.5 (+1)	1,225 (-15%)	1mo	$224,000	$183	46
151 New Hampshire Ave	0.60mi	4/3.0 (+1)	1,551 (+8%)	11mo	$310,000	$200	39
84 E 5th St	0.70mi	3/1.0	1,620 (+12%)	7mo	$220,000	$136	38

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: 63.9%
• Equity multiple: 3.86×
• Total profit: $40,004
• Equity at exit: $7,440

10-year hold

• IRR: 68.4%
• Equity multiple: 7.94×
• Total profit: $96,921
• Equity at exit: $4,314

Cash invested: $13,972 (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 43140

• Active inventory: 112
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,466 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$122 /mo · $1,463/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$308
• Net cashflow: $754

Break-even live

Break-even rent $512

Max offer price $49,900

Occupancy floor 44%

Sensitivity live

Price	-10% $782	-5% $768	+0% $754	+5% $740	+10% $726
Rent	-10% $638	-5% $696	+0% $754	+5% $812	+10% $870
Rate	-1.0pp $779	-0.5pp $767	base $754	+0.5pp $741	+1.0pp $728

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
64 W Center St London, OH	3.0	1.0	963	$1,595	$1.66	44d	1	0.56mi
1 E High St Unit 3G London, OH	2.0	1.0	1200	$955	$0.80	2d	1	0.69mi
107 Chandler Ave London, OH	3.0	2.5	1280	$1,950	$1.52	4d	1	0.92mi

Listing history 8 events

1. 2026-05-22
   price $49,900
2. 2026-05-21
   listed $75,000 Active
3. 2023-05-24
   soldstatus $105,000
4. 2001-10-11
   soldstatus $84,000
5. 1995-07-06
   soldstatus $74,500
6. 1995-06-30
   soldstatus $74,500 114-char remark

   Show marketing remark (114 chars)

   BEAUTIFULLY DECORATED BI-LEVEL ON CUL-DE-SAC. LOTS OF FLOWER BEDS ANDROSES. LARGE COVERED DECK. REMODELED KITCHEN.

7. 1995-05-24
   historical 114-char remark

   Show marketing remark (114 chars)

   BEAUTIFULLY DECORATED BI-LEVEL ON CUL-DE-SAC. LOTS OF FLOWER BEDS ANDROSES. LARGE COVERED DECK. REMODELED KITCHEN.

8. 1995-02-14
   listed $74,500 114-char remark

   Show marketing remark (114 chars)

   BEAUTIFULLY DECORATED BI-LEVEL ON CUL-DE-SAC. LOTS OF FLOWER BEDS ANDROSES. LARGE COVERED DECK. REMODELED KITCHEN.

ⓘ 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: $1,463 · $122/mo
• Projected year-2 tax: $1,463 · $122/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,598
• − Mortgage interest: −$2,795
• − Property taxes: −$1,463
• − Insurance: −$250
• − Repairs & maintenance: −$1,408
• − Management: −$1,408
• − Depreciation: −$1,452
• Taxable income: $8,823
• Est. tax owed @ 24.0%: −$2,117
• After-tax cash flow: $6,932/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: London City
• NCES district ID: 3904425
• Math proficiency: 39% ▼ -19.00%
• Reading proficiency: 54% ▼ -9.00%
• Median HH income: $53,859
• Composite: 40.19/100
• National rank: #3785
• State rank: #479 of 656 in OH

Livability — London

• Score: 70/100
• State rank: #477
• US rank: #7937

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: London, OH
• County: Madison · 56,187 people
• Metro: Columbus, OH
• Population (ZIP): 24,162
• Household income: $82,598
• Rent vs Own: 27.6% rent · 72.4% own
• Severe rent burden: 7.4

Population outlook (Madison County) Hauer SSP2

• Today (2025): 46,050 people
• By 2030: 46,826 · +1.7%
• By 2040: 47,941 · +4.1%
• By 2050: 47,919 · +4.1%
• By 2075: 46,160 · +0.2%
• By 2100: 38,584 · -16.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Black 8% Two or more races 7% Hispanic / Latino 2% Asian 2%
• Common ancestry: Slovak 2% Iranian 2% Lithuanian 1%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1%

Political lean MEDSL · Madison

• 2024 margin: Solid R (+43.7) · D 27.6% · R 71.3% · Other 1.1%
• 2008→2024 swing: -20.3pp toward R · 2008: -23.4pp · 2024: -43.7pp
• All cycles: 2024: R+43.7 2020: R+41.0 2016: R+39.7 2012: R+20.4 2008: R+23.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -224.46%
• Current HPI: 249.4987
• 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

-33.0% since first listed

8 events — show timeline

• 2026-05-22 Price Changed $49,900 CBRMLS
• 2026-05-21 Listed $75,000 CBRMLS
• 2023-05-24 Sold (Public Records) $105,000 Public Records
• 2001-10-11 Sold (Public Records) $84,000 Public Records
• 1995-07-06 Sold (Public Records) $74,500 Public Records
• 1995-06-30 Sold (MLS) $74,500 CBRMLS
• 1995-05-24 Listing Removed — CBRMLS
• 1995-02-14 Listed $74,500 CBRMLS

Property tax history

+1.5%/yr

Latest (2025): $1,463 · -3.6% YoY. Source: county tax records.