231 W Chestnut St · Wauseon, OH 43567

$99,000

3 bd · 1.0 ba · 1,652 sqft · SingleFamily public records · 94 Days on market

Built 1900 4,082 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 +26.4/30.0
• DSCR +9.0/10.0
• ARV discount +7.5/15.0
• 1% rule +7.1/10.0
• Schools +5.5/10.0
• Livability +4.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Great investment opportunity! Spacious 3-bedroom home priced to sell. Property offers strong potential for investors looking to add to their portfolio or for buyers ready to bring their vision and updates. Can be purchased individually or as a package with 229 W Chestnut for an expanded investment opportunity. Seller is open to offers. Subject to lot split of 229 W Chestnut.

Key facts

• 4,082 sq ft lot
• Garage
• Built 1900

Property features AI

Exterior

• Parking: Garage (1 space); 2 total parking spaces; Asphalt driveway and on-street parking
• Utilities: Public water; Public sewer; 100 amp electrical service; Cable available
• Home design: Single-family house; One and one-half levels (2 stories total); Not attached; no common walls; Facing information not provided
• Construction: Wood siding; Block foundation; Shingle roof; Has basement (block)
• Exterior features: Rear porch; Other exterior features

Interior

• Kitchen: Kitchen on main level; Ceiling fan in kitchen
• Bedrooms: Primary bedroom on main level; Two additional bedrooms on upper level
• Flooring: Carpet; Linoleum
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Ceiling fans throughout; 8 total rooms
• Laundry & utility: Main-level laundry room; Gas dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $99k.

Deal economics

• At list price, monthly cash flow is $259 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $99k).
• Recommended offer: $90k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 3.2% in Wauseon — 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 82/100 on livability (#80 in OH, #1,209 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, health & safety A+; Watch: commute F.
• Wauseon Exempted Village (town): math 63% / reading 67% proficiency, ranked #212 of 656 in OH (top 32%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Wauseon Primary School (415 students, 35% FRL); Wauseon High School (math 57% / reading 67%, grade B-, #202 of 781 statewide, top 29%, 522 students, 34% FRL) — zoned schools average 34% FRL vs 52% district-wide (17 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 37 active listings in the ZIP; 24 units permitted in Fulton County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $684 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Fulton County population projected at -14% 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 $28k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($90k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

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

Recommended offer $90,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.21% ✓
• Cap rate: 9.44%
• Cash-on-cash: 11.23%
• DSCR: 1.50
• GRM: 6.9

CMA / ARV

• ARV (on-the-fly): $203,196
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
239 W Chestnut St	0.02mi	3/1.5	1,736 (+5%)	4mo	$130,000	$75	86
403 W Chestnut St	0.20mi	4/1.0 (+1)	1,656 (+0%)	8mo	$171,000	$103	78
604 W Leggett St	0.36mi	3/1.0	1,645 (-0%)	8mo	$205,000	$125	76
125 Cherry St	0.25mi	3/1.5	1,706 (+3%)	6mo	$205,000	$120	76
115 W Leggett St	0.18mi	4/1.0 (+1)	1,700 (+3%)	8mo	$123,000	$72	75
234 W Chestnut St	0.03mi	4/2.0 (+1)	1,768 (+7%)	4mo	$135,000	$76	75
622 Vine St	0.28mi	4/1.5 (+1)	1,629 (-1%)	6mo	$200,000	$123	72
351 E Walnut St	0.64mi	4/1.0 (+1)	1,644 (-0%)	2mo	$174,000	$106	62
524 E Elm St	0.65mi	3/2.0	1,474 (-11%)	6mo	$185,000	$126	43
635 E Leggett St	0.64mi	4/3.0 (+1)	1,808 (+9%)	1mo	$264,000	$146	40
303 Eastwood St	0.74mi	3/1.0	1,414 (-14%)	4mo	$239,500	$169	38
720 Parkside Dr	0.62mi	4/3.5 (+1)	1,793 (+8%)	5mo	$327,000	$182	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: 0.5%
• Equity multiple: 1.02×
• Total profit: $502
• Equity at exit: $14,761

10-year hold

• IRR: 10.1%
• Equity multiple: 1.79×
• Total profit: $21,794
• Equity at exit: $8,560

Cash invested: $27,720 (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 43567

• Home prices YoY: -24.6%
• Active inventory: 37
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $1,197 medium
• Mortgage (P&I): −$519
• Tax from tax record: −$125 /mo · $1,504/yr
• Insurance: −$41
• HOA: −$0
• Vacancy / Maint / Mgmt: −$251
• Net cashflow: $259

Break-even live

Break-even rent $868

Max offer price $99,000

Occupancy floor 73%

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: $24,750
• Closing costs: $2,970
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-15
   statusdays on market $99,000 Pending 94 DOM
2. 2026-06-13
   days on market $99,000 Contingent 93 DOM
3. 2026-06-12
   days on market $99,000 Contingent 92 DOM
4. 2026-06-09
   days on market $99,000 Contingent 89 DOM
5. 2026-06-08
   days on market $99,000 Contingent 88 DOM
6. 2026-06-08
   days on market $99,000 Contingent 87 DOM
7. 2026-06-04
   days on market $99,000 Contingent 83 DOM
8. 2026-06-02
   days on market $99,000 Contingent 82 DOM
9. 2026-06-01
   days on market $99,000 Contingent 81 DOM
10. 2026-05-31
    days on market $99,000 Contingent 80 DOM
11. 2026-04-01
    historical Contingent
12. 2026-03-12
    listed $99,000 Active

ⓘ 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: $1,504 · $125/mo
• Projected year-2 tax: $1,524 · $127/mo
• Expected delta: +$20/yr (+$2/mo · 1.3%)

ⓘ 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,358
• − Mortgage interest: −$5,546
• − Property taxes: −$1,504
• − Insurance: −$495
• − Repairs & maintenance: −$1,149
• − Management: −$1,149
• − Depreciation: −$2,880
• Taxable income: $1,636
• Est. tax owed @ 24.0%: −$393
• After-tax cash flow: $2,721/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: Wauseon Exempted Village
• NCES district ID: 3904564
• Math proficiency: 63% ▼ -12.00%
• Reading proficiency: 67% ▼ -6.00%
• Median HH income: $50,616
• Composite: 55.27/100
• National rank: #1266
• State rank: #212 of 656 in OH

Livability — Wauseon

• Score: 82/100
• State rank: #80
• US rank: #1209

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wauseon, OH
• County: Fulton · 33,657 people
• Metro: Toledo, OH
• Population (ZIP): 12,879
• Household income: $74,404
• Rent vs Own: 21.2% rent · 78.8% own
• Severe rent burden: 1.6

Population outlook (Fulton County) Hauer SSP2

• Today (2025): 41,958 people
• By 2030: 41,130 · -2.0%
• By 2040: 38,760 · -7.6%
• By 2050: 36,040 · -14.1%
• By 2075: 30,793 · -26.6%
• By 2100: 25,429 · -39.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (86%)
• Race & ethnicity: White 86% Hispanic / Latino 11% Two or more races 5%
• Hispanic origin (detail): Mexican 9%
• Common ancestry: Romanian 4% Lithuanian 2% Iranian 1%
• Foreign-born: 2% · Canada, China
• Languages at home: 95% English-only · Spanish 3% German/W. Germanic 1%

Political lean MEDSL · Fulton

• 2024 margin: Solid R (+42.4) · D 28.4% · R 70.8%
• 2008→2024 swing: -34.3pp toward R · 2008: -8.1pp · 2024: -42.4pp
• All cycles: 2024: R+42.4 2020: R+39.8 2016: R+36.0 2012: R+13.2 2008: R+8.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -72.53%
• Current HPI: 222.1398
• 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

2 events — show timeline

• 2026-04-01 Contingent — NORIS
• 2026-03-12 Listed $99,000 NORIS

Property tax history

+4.9%/yr

Latest (2025): $1,504 · -0.6% YoY. Source: county tax records.