226 Lake St · Delaware, OH 43015

$275,000

4 bd · 2.0 ba · 1,832 sqft · MultiFamily public records · 11 Days on market

Built 1901 0.34 ac lot Est $315k · 13% under

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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 +23.3/30.0
• ARV discount +13.2/15.0
• DSCR +7.5/10.0
• 1% rule +5.6/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +2.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

2 story home converted into a duplex. Large rear yard with mature trees. Convenient to downtown Delaware.

Key facts

• Vaulted ceiling
• Replacement windows
• 0.34 acre lot

Tags

• FULLY RENOVATED DUPLEX
• UPDATED ELECTRICAL WIRING
• UPDATED WATER AND DRAIN LINES
• REPLACEMENT WINDOWS
• PRIVATE EXTERIOR ENTRANCES
• VAULTED CEILING

Property features AI

Finance

• Financial info: Annual taxes listed for 2025

Exterior

• Utilities: Public sewer
• Home design: Duplex; Built in 1901
• Construction: Original construction from 1901
• Exterior features: Lot approximately 0.34 acres

Interior

• Interior features: Duplex with two units

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $275k.

Deal economics

• At list price, monthly cash flow is $501 ($6k/yr) — positive. Per door: $250/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $275k).
• Cap rate 8.5% vs local median 2.5% in Delaware — 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 80/100 on livability (#116 in OH, #1,717 nationally) — a professional / high-income tenant draw. Strengths: cost of living A+, housing A+, schools A; Watch: amenities C-, commute F.
• Delaware City (suburban): math 47% / reading 63% proficiency, ranked #355 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising (+1.4%/yr); 499 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 8d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 2,233 units permitted in Delaware County in 2024 (304 in 5+ unit buildings).
• This rent runs 33% of the median local income ($105k/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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Delaware County population projected at +37% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 7 sale attempts since 23y 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.
• Current owner paid $41k; list at $275k implies a 571% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $275,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.06% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.81%
• DSCR: 1.35
• GRM: 7.8

CMA / ARV

• ARV (on-the-fly): $315,104
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309-313 Lake St	0.17mi	4/—	1,835 (+0%)	16mo	$315,000	$172	78
151 E Central Ave	0.33mi	4/—	2,044 (+12%)	17mo	$220,000	$108	51

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 · 1.42% rent growth · sell at horizon

5-year hold

• IRR: -6.1%
• Equity multiple: 0.78×
• Total profit: $-17,255
• Equity at exit: $41,003

10-year hold

• IRR: 1.5%
• Equity multiple: 1.10×
• Total profit: $7,794
• Equity at exit: $23,777

Cash invested: $77,000 (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 43015

• Rents YoY: 1.4%
• Active inventory: 499
• Price-to-rent: 15.7×

Monthly cashflow live

• Estimated rent: $2,928 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$256 /mo · $3,067/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$615
• Net cashflow: $501

Break-even live

Break-even rent $2,294

Max offer price $275,000

Occupancy floor 78%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,928
Total (2 units)			$2,928

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1 Mossy Grove LN Delaware, OH	1.0–3.0	1.0–2.5	1022	$2,250	$2.20	2d	47	0.24mi
6 Wade St Delaware, OH	3.0	1.5	1242	$2,100	$1.69	8d	1	0.52mi
102 N Washington St Delaware, OH	4.0	2.5	2372	$2,500	$1.05	44d	1	0.75mi
102 N Washington St Delaware, OH	4.0	2.5	2372	$2,300	$0.97	4d	1	0.75mi
526 Rochdale Run Delaware, OH	3.0	2.5	1600	$2,299	$1.44	17d	1	1.37mi

Listing history 8 events

1. 2026-06-18
   days on market $275,000 Active 11 DOM
2. 2026-06-17
   days on market $275,000 Active 10 DOM
3. 2026-06-16
   days on market $275,000 Active 9 DOM
4. 2026-06-15
   days on market $275,000 Active 8 DOM
5. 2026-06-13
   days on market $275,000 Active 6 DOM
6. 2026-06-09
   days on market $275,000 Active 2 DOM
7. 2026-06-08
   remarks 699-char remark
8. 2026-06-08
   listed $275,000 Active 1 DOM

ⓘ 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: $3,067 · $256/mo
• Projected year-2 tax: $3,678 · $307/mo
• Expected delta: +$612/yr (+$51/mo · 19.9%)

ⓘ 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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $35,136
• − Mortgage interest: −$15,404
• − Property taxes: −$3,067
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,811
• − Management: −$2,811
• − Depreciation: −$8,000
• Taxable income: $1,668
• Est. tax owed @ 24.0%: −$400
• After-tax cash flow: $5,610/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: Delaware City
• NCES district ID: 3904387
• Math proficiency: 47% ▼ -24.00%
• Reading proficiency: 63% ▼ -7.00%
• Median HH income: $55,434
• Composite: 47.39/100
• National rank: #2288
• State rank: #355 of 656 in OH

Livability — Delaware

• Score: 80/100
• State rank: #116
• US rank: #1717

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delaware, OH
• County: Delaware County · 203,207 people
• City population: 61,401
• Metro: Columbus, OH
• Population (ZIP): 61,401
• Household income: $105,322
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 965.0

Population outlook (Delaware County) Hauer SSP2

• Today (2025): 230,854 people
• By 2030: 249,294 · +8.0%
• By 2040: 284,223 · +23.1%
• By 2050: 315,314 · +36.6%
• By 2075: 379,462 · +64.4%
• By 2100: 403,158 · +74.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (82%)
• Race & ethnicity: White 82% Two or more races 7% Hispanic / Latino 5% Asian 5% Black 4%
• Common ancestry: Italian 3% Slovak 3% Romanian 2%
• Foreign-born: 5% · Canada, China, Vietnam
• Languages at home: 93% English-only · Spanish 2% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Delaware

• 2024 margin: Lean R (+6.6) · D 46.2% · R 52.8%
• 2008→2024 swing: +13.0pp toward D · 2008: -19.6pp · 2024: -6.6pp
• All cycles: 2024: R+6.6 2020: R+6.8 2016: R+16.1 2012: R+23.7 2008: R+19.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -398.47%
• Current HPI: 233.0634
• Rent YoY: ▲ 1.42%
• Metro: Columbus, OH
• 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

+685.7% since first listed

18 events — show timeline

• 2026-06-07 Listed $275,000 CBRMLS
• 2012-06-19 Sold (MLS) $41,000 CBRMLS
• 2012-06-18 Listing Removed — CBRMLS
• 2012-05-08 Listed $42,500 CBRMLS
• 2008-03-11 Listing Removed — CBRMLS
• 2007-09-12 Listed $119,750 CBRMLS
• 2006-10-30 Listing Removed — CBRMLS
• 2006-07-07 Listed $108,800 CBRMLS
• 2006-07-06 Listing Removed — CBRMLS
• 2006-01-31 Listed $108,800 CBRMLS
• 2006-01-30 Listing Removed — CBRMLS
• 2005-10-26 Listed $114,800 CBRMLS
• 2004-05-21 Sold (Public Records) $94,000 Public Records
• 2004-05-19 Sold (MLS) $94,000 CBRMLS
• 2004-05-13 Listing Removed — CBRMLS
• 2003-11-26 Listed $99,500 CBRMLS
• 1988-06-02 Sold (Public Records) $45,000 Public Records
• 1985-11-12 Sold (Public Records) $35,000 Public Records

Property tax history

+4.5%/yr

Latest (2025): $3,067 · +5.1% YoY. Source: county tax records.