208 N Washington St · New Paris, OH 45347

$139,000

4 bd · 2.0 ba · 1,810 sqft · MultiFamily public records · 205 Days on market

Built 1990 6,072 sqft lot $77/sqft · 41% above area Est $99k · 41% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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

Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

Key facts

• Two unit rental
• Off street parking
• New carpet flooring

Tags

• TWO UNIT RENTAL
• OFF STREET PARKING
• UPGRADED ELECTRIC METERS
• NEW CARPET FLOORING
• WINDOWS LESS THAN 5 YEARS OLD
• ROOF UNDER 10 YEARS OLD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $139k.

Deal economics

• At list price, monthly cash flow is $981 ($12k/yr) — positive. Per door: $490/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $139k).
• Recommended offer: $122k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#466 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: health & safety C-, amenities F, commute F.
• National Trail Local (rural): math 53% / reading 59% proficiency, ranked #352 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 25 active listings in the ZIP; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).
• This rent runs 42% of the median local income ($68k/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 $961 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Preble County population projected at -17% 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 $39k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 205 days — a 12% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $38k; list at $139k implies a 266% gain — meaningful room to come down on a strong offer.

Recommended offer $122,320 (12.0% below list)

Questions for the listing agent

1. It's been on market 205 days. Have you received any prior offers? Is the seller open to a 12% 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.73% ✓
• Cap rate: 14.76%
• Cash-on-cash: 30.25%
• DSCR: 2.35
• GRM: 4.8

CMA / ARV

• ARV (median comp): $98,691
• List price: $139,000
• Delta: 40.84%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 24.9%
• Equity multiple: 2.03×
• Total profit: $39,961
• Equity at exit: $20,725

10-year hold

• IRR: 32.7%
• Equity multiple: 3.96×
• Total profit: $115,280
• Equity at exit: $12,018

Cash invested: $38,920 (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 45347

• Home prices YoY: -22.2%
• Active inventory: 25
• Price-to-rent: 9.7×

Monthly cashflow live

• Estimated rent: $2,400 medium
• Mortgage (P&I): −$729
• Tax from tax record: −$128 /mo · $1,538/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$504
• Net cashflow: $981

Break-even live

Break-even rent $1,158

Max offer price $139,000

Occupancy floor 54%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,400
Total (2 units)			$2,400

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: $34,750
• Closing costs: $4,170
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-19
   days on market $139,000 Active 205 DOM
2. 2026-06-18
   days on market $139,000 Active 204 DOM
3. 2026-06-17
   days on market $139,000 Active 203 DOM
4. 2026-06-16
   days on market $139,000 Active 202 DOM
5. 2026-06-15
   days on market $139,000 Active 201 DOM
6. 2026-06-14
   days on market $139,000 Active 199 DOM
7. 2026-06-12
   days on market $139,000 Active 198 DOM
8. 2026-06-09
   days on market $139,000 Active 195 DOM
9. 2026-06-08
   days on market $139,000 Active 194 DOM
10. 2026-06-07
    days on market $139,000 Active 193 DOM
11. 2026-06-03
    days on market $139,000 Active 189 DOM
12. 2026-06-02
    days on market $139,000 Active 188 DOM
13. 2026-06-01
    days on market $139,000 Active 187 DOM
14. 2026-05-31
    days on market $139,000 Active 186 DOM
15. 2026-05-30
    days on market $139,000 Active 185 DOM
16. 2026-05-05
    price $140,000 532-char remark

    Show marketing remark (532 chars)

    Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

17. 2026-04-21
    price $145,000 532-char remark

    Show marketing remark (532 chars)

    Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

18. 2026-04-13
    price $150,000 532-char remark

    Show marketing remark (532 chars)

    Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

19. 2026-03-02
    price $155,000 532-char remark

    Show marketing remark (532 chars)

    Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

20. 2026-02-10
    price $160,000 532-char remark

    Show marketing remark (532 chars)

    Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

21. 2025-11-26
    listed $165,000 Active 532-char remark

    Show marketing remark (532 chars)

    Attention Investors! Here's your chance to add to your portfolio. This two unit rental has been recently updated and ready to create a lucrative income. Both units are currently rented. Upper unit pays $500 and bottom unit pays $850 per month. This home is within walking distance to an abundance of local businesses. Off street parking. Upgraded and seperate electric meters. New carpet/flooring. Windows are less than 5 years old and roof is under 10 years old. National Trail School District. Don't delay! Make your offer today!

22. 1989-02-21
    soldstatus $38,000

ⓘ 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: $1,538 · $128/mo
• Projected year-2 tax: $1,853 · $154/mo
• Expected delta: +$315/yr (+$26/mo · 20.5%)

ⓘ 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 · 18 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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $28,800
• − Mortgage interest: −$7,786
• − Property taxes: −$1,538
• − Insurance: −$695
• − Repairs & maintenance: −$2,304
• − Management: −$2,304
• − Depreciation: −$4,044
• Taxable income: $10,129
• Est. tax owed @ 24.0%: −$2,431
• After-tax cash flow: $9,340/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: National Trail Local
• NCES district ID: 3904927
• Math proficiency: 53% ▼ -13.00%
• Reading proficiency: 59% ▼ -7.00%
• Median HH income: $48,311
• Composite: 47.58/100
• National rank: #2262
• State rank: #352 of 656 in OH

Livability — New Paris

• Score: 70/100
• State rank: #466
• US rank: #7702

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Paris, OH
• County: Preble · 42,634 people
• Population (ZIP): 4,029
• Household income: $68,073
• Rent vs Own: 18.9% rent · 81.1% own
• Severe rent burden: 1.1

Population outlook (Preble County) Hauer SSP2

• Today (2025): 39,711 people
• By 2030: 38,511 · -3.0%
• By 2040: 35,783 · -9.9%
• By 2050: 33,006 · -16.9%
• By 2075: 27,067 · -31.8%
• By 2100: 21,255 · -46.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Black 2%
• Common ancestry: Lithuanian 1% Iranian 1% Slovak 1%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Preble

• 2024 margin: Solid R (+59.1) · D 20.1% · R 79.2%
• 2008→2024 swing: -27.9pp toward R · 2008: -31.2pp · 2024: -59.1pp
• All cycles: 2024: R+59.1 2020: R+57.5 2016: R+54.0 2012: R+36.7 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -58.57%
• Current HPI: 205.5272
• 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

+268.4% since first listed

7 events — show timeline

• 2026-05-05 Price Changed $140,000 Dayton MLS
• 2026-04-21 Price Changed $145,000 Dayton MLS
• 2026-04-13 Price Changed $150,000 Dayton MLS
• 2026-03-02 Price Changed $155,000 Dayton MLS
• 2026-02-10 Price Changed $160,000 Dayton MLS
• 2025-11-26 Listed $165,000 Dayton MLS
• 1989-02-21 Sold (Public Records) $38,000 Public Records

Property tax history

+4.6%/yr

Latest (2025): $1,538 · +2.9% YoY. Source: county tax records.