115 S 2nd St · North Baltimore, OH 45872

$209,900

3 bd · 2.0 ba · 1,430 sqft · MultiFamily public records · 45 Days on market

Built 1900 10,400 sqft lot $147/sqft · 101% above area Est $164k · 28% over

---

Why this score? — see what drove the D+ 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
• DSCR +7.5/10.0
• 1% rule +5.3/10.0
• Schools +4.4/10.0
• Livability +3.9/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

Key facts

• 0.24 acre lot
• 5 parking spots
• Built 1900

Property features AI

Finance

• Financial info: Residential income with 2 total units (both currently leased); 2 buildings; Tenants pay all utilities; Owner pays exterior maintenance, pest control, roof maintenance, trash collection, insurance, snow removal and taxes

Exterior

• Parking: Parking for 5 vehicles; Alley access; Driveway; Off-street parking; Shared driveway
• Utilities: Electricity connected; Natural gas connected; Public water; Public sewer; Trash service fee applies
• Home design: Residential income property (duplex); One and one half levels; 1 story reported
• Construction: Vinyl siding; Crawl space foundation
• Exterior features: Asphalt roof

Interior

• Kitchen: No appliances included
• Flooring: Carpet; Luxury vinyl
• Heating & cooling: Forced air heating; Radiant heating; Central air conditioning; Window units
• Interior features: Other
• Laundry & utility: Washer hookup; Electric dryer hookup

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $383 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $204k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.5% vs local median 5.9% in North Baltimore — 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 78/100 on livability (#159 in OH, #2,395 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• North Baltimore Local (town): math 45% / reading 58% proficiency, ranked #424 of 656 in OH (top 65%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: E A Powell Elementary School (math 47% / reading 57%, grade C-, #851 of 1,584 statewide, top 56%, 367 students, 46% FRL); North Baltimore Middle School (math 52% / reading 57%, grade B-, #342 of 654 statewide, top 54%, 95 students, 0% FRL); North Baltimore High School (math 34% / reading 74%, grade C-, #303 of 781 statewide, top 42%, 136 students, 84% FRL) — zoned schools at 43% FRL track the district average.
• Market conditions: 32 active listings in the ZIP; 493 units permitted in Wood County in 2024 (48 in 5+ unit buildings).
• This rent runs 42% of the median local income ($62k/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.
• Wood County population projected at +14% by 2050 — modest demand growth; plan on rents tracking national, not racing it.

Negotiation context

• It's been on market 45 days — a 3% lower offer ($204k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y 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 $115k; list at $210k implies a 83% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $203,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 45 days. Have you received any prior offers? Is the seller open to a 3% 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.03% ✓
• Cap rate: 8.48%
• Cash-on-cash: 7.81%
• DSCR: 1.35
• GRM: 8.1

CMA / ARV

• ARV (median comp): $163,637
• List price: $209,900
• Delta: 28.27%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -4.4%
• Equity multiple: 0.84×
• Total profit: $-9,689
• Equity at exit: $31,297

10-year hold

• IRR: 5.3%
• Equity multiple: 1.39×
• Total profit: $22,776
• Equity at exit: $18,148

Cash invested: $58,772 (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 45872

• Home prices YoY: -11.5%
• Active inventory: 32
• Price-to-rent: 15.1×

Monthly cashflow live

• Estimated rent: $2,172 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$145 /mo · $1,742/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$456
• Net cashflow: $383

Break-even live

Break-even rent $1,688

Max offer price $209,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
1× unit	3	1.5	$1,155
1× unit	2	1	$1,017
Total (2 units)			$2,172

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $209,900 Active 45 DOM
2. 2026-06-17
   days on market $209,900 Active 44 DOM
3. 2026-06-16
   days on market $209,900 Active 43 DOM
4. 2026-06-15
   days on market $209,900 Active 42 DOM
5. 2026-06-13
   days on market $209,900 Active 40 DOM
6. 2026-06-12
   days on market $209,900 Active 39 DOM
7. 2026-06-09
   days on market $209,900 Active 36 DOM
8. 2026-06-08
   days on market $209,900 Active 35 DOM
9. 2026-06-08
   days on market $209,900 Active 34 DOM
10. 2026-06-07
    days on market $209,900 Active 33 DOM
11. 2026-06-04
    pricedays on market $209,900 Active 30 DOM
12. 2026-06-02
    days on market $219,900 Active 29 DOM
13. 2026-06-01
    days on market $219,900 Active 28 DOM
14. 2026-05-31
    days on market $219,900 Active 27 DOM
15. 2026-04-29
    listed $219,900 Active 436-char remark
16. 2026-03-22
    historical
17. 2026-02-03
    listed $219,900 Active
18. 2025-10-14
    price $115,000

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

19. 2025-06-23
    historical
20. 2025-06-17
    price $219,900
21. 2025-06-05
    price $229,900
22. 2025-05-23
    listed $239,900 Active
23. 2022-01-28
    soldstatus $115,000 Closed

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

24. 2022-01-28
    soldstatus $115,000

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

25. 2022-01-20
    status Pending

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

26. 2021-10-15
    historical Contingent

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

27. 2021-09-02
    listed $119,000 Active

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

28. 2021-08-31
    historical $119,000

    Show marketing remark (327 chars)

    2 separate homes on 1 lot. All utilities split. Ranch 2bed home on back with 1 car garage (newer). 3 bed home on front of the lot. Check with your lender for financing this unique property. Both tenants are month to month. No Deposits or leases. Put this in your rental portfolio or live in one and rent the other out!!

ⓘ 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: $1,742 · $145/mo
• Projected year-2 tax: $2,508 · $209/mo
• Expected delta: +$766/yr (+$64/mo · 44.0%)

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

Taxation est. · year 1

• Rental income: $26,064
• − Mortgage interest: −$11,758
• − Property taxes: −$1,742
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,085
• − Management: −$2,085
• − Depreciation: −$6,106
• Taxable income: $1,239
• Est. tax owed @ 24.0%: −$297
• After-tax cash flow: $4,293/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: North Baltimore Local
• NCES district ID: 3905070
• Math proficiency: 45% ▼ -21.00%
• Reading proficiency: 58% ▼ -12.00%
• Median HH income: $47,242
• Composite: 43.72/100
• National rank: #2951
• State rank: #424 of 656 in OH

Livability — North Baltimore

• Score: 78/100
• State rank: #159
• US rank: #2395

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: North Baltimore, OH
• County: Wood · 127,168 people
• City population: 4,572
• Metro: Toledo, OH
• Population (ZIP): 4,572
• Household income: $62,380
• Rent vs Own: 19.3% rent · 80.7% own
• Severe rent burden: 3.8

Population outlook (Wood County) Hauer SSP2

• Today (2025): 138,744 people
• By 2030: 143,189 · +3.2%
• By 2040: 150,896 · +8.8%
• By 2050: 158,589 · +14.3%
• By 2075: 182,166 · +31.3%
• By 2100: 196,533 · +41.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Hispanic / Latino 4% Two or more races 2% Black 2%
• Common ancestry: Iranian 4% Romanian 2% Slovak 1%
• Foreign-born: 0%
• Languages at home: 98% English-only · Spanish 2%

Political lean MEDSL · Wood

• 2024 margin: R (+10.2) · D 44.4% · R 54.6%
• 2008→2024 swing: -17.3pp toward R · 2008: 7.1pp · 2024: -10.2pp
• All cycles: 2024: R+10.2 2020: R+7.6 2016: R+8.5 2012: D+4.2 2008: D+7.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -29.19%
• Current HPI: 225.1072
• 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

+76.4% since first listed

15 events — show timeline

• 2026-06-03 Price Changed $209,900 NORIS
• 2026-04-29 Listed $219,900 NORIS
• 2026-03-22 Listing Removed — NORIS
• 2026-02-03 Listed $219,900 NORIS
• 2025-10-14 Price Changed $115,000 NORIS
• 2025-06-23 Listing Removed — NORIS
• 2025-06-17 Price Changed $219,900 NORIS
• 2025-06-05 Price Changed $229,900 NORIS
• 2025-05-23 Listed $239,900 NORIS
• 2022-01-28 Sold (Public Records) $115,000 Public Records
• 2022-01-28 Sold (MLS) $115,000 NORIS
• 2022-01-20 Pending — NORIS
• 2021-10-15 Contingent — NORIS
• 2021-09-02 Listed $119,000 NORIS
• 2021-08-31 Coming Soon $119,000 NORIS

Property tax history

+3.0%/yr

Latest (2025): $1,742 · +1.0% YoY. Source: county tax records.