49 Granite St · Mansfield, OH 44903

$54,900

4 bd · 2.0 ba · 2,156 sqft · MultiFamily · 13 Days on market

Built 1920 Poor condition 3,998 sqft lot

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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
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Schools +2.3/10.0
• Condition / age +1.0/5.0
• 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

3 unit building. 1 two bedroom and 2 one bedroom units. Owner to pay water and all utilities in the front house, separate utilities in rear. Rent was $500, $500, $350. Owner will consider financing the sale with reasonable down payment. Lease option, Lease purchase, or Land contract. Seller is a licensed real estate broker in the State of Ohio.

Key facts

• Covered front porch
• Private decks
• Fenced yard

Tags

• PRIVATE DECKS
• LARGE BASEMENT
• WORKSHOP
• ORIGINAL ARCHITECTURAL DETAILS
• COVERED FRONT PORCH
• FENCED YARD

Property features AI

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer
• Home design: Two-story home; Frame construction; Shingle roof
• Construction: Built according to public records; Frame construction; Shingle roof
• Exterior features: Off-street parking

Interior

• Bedrooms: Located across 2 stories
• Bathrooms: 3 full bathrooms
• Heating & cooling: Forced air heating
• Interior features: Walk-out basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $55k. Condition is rated poor.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $566/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $55k).
• Cap rate 31.1% vs local median 4.3% in Mansfield — 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 76/100 on livability (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D-, amenities D-.
• Mansfield City (urban): math 24% / reading 33% proficiency, ranked #590 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 122 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($65k/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 $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• Richland County population projected at -18% 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 $15k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 11y ago; this cycle's ask has dropped $13k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $7k; list at $55k implies a 684% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,900

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Crime grade is D in this area — have there been break-ins, vandalism, or insurance claims at this property in the last 3 years? What carrier currently insures it and at what premium?
7. 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.
8. 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.
9. 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: 3.49% ✓
• Cap rate: 31.05%
• Cash-on-cash: 88.42%
• DSCR: 4.93
• GRM: 2.4

CMA / ARV

• ARV (on-the-fly): $168,168
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
520 Harter Ave	0.59mi	4/—	1,911 (-11%)	13mo	$149,500	$78	43

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: 89.0%
• Equity multiple: 5.12×
• Total profit: $63,272
• Equity at exit: $8,186

10-year hold

• IRR: 92.0%
• Equity multiple: 10.63×
• Total profit: $148,105
• Equity at exit: $4,747

Cash invested: $15,372 (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 44903

• Home prices YoY: -27.7%
• Active inventory: 122
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,914 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $824/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $1,133

Break-even live

Break-even rent $480

Max offer price $54,900

Occupancy floor 36%

Sensitivity live

Price	-10% $1,171	-5% $1,152	+0% $1,133	+5% $1,114	+10% $1,095
Rent	-10% $981	-5% $1,057	+0% $1,133	+5% $1,208	+10% $1,284
Rate	-1.0pp $1,160	-0.5pp $1,147	base $1,133	+0.5pp $1,118	+1.0pp $1,104

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$1,914
Total (2 units)			$1,914

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: $13,725
• Closing costs: $1,647
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
243 W 1st St Mansfield, OH	4.0	1.0	1470	$1,195	$0.81	44d	1	0.67mi

Listing history 8 events

1. 2026-06-03
   status $54,900 Pending 13 DOM
2. 2026-06-02
   days on market $54,900 Active 13 DOM
3. 2026-06-01
   days on market $54,900 Active 12 DOM
4. 2026-05-31
   days on market $54,900 Active 11 DOM
5. 2026-05-30
   days on market $54,900 Active 10 DOM
6. 2026-05-20
   listed $68,000 Active
7. 2015-11-02
   soldstatus $7,000 346-char remark

   Show marketing remark (346 chars)

   3 unit building. 1 two bedroom and 2 one bedroom units. Owner to pay water and all utilities in the front house, separate utilities in rear. Rent was $500, $500, $350. Owner will consider financing the sale with reasonable down payment. Lease option, Lease purchase, or Land contract. Seller is a licensed real estate broker in the State of Ohio.

8. 2015-03-19
   listed $12,000 346-char remark

   Show marketing remark (346 chars)

   3 unit building. 1 two bedroom and 2 one bedroom units. Owner to pay water and all utilities in the front house, separate utilities in rear. Rent was $500, $500, $350. Owner will consider financing the sale with reasonable down payment. Lease option, Lease purchase, or Land contract. Seller is a licensed real estate broker in the State of Ohio.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,968
• − Mortgage interest: −$3,075
• − Property taxes: −$824
• − Insurance: −$274
• − Repairs & maintenance: −$1,837
• − Management: −$1,837
• − Depreciation: −$1,597
• Taxable income: $13,523
• Est. tax owed @ 24.0%: −$3,245
• After-tax cash flow: $10,346/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.

Condition & rehab AI · 7 photos

Poor 20/100 Extensive rehab

This property is in poor condition and requires extensive repairs and updates to improve its resale and rental value.

Repairs flagged

• Major roof — Significant wear and tear visible.
• Major exterior siding — Peeling and in need of repainting.
• Major flooring — Old and in need of replacement.
• Major interior walls/paint — Peeling paint and overall poor condition.
• Major HVAC and other systems — Likely in poor condition given the overall condition of the property.
• Major landscaping — Overgrown and in need of maintenance.

Value-add opportunities

• Both new roof — A new roof would significantly improve the overall condition and appearance of the property.
• Both exterior siding and painting — New siding and repainting would greatly enhance the curb appeal and overall condition.
• Both new flooring — New flooring would improve the interior condition and appearance.
• Both HVAC and other systems — Upgrading the HVAC and other systems would improve the comfort and functionality of the property.
• Both landscaping — Well-maintained landscaping would greatly enhance the curb appeal and overall condition of the property.

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Significant wear and tear visible.	Major	$15,000–50,000
exterior siding · Peeling and in need of repainting.	Major	$15,000–50,000
flooring · Old and in need of replacement.	Major	$15,000–50,000
interior walls/paint · Peeling paint and overall poor condition.	Major	$15,000–50,000
HVAC and other systems · Likely in poor condition given the overall condition of the property.	Major	$15,000–50,000
landscaping · Overgrown and in need of maintenance.	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both new roof — A new roof would significantly improve the overall condition and appearance of the property. ↑
• Both exterior siding and painting — New siding and repainting would greatly enhance the curb appeal and overall condition. ↑
• Both new flooring — New flooring would improve the interior condition and appearance. ↑
• Both HVAC and other systems — Upgrading the HVAC and other systems would improve the comfort and functionality of the property. ↑
• Both landscaping — Well-maintained landscaping would greatly enhance the curb appeal and overall condition of the property. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Mansfield City
• NCES district ID: 3904429
• Math proficiency: 24% ▼ -19.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $32,435
• Composite: 23.25/100
• National rank: #7934
• State rank: #590 of 656 in OH

Livability — Mansfield

• Score: 76/100
• State rank: #224
• US rank: #3525

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mansfield, OH
• County: Richland · 128,966 people
• City population: 16,349
• Metro: Mansfield, OH
• Population (ZIP): 26,804
• Household income: $65,421
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 9.5

Population outlook (Richland County) Hauer SSP2

• Today (2025): 115,577 people
• By 2030: 111,669 · -3.4%
• By 2040: 103,323 · -10.6%
• By 2050: 95,135 · -17.7%
• By 2075: 76,719 · -33.6%
• By 2100: 57,188 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (80%)
• Race & ethnicity: White 80% Two or more races 9% Black 9% Hispanic / Latino 2% Asian 1%
• Common ancestry: Slovak 2% Iranian 1% Romanian 1%
• Foreign-born: 1%
• Languages at home: 97% English-only · Spanish 1% Other Indo-European 1%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+42.3) · D 28.4% · R 70.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.6pp · 2024: -42.3pp
• All cycles: 2024: R+42.3 2020: R+39.7 2016: R+37.5 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -92.50%
• Current HPI: 241.9342
• 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

+466.7% since first listed

3 events — show timeline

• 2026-05-20 Listed $68,000 MLSNOW
• 2015-11-02 Sold (MLS) $7,000 MARMLS
• 2015-03-19 Listed $12,000 MARMLS