811 W Osborne st St · Sandusky, OH 44870

$235,000

5 bd · 2.0 ba · 2,416 sqft · MultiFamily public records · 84 Days on market

Built 1860 8,700 sqft lot $97/sqft · 29% above area Est $182k · 29% 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
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• 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

Well-maintained and updated duplex offering strong cash flow and flexibility for future use. The property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, both updated and equipped with central air. The lower unit is currently leased at $1,100/month on a 1-year lease, while the upper unit is leased at $1,000/month with a new 6-month lease starting May 1, providing immediate and stable rental income. Tenants responsible for gas and electric, with landlord covering water and rubbish, keeping operating expenses predictable. Property also includes off-street parking for added tenant convenience. Unique value-add opportunity: this property can easily be converted into a spacious 5-bedroom, 2-bath single-family home by removing the front door partition wall ideal for an owner-occupant or resale strategy. Whether you're looking for a turnkey investment or a property with future flexibility, this duplex checks all the boxes.

Key facts

• Central air
• Off-street parking
• 8,700 sq ft lot

Tags

• CENTRAL AIR
• OFF-STREET PARKING
• SPACIOUS SINGLE-FAMILY HOME

What this means for you Summary

Snapshot

• This is a 5-bed/2.0-bath multifamily listed at $235k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $235k).
• Recommended offer: $221k (6.0% below list) — sets the bar for market timing.
• Cap rate 18.1% vs local median 5.4% in Sandusky — 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 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 209 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $4,799/mo this rent would consume 93% of the median local household income ($62k/yr) (locally 1602% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Erie County population projected at -15% 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 $66k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 84 days — a 6% lower offer ($221k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $20k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $235k implies a 224% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1860 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $220,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 84 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1860 — 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. 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?
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: 2.04% ✓
• Cap rate: 18.09%
• Cash-on-cash: 42.12%
• DSCR: 2.87
• GRM: 4.1

CMA / ARV

• ARV (median comp): $182,107
• List price: $235,000
• Delta: 29.04%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
612 W Osborne St	0.16mi	5/2.0	2,507 (+4%)	11mo	$110,000	$44	77
1215 W Jefferson St	0.58mi	5/2.0	2,226 (-8%)	12mo	$160,000	$72	49

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: 38.8%
• Equity multiple: 2.66×
• Total profit: $109,006
• Equity at exit: $35,039

10-year hold

• IRR: 45.2%
• Equity multiple: 5.32×
• Total profit: $284,275
• Equity at exit: $20,319

Cash invested: $65,800 (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 44870

• Active inventory: 209
• Price-to-rent: 6.6×

Monthly cashflow live

• Estimated rent: $4,799 medium
• Mortgage (P&I): −$1,232
• Tax from tax record: −$151 /mo · $1,816/yr
• Insurance: −$98
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,008
• Net cashflow: $2,310

Break-even live

Break-even rent $1,875

Max offer price $235,000

Occupancy floor 47%

Sensitivity live

Price	-10% $2,443	-5% $2,376	+0% $2,310	+5% $2,243	+10% $2,177
Rent	-10% $1,930	-5% $2,120	+0% $2,310	+5% $2,499	+10% $2,689
Rate	-1.0pp $2,428	-0.5pp $2,369	base $2,310	+0.5pp $2,249	+1.0pp $2,187

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$2,986
1× unit	2	1	$1,813
Total (2 units)			$4,799

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1032 Perry St Sandusky, OH	4.0	2.5	1845	$850	$0.46	44d	1	0.89mi

Listing history 20 events

1. 2026-06-19
   days on market $235,000 Active 84 DOM
2. 2026-06-18
   days on market $235,000 Active 83 DOM
3. 2026-06-17
   days on market $235,000 Active 82 DOM
4. 2026-06-16
   days on market $235,000 Active 81 DOM
5. 2026-06-15
   days on market $235,000 Active 80 DOM
6. 2026-06-14
   days on market $235,000 Active 78 DOM
7. 2026-06-12
   days on market $235,000 Active 77 DOM
8. 2026-06-09
   days on market $235,000 Active 74 DOM
9. 2026-06-08
   days on market $235,000 Active 73 DOM
10. 2026-06-07
    pricedays on market $235,000 Active 72 DOM
11. 2026-06-03
    days on market $245,000 Active 68 DOM
12. 2026-06-02
    days on market $245,000 Active 67 DOM
13. 2026-06-01
    days on market $245,000 Active 66 DOM
14. 2026-05-31
    days on market $245,000 Active 65 DOM
15. 2026-05-30
    days on market $245,000 Active 64 DOM
16. 2026-05-06
    price $245,000 957-char remark

    Show marketing remark (913 chars)

    Well-maintained and updated duplex offering strong cash flow and flexibility for future use. The property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, both updated and equipped with central air. The lower unit is vacant, while the upper unit is leased at $1,000/month with a new 6-month lease starting May 1, providing immediate and stable rental income. Tenants responsible for gaa and electric, with landlord covering water and rubbish, keeping operating expenses predictable. Property also includes off-street parking for added tenant convenience. Unique value-add opportunity: this property can easily be converted into a spacious 5-bedroom, 2-bath single-family home by removing the front door partition wall ideal for an owner-occupant or resale strategy. Whether you're looking for a turnkey investment or a property with future flexibility, this duplex checks all the boxes.

17. 2026-05-06
    price $245,000 913-char remark

    Show marketing remark (913 chars)

    Well-maintained and updated duplex offering strong cash flow and flexibility for future use. The property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, both updated and equipped with central air. The lower unit is vacant, while the upper unit is leased at $1,000/month with a new 6-month lease starting May 1, providing immediate and stable rental income. Tenants responsible for gaa and electric, with landlord covering water and rubbish, keeping operating expenses predictable. Property also includes off-street parking for added tenant convenience. Unique value-add opportunity: this property can easily be converted into a spacious 5-bedroom, 2-bath single-family home by removing the front door partition wall ideal for an owner-occupant or resale strategy. Whether you're looking for a turnkey investment or a property with future flexibility, this duplex checks all the boxes.

18. 2026-03-27
    listed $255,000 Active 957-char remark

    Show marketing remark (913 chars)

    Well-maintained and updated duplex offering strong cash flow and flexibility for future use. The property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, both updated and equipped with central air. The lower unit is vacant, while the upper unit is leased at $1,000/month with a new 6-month lease starting May 1, providing immediate and stable rental income. Tenants responsible for gaa and electric, with landlord covering water and rubbish, keeping operating expenses predictable. Property also includes off-street parking for added tenant convenience. Unique value-add opportunity: this property can easily be converted into a spacious 5-bedroom, 2-bath single-family home by removing the front door partition wall ideal for an owner-occupant or resale strategy. Whether you're looking for a turnkey investment or a property with future flexibility, this duplex checks all the boxes.

19. 2026-03-27
    listed $255,000 Active 913-char remark

    Show marketing remark (913 chars)

    Well-maintained and updated duplex offering strong cash flow and flexibility for future use. The property features a 3-bedroom, 1-bath lower unit and a 2-bedroom, 1-bath upper unit, both updated and equipped with central air. The lower unit is vacant, while the upper unit is leased at $1,000/month with a new 6-month lease starting May 1, providing immediate and stable rental income. Tenants responsible for gaa and electric, with landlord covering water and rubbish, keeping operating expenses predictable. Property also includes off-street parking for added tenant convenience. Unique value-add opportunity: this property can easily be converted into a spacious 5-bedroom, 2-bath single-family home by removing the front door partition wall ideal for an owner-occupant or resale strategy. Whether you're looking for a turnkey investment or a property with future flexibility, this duplex checks all the boxes.

20. 2012-02-29
    soldstatus $72,500

ⓘ 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: $1,816 · $151/mo
• Projected year-2 tax: $2,741 · $228/mo
• Expected delta: +$925/yr (+$77/mo · 51.0%)

ⓘ 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 ≥94°F today · 16 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: $57,588
• − Mortgage interest: −$13,164
• − Property taxes: −$1,816
• − Insurance: −$1,175
• − Repairs & maintenance: −$4,607
• − Management: −$4,607
• − Depreciation: −$6,836
• Taxable income: $25,383
• Est. tax owed @ 24.0%: −$6,092
• After-tax cash flow: $21,623/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: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 73,204 people
• By 2030: 71,341 · -2.5%
• By 2040: 66,771 · -8.8%
• By 2050: 62,512 · -14.6%
• By 2075: 56,154 · -23.3%
• By 2100: 49,045 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Erie

• 2024 margin: R (+14.1) · D 42.5% · R 56.6%
• 2008→2024 swing: -28.0pp toward R · 2008: 13.9pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.6 2016: R+9.8 2012: D+11.3 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, 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

+237.9% since first listed

5 events — show timeline

• 2026-05-06 Price Changed $245,000 FAOR
• 2026-05-06 Price Changed $245,000 FAOR
• 2026-03-27 Listed $255,000 FAOR
• 2026-03-27 Listed $255,000 FAOR
• 2012-02-29 Sold (Public Records) $72,500 Public Records

Property tax history

+1.2%/yr

Latest (2025): $1,816 · -2.2% YoY. Source: county tax records.