529 N Moening St · Delphos, OH 45833

$125,000

4 bd · 2.0 ba · 1,872 sqft · MultiFamily public records · 8 Days on market

Built 1910 Est $139k · 10% under

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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
• ARV discount +11.9/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +6.4/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• 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

This well-maintained duplex offers flexibility, updates, and investment potential all in one property! The first-floor unit features 2 bedrooms, 1 full bath, convenient first-floor laundry, and newer flooring. The upper unit, accessible by exterior stairs and deck area, also includes 2 bedrooms and 1 full bath with numerous updates including an updated kitchen, flooring, plumbing, and drop ceiling. Major improvements provide peace of mind, including a new roof (2023), central air (2023), and water heater (2023). Each unit has separate utilities with individual water heaters and separate meters, making management simple for owner-occupants or investors alike. Outside, you'll find a garage bu

Key facts

• Separate utilities
• First floor laundry
• Water heater

Tags

• FIRST FLOOR LAUNDRY
• UPDATED KITCHEN
• NEW ROOF
• CENTRAL AIR
• WATER HEATER
• SEPARATE UTILITIES

Property features AI

Exterior

• Parking: Off-street parking; 1-car garage
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; Approximately 1,872 square feet
• Construction: Block foundation; Asphalt roof
• Exterior features: Porch; Residential zoning

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Basement with block construction and a sump pump

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $631 ($8k/yr) — positive. Per door: $315/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Cap rate 12.4% vs local median 3.9% in Delphos — 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 72/100 on livability (#378 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D, amenities F, commute F.
• Delphos City (town): math 77% / reading 75% proficiency, ranked #91 of 656 in OH (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Zoned schools: Franklin Elementary School (math 87% / reading 77%, grade A+, #116 of 1,584 statewide, top 9%, 339 students, 46% FRL); Jefferson Middle School (math 79% / reading 73%, grade A, #74 of 654 statewide, top 12%, 244 students, 46% FRL); Jefferson High School (math 57% / reading 82%, grade B, #106 of 781 statewide, top 16%, 272 students, 36% FRL).
• Market conditions: 17 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).
• This rent runs 32% of the median local income ($67k/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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Allen County population projected at -14% 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 $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $40k; list at $125k implies a 212% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $125,000

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 1910 — 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: 1.42% ✓
• Cap rate: 12.35%
• Cash-on-cash: 21.63%
• DSCR: 1.96
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $138,528
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
638-640 E 6th St	0.09mi	5/2.0 (+1)	2,040 (+9%)	10mo	$150,000	$74	68

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: 14.2%
• Equity multiple: 1.57×
• Total profit: $19,901
• Equity at exit: $18,638

10-year hold

• IRR: 23.0%
• Equity multiple: 2.97×
• Total profit: $68,950
• Equity at exit: $10,808

Cash invested: $35,000 (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 45833

• Home prices YoY: -15.4%
• Active inventory: 17
• Price-to-rent: 11.7×

Monthly cashflow live

• Estimated rent: $1,773 medium
• Mortgage (P&I): −$656
• Tax from tax record: −$62 /mo · $745/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$372
• Net cashflow: $631

Break-even live

Break-even rent $974

Max offer price $125,000

Occupancy floor 59%

Sensitivity live

Price	-10% $702	-5% $666	+0% $631	+5% $596	+10% $560
Rent	-10% $491	-5% $561	+0% $631	+5% $701	+10% $771
Rate	-1.0pp $694	-0.5pp $663	base $631	+0.5pp $599	+1.0pp $566

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,774
Total (2 units)			$1,773

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-06-18
   days on market $125,000 Active 8 DOM
2. 2026-06-17
   days on market $125,000 Active 7 DOM
3. 2026-06-16
   days on market $125,000 Active 6 DOM
4. 2026-06-15
   days on market $125,000 Active 5 DOM
5. 2026-06-13
   days on market $125,000 Active 3 DOM
6. 2026-06-12
   days on market $125,000 Active 2 DOM
7. 2026-05-23
   listed $125,000 Active
8. 2022-02-22
   soldstatus $40,000
9. 2012-02-21
   listed $45,000

ⓘ 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: $745 · $62/mo
• Projected year-2 tax: $1,348 · $112/mo
• Expected delta: +$602/yr (+$50/mo · 80.8%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 3/10 Moderate FEMA zone X (unshaded) · 10% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥101°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: $21,276
• − Mortgage interest: −$7,002
• − Property taxes: −$745
• − Insurance: −$625
• − Repairs & maintenance: −$1,702
• − Management: −$1,702
• − Depreciation: −$3,636
• Taxable income: $5,863
• Est. tax owed @ 24.0%: −$1,407
• After-tax cash flow: $6,164/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: Delphos City
• NCES district ID: 3904388
• Math proficiency: 77% ▼ -8.00%
• Reading proficiency: 75% ▼ -8.00%
• Median HH income: $49,400
• Composite: 64.3/100
• National rank: #557
• State rank: #91 of 656 in OH

Livability — Delphos

• Score: 72/100
• State rank: #378
• US rank: #6142

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delphos, OH
• County: Van Wert · 34,605 people
• City population: 10,822
• Population (ZIP): 10,822
• Household income: $66,919
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 2.2

Population outlook (Allen County) Hauer SSP2

• Today (2025): 100,321 people
• By 2030: 97,693 · -2.6%
• By 2040: 91,802 · -8.5%
• By 2050: 86,152 · -14.1%
• By 2075: 73,659 · -26.6%
• By 2100: 58,716 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Black 2%
• Common ancestry: Serbian 2% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+44.1) · D 27.5% · R 71.6%
• 2008→2024 swing: -23.4pp toward R · 2008: -20.7pp · 2024: -44.1pp
• All cycles: 2024: R+44.1 2020: R+39.5 2016: R+38.2 2012: R+25.7 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.82%
• Current HPI: 218.1437
• 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

+177.8% since first listed

3 events — show timeline

• 2026-05-23 Listed $125,000 WCARE
• 2022-02-22 Sold (Public Records) $40,000 Public Records
• 2012-02-21 Listed $45,000 WCARE

Property tax history

-1.1%/yr

Latest (2025): $745 · -1.2% YoY. Source: county tax records.