400 E Pearl St · Findlay, OH 45840

$139,900

2 bd · 1.0 ba · 925 sqft · SingleFamily public records · 80 Days on market

Built 1962 10,498 sqft lot $151/sqft · 13% below area Est $161k · 13% under

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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 +21.6/30.0
• ARV discount +13.4/15.0
• DSCR +6.9/10.0
• 1% rule +4.7/10.0
• Schools +4.7/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

Key facts

• 0.24 acre lot
• 2 parking spots
• Built 1962

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $140k.

Deal economics

• At list price, monthly cash flow is $212 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $136k (2.9% below list).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 5.0% in Findlay — 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 81/100 on livability (#98 in OH, #1,496 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: employment D+, commute F.
• Findlay City (town): math 56% / reading 56% proficiency, ranked #357 of 656 in OH (top 54%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.7%/yr); 219 active listings in the ZIP; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Hancock County population projected to shrink 4% by 2050 — rents likely to lag national; underwrite the cash flow, not the appreciation.
• At projected returns (-3.0% appreciation + 5.7% rent growth), your $39k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 16y ago; this cycle's ask has dropped $30k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $63k; list at $140k implies a 122% gain — meaningful room to come down on a strong offer.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 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 1962 — 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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.97% ✗
• Cap rate: 8.11%
• Cash-on-cash: 6.50%
• DSCR: 1.29
• GRM: 8.6

CMA / ARV

• ARV (median comp): $161,188
• List price: $139,900
• Delta: -13.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
400 E Pearl St	0.00mi	3/1.0 (+1)	925 (0%)	0mo	$132,000	$143	95
125 E Wallace St	0.29mi	2/1.0	892 (-4%)	20mo	$25,000	$28	64
125 W Mcpherson Ave	0.52mi	2/1.0	840 (-9%)	2mo	$145,000	$173	59
1201 S Blanchard St	0.54mi	2/1.0	1,008 (+9%)	10mo	$170,000	$169	51
420 3rd St	0.54mi	2/1.0	1,032 (+12%)	21mo	$175,000	$170	38
532 3rd St St	0.55mi	3/2.0 (+1)	1,052 (+14%)	10mo	$185,000	$176	34
423 1st St	0.70mi	3/1.5 (+1)	1,063 (+15%)	2mo	$205,000	$193	34

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 · 5.68% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.86×
• Total profit: $-5,430
• Equity at exit: $20,860

10-year hold

• IRR: 8.7%
• Equity multiple: 1.74×
• Total profit: $28,815
• Equity at exit: $12,096

Cash invested: $39,172 (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 45840

• Rents YoY: 5.7%
• Active inventory: 219
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $1,359 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$69 /mo · $831/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$285
• Net cashflow: $212

Break-even live

Break-even rent $1,090

Max offer price $139,900

Occupancy floor 79%

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-05-19
   price $139,900 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

2. 2026-05-11
   price $142,900 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

3. 2026-05-01
   price $144,900 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

4. 2026-04-15
   price $149,900 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

5. 2026-03-24
   price $154,900 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

6. 2026-03-21
   price $164,900 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

7. 2026-03-03
   listed $169,900 Active 107-char remark

   Show marketing remark (107 chars)

   Great home, perfect for a starter home or an investment! located near amenities. Seller related to realtor.

8. 2017-02-23
   soldstatus $63,000
9. 2011-05-05
   soldstatus $52,000
10. 2011-05-04
    soldstatus $52,000 472-char remark

    Show marketing remark (472 chars)

    Why Pay Rent? Neat as a Pin! Fresh and clean and ready to move in and enjoy. You'll find a large Living Room and Dining Room. Nice Sized Bedrooms and the Utility is large and the carpeted area could be a great Home Office or 3rd Bedroom. This home features newer flooring and updated Kitchen and bath. All in a quiet and stable neighborhood. Go to www.DougSellsProperty.com for additional pictures or call Doug Finney, WebMLS, Realty at 419-306-9853 to schedule a showing.

11. 2011-05-04
    soldstatus $52,000

    Show marketing remark (472 chars)

    Why Pay Rent? Neat as a Pin! Fresh and clean and ready to move in and enjoy. You'll find a large Living Room and Dining Room. Nice Sized Bedrooms and the Utility is large and the carpeted area could be a great Home Office or 3rd Bedroom. This home features newer flooring and updated Kitchen and bath. All in a quiet and stable neighborhood. Go to www.DougSellsProperty.com for additional pictures or call Doug Finney, WebMLS, Realty at 419-306-9853 to schedule a showing.

12. 2010-10-20
    listed $52,000 472-char remark

    Show marketing remark (472 chars)

    Why Pay Rent? Neat as a Pin! Fresh and clean and ready to move in and enjoy. You'll find a large Living Room and Dining Room. Nice Sized Bedrooms and the Utility is large and the carpeted area could be a great Home Office or 3rd Bedroom. This home features newer flooring and updated Kitchen and bath. All in a quiet and stable neighborhood. Go to www.DougSellsProperty.com for additional pictures or call Doug Finney, WebMLS, Realty at 419-306-9853 to schedule a showing.

13. 2010-10-20
    listed $54,000

    Show marketing remark (472 chars)

    Why Pay Rent? Neat as a Pin! Fresh and clean and ready to move in and enjoy. You'll find a large Living Room and Dining Room. Nice Sized Bedrooms and the Utility is large and the carpeted area could be a great Home Office or 3rd Bedroom. This home features newer flooring and updated Kitchen and bath. All in a quiet and stable neighborhood. Go to www.DougSellsProperty.com for additional pictures or call Doug Finney, WebMLS, Realty at 419-306-9853 to schedule a showing.

14. 2006-06-29
    soldstatus $69,100
15. 1997-01-10
    soldstatus $63,000
16. 1992-08-21
    soldstatus $35,000

ⓘ 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: $831 · $69/mo
• Projected year-2 tax: $1,507 · $126/mo
• Expected delta: +$676/yr (+$56/mo · 81.3%)

ⓘ 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 · 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: $16,307
• − Mortgage interest: −$7,837
• − Property taxes: −$831
• − Insurance: −$700
• − Repairs & maintenance: −$1,305
• − Management: −$1,305
• − Depreciation: −$4,070
• Taxable income: $260
• Est. tax owed @ 24.0%: −$63
• After-tax cash flow: $2,485/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: Findlay City
• NCES district ID: 3910000
• Math proficiency: 56% ▼ -11.00%
• Reading proficiency: 56% ▼ -9.00%
• Median HH income: $45,261
• Composite: 47.31/100
• National rank: #2300
• State rank: #357 of 656 in OH

Livability — Findlay

• Score: 81/100
• State rank: #98
• US rank: #1496

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Findlay, OH
• County: Hancock County · 54,559 people
• City population: 54,559
• Metro: Findlay, OH
• Population (ZIP): 54,559
• Household income: $68,083
• Rent vs Own: 34.0% rent · 66.0% own
• Severe rent burden: 1540.0

Population outlook (Hancock County) Hauer SSP2

• Today (2025): 77,526 people
• By 2030: 77,777 · +0.3%
• By 2040: 76,976 · -0.7%
• By 2050: 74,479 · -3.9%
• By 2075: 65,741 · -15.2%
• By 2100: 52,942 · -31.7%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Hispanic / Latino 6% Two or more races 5% Asian 2% Black 2%
• Hispanic origin (detail): Mexican 5%
• Common ancestry: Romanian 3% Italian 2% Lithuanian 2%
• Foreign-born: 4% · Canada, China
• Languages at home: 94% English-only · Spanish 3% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Hancock

• 2024 margin: Solid R (+38.4) · D 30.2% · R 68.7% · Other 1.1%
• 2008→2024 swing: -15.3pp toward R · 2008: -23.1pp · 2024: -38.4pp
• All cycles: 2024: R+38.4 2020: R+37.5 2016: R+40.8 2012: R+28.3 2008: R+23.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -250.43%
• Current HPI: 194.9132
• Rent YoY: ▲ 5.68%
• Metro: Findlay, 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

+299.7% since first listed

16 events — show timeline

• 2026-05-19 Price Changed $139,900 NORIS
• 2026-05-11 Price Changed $142,900 NORIS
• 2026-05-01 Price Changed $144,900 NORIS
• 2026-04-15 Price Changed $149,900 NORIS
• 2026-03-24 Price Changed $154,900 NORIS
• 2026-03-21 Price Changed $164,900 NORIS
• 2026-03-03 Listed $169,900 NORIS
• 2017-02-23 Sold (Public Records) $63,000 Public Records
• 2011-05-05 Sold (Public Records) $52,000 Public Records
• 2011-05-04 Sold (MLS) $52,000 NORIS
• 2011-05-04 Sold (MLS) $52,000 NORIS
• 2010-10-20 Listed $54,000 NORIS
• 2010-10-20 Listed $52,000 NORIS
• 2006-06-29 Sold (Public Records) $69,100 Public Records
• 1997-01-10 Sold (Public Records) $63,000 Public Records
• 1992-08-21 Sold (Public Records) $35,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $831 · +3.8% YoY. Source: county tax records.