154 E Warren St · Cadiz, OH 43907

$35,000

4 bd · 2.0 ba · 2,168 sqft · SingleFamily public records · 18 Days on market

Built 1860

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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
• Schools +3.6/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Discover the potential of this historic 4-bedroom, 2-bathroom fixer-upper located at 154 E Warren St in Cadiz, OH. Embracing the charm of old brick construction, this property offers a unique opportunity for those seeking a project to transform a classic residence into their dream home. As you step inside, you'll be greeted by the allure of this vintage home, featuring spacious rooms and a layout that exudes character. With 2 staircases enhancing its architectural appeal, this house invites you to restore its original beauty and create a personalized space. The large rooms throughout provide a canvas for your imagination, offering ample potential for customization and redesign to suit your vision. The property's charm lies in its historical elements, awaiting a restoration that can bring back its former glory. Outside, a substantial yard surrounds the property. Ideal for those with a passion for renovation or investors seeking a project with vast potential, this fixer-upper presents a remarkable opportunity to restore a piece of Cadiz's history.

Key facts

• Built 1860
• Listed 17 days

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $35k.

Deal economics

• At list price, monthly cash flow is $576 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $35k).
• Recommended offer: $34k (1.5% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#442 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment C-, amenities F, commute F.
• Harrison Hills City (rural): math 35% / reading 51% proficiency, ranked #522 of 656 in OH (top 80%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Harrison Central Elementary School (math 37% / reading 54%, grade D-, #980 of 1,584 statewide, top 62%, 807 students, 51% FRL); Harrison Central Jr./Sr. High School (math 32% / reading 48%, grade F, #522 of 781 statewide, top 67%, 599 students, 41% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 20 active listings in the ZIP; 1 units permitted in Harrison County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $242 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Harrison County population projected at -20% 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 $10k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 18 days — a 2% lower offer ($34k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 3y 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 $22k; list at $35k implies a 59% 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 $34,475 (1.5% below list)

Questions for the listing agent

1. Built in 1860 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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.
4. 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.
5. 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: 2.96% ✓
• Cap rate: 26.03%
• Cash-on-cash: 70.50%
• DSCR: 4.14
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $151,760
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
154 E Warren St	0.00mi	4/2.0	2,168 (0%)	18mo	$22,000	$10	85
610 Peppard Ave	0.51mi	4/2.5	2,050 (-5%)	1mo	$179,000	$87	64
608 Kerr Ave	0.52mi	3/2.5 (-1)	2,023 (-7%)	5mo	$325,000	$161	54
532 E Market St	0.42mi	3/1.0 (-1)	2,022 (-7%)	11mo	$20,000	$10	51
647 Mccready Ave	0.57mi	4/1.5	2,016 (-7%)	13mo	$142,100	$70	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: 70.1%
• Equity multiple: 4.16×
• Total profit: $31,014
• Equity at exit: $5,219

10-year hold

• IRR: 74.1%
• Equity multiple: 8.58×
• Total profit: $74,291
• Equity at exit: $3,026

Cash invested: $9,800 (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 43907

• Home prices YoY: -16.1%
• Active inventory: 20
• Price-to-rent: 2.8×

Monthly cashflow live

• Estimated rent: $1,038 medium
• Mortgage (P&I): −$184
• Tax from tax record: −$46 /mo · $550/yr
• Insurance: −$15
• HOA: −$0
• Vacancy / Maint / Mgmt: −$218
• Net cashflow: $576

Break-even live

Break-even rent $309

Max offer price $35,000

Occupancy floor 40%

Sensitivity live

Price	-10% $596	-5% $586	+0% $576	+5% $566	+10% $556
Rent	-10% $494	-5% $535	+0% $576	+5% $617	+10% $658
Rate	-1.0pp $593	-0.5pp $585	base $576	+0.5pp $567	+1.0pp $557

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: $8,750
• Closing costs: $1,050
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-16
   days on market $35,000 Active 18 DOM
2. 2026-06-15
   days on market $35,000 Active 17 DOM
3. 2026-06-13
   days on market $35,000 Active 15 DOM
4. 2026-06-12
   days on market $35,000 Active 14 DOM
5. 2026-06-09
   days on market $35,000 Active 11 DOM
6. 2026-06-08
   days on market $35,000 Active 10 DOM
7. 2026-06-08
   days on market $35,000 Active 9 DOM
8. 2026-06-07
   days on market $35,000 Active 8 DOM
9. 2026-06-04
   days on market $35,000 Active 5 DOM
10. 2026-06-02
    days on market $35,000 Active 4 DOM
11. 2026-06-01
    days on market $35,000 Active 3 DOM
12. 2026-05-31
    days on market $35,000 Active 2 DOM
13. 2026-05-30
    listed $35,000 Active
14. 2025-01-06
    soldstatus $22,000 Closed 1061-char remark

    Show marketing remark (1061 chars)

    Discover the potential of this historic 4-bedroom, 2-bathroom fixer-upper located at 154 E Warren St in Cadiz, OH. Embracing the charm of old brick construction, this property offers a unique opportunity for those seeking a project to transform a classic residence into their dream home. As you step inside, you'll be greeted by the allure of this vintage home, featuring spacious rooms and a layout that exudes character. With 2 staircases enhancing its architectural appeal, this house invites you to restore its original beauty and create a personalized space. The large rooms throughout provide a canvas for your imagination, offering ample potential for customization and redesign to suit your vision. The property's charm lies in its historical elements, awaiting a restoration that can bring back its former glory. Outside, a substantial yard surrounds the property. Ideal for those with a passion for renovation or investors seeking a project with vast potential, this fixer-upper presents a remarkable opportunity to restore a piece of Cadiz's history.

15. 2024-09-11
    price $23,499 1061-char remark

    Show marketing remark (1061 chars)

    Discover the potential of this historic 4-bedroom, 2-bathroom fixer-upper located at 154 E Warren St in Cadiz, OH. Embracing the charm of old brick construction, this property offers a unique opportunity for those seeking a project to transform a classic residence into their dream home. As you step inside, you'll be greeted by the allure of this vintage home, featuring spacious rooms and a layout that exudes character. With 2 staircases enhancing its architectural appeal, this house invites you to restore its original beauty and create a personalized space. The large rooms throughout provide a canvas for your imagination, offering ample potential for customization and redesign to suit your vision. The property's charm lies in its historical elements, awaiting a restoration that can bring back its former glory. Outside, a substantial yard surrounds the property. Ideal for those with a passion for renovation or investors seeking a project with vast potential, this fixer-upper presents a remarkable opportunity to restore a piece of Cadiz's history.

16. 2024-09-06
    listed $29,990 Active 1061-char remark

    Show marketing remark (1061 chars)

    Discover the potential of this historic 4-bedroom, 2-bathroom fixer-upper located at 154 E Warren St in Cadiz, OH. Embracing the charm of old brick construction, this property offers a unique opportunity for those seeking a project to transform a classic residence into their dream home. As you step inside, you'll be greeted by the allure of this vintage home, featuring spacious rooms and a layout that exudes character. With 2 staircases enhancing its architectural appeal, this house invites you to restore its original beauty and create a personalized space. The large rooms throughout provide a canvas for your imagination, offering ample potential for customization and redesign to suit your vision. The property's charm lies in its historical elements, awaiting a restoration that can bring back its former glory. Outside, a substantial yard surrounds the property. Ideal for those with a passion for renovation or investors seeking a project with vast potential, this fixer-upper presents a remarkable opportunity to restore a piece of Cadiz's history.

17. 2024-01-25
    historical
18. 2023-12-21
    price $40,000
19. 2023-12-12
    price $55,000
20. 2023-12-05
    listed $65,000 Active
21. 2004-11-29
    soldstatus $88,000

ⓘ 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: $550 · $46/mo
• Projected year-2 tax: $550 · $46/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3/10 Moderate
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 2/10 Low 0 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,451
• − Mortgage interest: −$1,961
• − Property taxes: −$550
• − Insurance: −$175
• − Repairs & maintenance: −$996
• − Management: −$996
• − Depreciation: −$1,018
• Taxable income: $6,755
• Est. tax owed @ 24.0%: −$1,621
• After-tax cash flow: $5,287/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: Harrison Hills City
• NCES district ID: 3904524
• Math proficiency: 35% ▼ -24.00%
• Reading proficiency: 51% ▼ -12.00%
• Median HH income: $39,642
• Composite: 35.93/100
• National rank: #4803
• State rank: #522 of 656 in OH

Livability — Cadiz

• Score: 71/100
• State rank: #442
• US rank: #7267

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cadiz, OH
• County: Harrison · 13,333 people
• Population (ZIP): 4,814
• Household income: $45,781
• Rent vs Own: 32.1% rent · 67.9% own
• Severe rent burden: 3.6

Population outlook (Harrison County) Hauer SSP2

• Today (2025): 14,537 people
• By 2030: 13,961 · -4.0%
• By 2040: 12,753 · -12.3%
• By 2050: 11,607 · -20.2%
• By 2075: 9,299 · -36.0%
• By 2100: 7,447 · -48.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Black 8% Two or more races 3%
• Common ancestry: Romanian 6% Serbian 3% Italian 2%
• Foreign-born: 1%

Political lean MEDSL · Harrison

• 2024 margin: Solid R (+55.2) · D 21.9% · R 77.1%
• 2008→2024 swing: -52.8pp toward R · 2008: -2.4pp · 2024: -55.2pp
• All cycles: 2024: R+55.2 2020: R+52.6 2016: R+48.3 2012: R+14.9 2008: R+2.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -37.54%
• Current HPI: 196.03
• 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

-60.2% since first listed

9 events — show timeline

• 2026-05-30 Listed $35,000 FSBO.com
• 2025-01-06 Sold (MLS) $22,000 MLSNOW
• 2024-09-11 Price Changed $23,499 MLSNOW
• 2024-09-06 Listed $29,990 MLSNOW
• 2024-01-25 Listing Removed — MLSNOW
• 2023-12-21 Price Changed $40,000 MLSNOW
• 2023-12-12 Price Changed $55,000 MLSNOW
• 2023-12-05 Listed $65,000 MLSNOW
• 2004-11-29 Sold (Public Records) $88,000 Public Records

Property tax history

+2.0%/yr

Latest (2025): $550 · +0.1% YoY. Source: county tax records.