239 S Adams St · Mansfield, OH 44902

$125,949

4 bd · 2.0 ba · 1,860 sqft · MultiFamily public records · 35 Days on market

Built 1920 Est $99k · 28% over ↓ 48% since listing

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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
• Appreciation +9.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Investors are invited to explore this exceptional three-unit investment property, which boasts a strong income stream. The fully occupied building comprises two one-bedroom, one-bathroom units and a spacious two-bedroom, one-bathroom upper-level unit. This all-electric property has undergone significant upgrades, including a new furnace, a newer roof, and more.

Key facts

• New furnace
• Strong income stream
• Significant upgrades

Tags

• THREE UNIT INVESTMENT PROPERTY
• STRONG INCOME STREAM
• FULLY OCCUPIED BUILDING
• SIGNIFICANT UPGRADES
• NEW FURNACE
• NEWER ROOF

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer
• Home design: Multi-family residential income property; 2-story building
• Construction: Aluminum siding

Interior

• Bedrooms: One-bedroom units (multiple); Two-bedroom unit(s)
• Bathrooms: One bathroom in each unit
• Heating & cooling: Forced air heating; Window air-conditioning units
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $126k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $126k).
• Recommended offer: $122k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.8% 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: 30 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• At $2,030/mo this rent would consume 77% of the median local household income ($32k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $12k of equity ($871 loan paydown + $11k appreciation (8.4% local appreciation)).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $35k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

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

Recommended offer $122,170 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.61% ✓
• Cap rate: 13.81%
• Cash-on-cash: 26.86%
• DSCR: 2.20
• GRM: 5.2

CMA / ARV

• ARV (median comp): $98,581
• List price: $125,949
• Delta: 27.76%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

8.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 42.1%
• Equity multiple: 4.00×
• Total profit: $105,817
• Equity at exit: $99,583

10-year hold

• IRR: 37.3%
• Equity multiple: 8.65×
• Total profit: $269,906
• Equity at exit: $201,508

Cash invested: $35,266 (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 44902

• Home prices YoY: 2.9%
• Active inventory: 30
• Price-to-rent: 15.8×

Monthly cashflow live

• Estimated rent: $2,030 high
• Mortgage (P&I): −$660
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$426
• Net cashflow: $789

Break-even live

Break-even rent $1,031

Max offer price $125,949

Occupancy floor 56%

Sensitivity live

Price	-10% $861	-5% $825	+0% $789	+5% $754	+10% $718
Rent	-10% $629	-5% $709	+0% $789	+5% $870	+10% $950
Rate	-1.0pp $853	-0.5pp $821	base $789	+0.5pp $757	+1.0pp $724

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,332
1× unit	2	1	$699
Total (3 units)			$2,030

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: $31,487
• Closing costs: $3,778
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
147 Ford St Mansfield, OH	3.0	1.5	1286	$995	$0.77	44d	1	0.24mi
39 Florence Ave #41 Mansfield, OH	5.0	1.0	1236	$800	$0.65	44d	1	0.33mi
243 W 1st St Mansfield, OH	4.0	1.0	1470	$1,195	$0.81	44d	1	0.73mi

Listing history 18 events

1. 2026-06-18
   days on market $125,949 Active 35 DOM
2. 2026-06-17
   days on market $125,949 Active 34 DOM
3. 2026-06-16
   days on market $125,949 Active 33 DOM
4. 2026-06-15
   days on market $125,949 Active 32 DOM
5. 2026-06-14
   days on market $125,949 Active 30 DOM
6. 2026-06-12
   days on market $125,949 Active 29 DOM
7. 2026-06-09
   days on market $125,949 Active 26 DOM
8. 2026-06-08
   days on market $125,949 Active 25 DOM
9. 2026-06-07
   days on market $125,949 Active 24 DOM
10. 2026-06-05
    days on market $125,949 Active 21 DOM
11. 2026-06-03
    days on market $125,949 Active 20 DOM
12. 2026-06-02
    days on market $125,949 Active 19 DOM
13. 2026-06-01
    days on market $125,949 Active 18 DOM
14. 2026-05-31
    days on market $125,949 Active 17 DOM
15. 2026-05-30
    days on market $125,949 Active 16 DOM
16. 2026-05-14
    listed $125,949 Active
17. 2026-05-14
    listed $125,949 Active 363-char remark
18. 2001-07-25
    soldstatus $240,000

ⓘ 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: $1,216 · $101/mo
• Projected year-2 tax: $1,591 · $133/mo
• Expected delta: +$374/yr (+$31/mo · 30.8%)

ⓘ 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 ≥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: $24,360
• − Mortgage interest: −$7,055
• − Property taxes: −$1,216
• − Insurance: −$630
• − Repairs & maintenance: −$1,949
• − Management: −$1,949
• − Depreciation: −$3,664
• Taxable income: $7,897
• Est. tax owed @ 24.0%: −$1,895
• After-tax cash flow: $7,577/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: 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): 4,876
• Household income: $31,619
• Rent vs Own: 64.9% rent · 35.1% own
• Severe rent burden: 13.2

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 52% Black 35% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Italian 2% Serbian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 4% 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: ▲ 8.45%
• Current HPI: 302.035
• 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

-47.5% since first listed

3 events — show timeline

• 2026-05-14 Listed $125,949 MARMLS
• 2026-05-14 Listed $125,949 MARMLS
• 2001-07-25 Sold (Public Records) $240,000 Public Records

Property tax history

+37.0%/yr

Latest (2025): $1,216 · +206.1% YoY. Source: county tax records.