439 Carnahan Ave · Findlay, OH 45840

$90,000

4 bd · 2.0 ba · 2,100 sqft · SingleFamily public records · 7 Days on market

Built 1940 6,599 sqft lot

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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 +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

Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

Key facts

• Updated oak cabinets
• Vaulted ceiling
• Huge living room

Tags

• UPDATED OAK CABINETS
• SEPARATE FORMAL DINING ROOM
• HUGE LIVING ROOM
• VAULTED CEILING
• WOODBURNING FIREPLACE
• BUILT-IN SHELVING

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $870 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $90k).
• Cap rate 17.9% 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.
• Zoned schools: Jefferson Primary School (393 students, 34% FRL); Donnell Middle School (math 57% / reading 54%, grade B-, #321 of 654 statewide, top 51%, 523 students, 41% FRL); Findlay High School (math 51% / reading 60%, grade C, #296 of 781 statewide, top 39%, 1,915 students, 31% FRL) — zoned schools at 35% FRL track the district average.
• Market conditions: Rents rising fast (+5.7%/yr); 219 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 257 units permitted in Hancock County in 2024 (150 in 5+ unit buildings).
• This rent runs 35% of the median local income ($68k/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 $622 of loan paydown is wiped out by about $3k 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 $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: property tax is 2.8% of price; built in 1940 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $90,000

Questions for the listing agent

1. Built in 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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 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: 2.23% ✓
• Cap rate: 17.89%
• Cash-on-cash: 41.42%
• DSCR: 2.84
• GRM: 3.7

CMA / ARV

• ARV (on-the-fly): $279,300
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
523 Center St	0.38mi	4/2.5	2,072 (-1%)	2mo	$217,500	$105	76
1133 Glen Meadow Dr	0.39mi	4/2.5	1,936 (-8%)	9mo	$290,000	$150	59
1020 Country Club Dr	0.20mi	3/2.5 (-1)	2,404 (+14%)	1mo	$290,000	$121	58
801 Cherry St	0.12mi	4/2.0	1,802 (-14%)	17mo	$130,000	$72	56
236 Ash Ave	0.68mi	4/2.0	2,108 (+0%)	15mo	$169,000	$80	55
309 Huron Rd	0.66mi	3/2.0 (-1)	1,981 (-6%)	0mo	$250,000	$126	55
1300 Woodworth Dr	0.45mi	3/2.5 (-1)	1,918 (-9%)	9mo	$324,900	$169	50
432 Tiffin Ave	0.47mi	4/3.0	2,392 (+14%)	8mo	$145,000	$61	44
300 W Sawmill Rd	0.72mi	3/2.5 (-1)	1,874 (-11%)	1mo	$299,900	$160	40
224 E Sawmill Rd	0.73mi	4/2.0	1,875 (-11%)	14mo	$297,500	$159	37
209 E Sawmill Rd	0.73mi	4/2.0	1,816 (-14%)	11mo	$294,500	$162	34
800 Hawthorne Rd	0.50mi	4/3.5	2,403 (+14%)	18mo	$320,000	$133	31

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: 41.2%
• Equity multiple: 2.84×
• Total profit: $46,475
• Equity at exit: $13,419

10-year hold

• IRR: 48.8%
• Equity multiple: 6.41×
• Total profit: $136,313
• Equity at exit: $7,782

Cash invested: $25,200 (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: 3.7×

Monthly cashflow live

• Estimated rent: $2,011 medium
• Mortgage (P&I): −$472
• Tax from tax record: −$209 /mo · $2,513/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $870

Break-even live

Break-even rent $910

Max offer price $90,000

Occupancy floor 52%

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: $22,500
• Closing costs: $2,700
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1411 Sawmill Bnd Findlay, OH	3.0	2.0	2199	$2,400	$1.09	43d	1	0.84mi

Listing history 12 events

1. 2026-02-12
   status Pending
2. 2026-02-05
   listed $90,000 Active
3. 2022-10-17
   soldstatus $174,900
4. 2022-10-14
   soldstatus $174,900 Closed 570-char remark

   Show marketing remark (570 chars)

   Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

5. 2022-10-06
   status Pending 570-char remark

   Show marketing remark (570 chars)

   Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

6. 2022-08-29
   historical Contingent 570-char remark

   Show marketing remark (570 chars)

   Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

7. 2022-08-24
   price $174,900 570-char remark

   Show marketing remark (570 chars)

   Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

8. 2022-08-02
   price $189,900 570-char remark

   Show marketing remark (570 chars)

   Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

9. 2022-07-21
   listed $199,900 Active 570-char remark

   Show marketing remark (570 chars)

   Conveniently located near all that Findlay’s East side offers! This home is much larger than it looks from the street. Kitchen features updated oak cabinets and stainless appliances. Separate formal dining room could have other uses if preferred. Huge living room features vaulted ceiling, woodburning fireplace and great built-in shelving. Sunroom provides an additional living area. Each level offers two bedrooms and a full bath. Oversized detached garage, storage shed, and fire pit. Recent updates include carpet, sunroom flooring, patio door, and some paint.

10. 2006-11-15
    soldstatus $107,000
11. 1999-08-18
    soldstatus $82,500
12. 1992-07-08
    soldstatus $53,500

ⓘ 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: $2,513 · $209/mo
• Projected year-2 tax: $2,513 · $209/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 5/10 Major FEMA zone X (unshaded) · 47% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $24,132
• − Mortgage interest: −$5,041
• − Property taxes: −$2,513
• − Insurance: −$450
• − Repairs & maintenance: −$1,931
• − Management: −$1,931
• − Depreciation: −$2,618
• Taxable income: $9,649
• Est. tax owed @ 24.0%: −$2,316
• After-tax cash flow: $8,123/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

+68.2% since first listed

12 events — show timeline

• 2026-02-12 Pending — NORIS
• 2026-02-05 Listed $90,000 NORIS
• 2022-10-17 Sold (Public Records) $174,900 Public Records
• 2022-10-14 Sold (MLS) $174,900 NORIS
• 2022-10-06 Pending — NORIS
• 2022-08-29 Contingent — NORIS
• 2022-08-24 Price Changed $174,900 NORIS
• 2022-08-02 Price Changed $189,900 NORIS
• 2022-07-21 Listed $199,900 NORIS
• 2006-11-15 Sold (Public Records) $107,000 Public Records
• 1999-08-18 Sold (Public Records) $82,500 Public Records
• 1992-07-08 Sold (Public Records) $53,500 Public Records

Property tax history

+1.3%/yr

Latest (2025): $2,513 · +8.8% YoY. Source: county tax records.