111 E Lamartine St · Mount Vernon, OH 43050

$195,000

4 bd · 2.5 ba · 2,018 sqft · MultiFamily public records · 21 Days on market

Built 1900 8,276 sqft lot Est $155k · 25% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Schools +4.9/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

Charming multi-unit rental property for sale! Each unit features 2 bedrooms and 1 bathroom, offering comfortable living spaces ideal for tenants. Conveniently located near downtown, this property provides easy access to shopping, dining, and a wide range of amenities. Situated on a classic brick street, it combines character with a highly desirable location. Great opportunity for investors or owner-occupants looking for rental income potential!

Key facts

• 8,276 sq ft lot
• Built 1900
• Listed 21 days

Property features AI

Finance

• Financial info: Annual taxes reported: $2,091 (2024)

Exterior

• Utilities: Public water; Public sewer
• Home design: Duplex; Built in 1900; Located on East Lamartine Street; cross street North Main
• Construction: Built in 1900
• Exterior features: Lot of approximately 0.19 acres

Interior

• Interior features: Duplex with two total units

What this means for you Summary

Snapshot

• This is a 4-bed/2.5-bath multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $756 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $195k).
• Recommended offer: $192k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.9% vs local median 3.0% in Mount Vernon — 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 (#227 in OH, #3,542 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: crime C-, amenities F, commute F.
• Mount Vernon City (town): math 55% / reading 62% proficiency, ranked #321 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 163 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 195 units permitted in Knox County in 2024 (0 in 5+ unit buildings).
• At $2,570/mo this rent would consume 47% of the median local household income ($65k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• Knox 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 $55k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($192k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $30k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $70k; list at $195k implies a 179% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,075 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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.
5. 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.
6. 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: 1.32% ✓
• Cap rate: 10.95%
• Cash-on-cash: 16.62%
• DSCR: 1.74
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $155,386
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
12 3rd Ave	0.22mi	4/—	2,001 (-1%)	2mo	$155,000	$77	86

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: 7.7%
• Equity multiple: 1.30×
• Total profit: $16,545
• Equity at exit: $29,075

10-year hold

• IRR: 17.0%
• Equity multiple: 2.40×
• Total profit: $76,383
• Equity at exit: $16,860

Cash invested: $54,600 (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 43050

• Active inventory: 163
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,570 medium
• Mortgage (P&I): −$1,023
• Tax from tax record: −$170 /mo · $2,045/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $756

Break-even live

Break-even rent $1,613

Max offer price $195,000

Occupancy floor 66%

Sensitivity live

Price	-10% $866	-5% $811	+0% $756	+5% $701	+10% $646
Rent	-10% $553	-5% $654	+0% $756	+5% $858	+10% $959
Rate	-1.0pp $854	-0.5pp $806	base $756	+0.5pp $705	+1.0pp $654

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,570
Total (2 units)			$2,570

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: $48,750
• Closing costs: $5,850
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
407 E Burgess St Mount Vernon, OH	4.0	2.0	1668	$1,950	$1.17	3d	1	0.31mi
14 Taylor Rd Mount Vernon, OH	4.0	1.5	2180	$1,950	$0.89	45d	1	0.60mi

Listing history 7 events

1. 2026-04-16
   status Pending
2. 2026-04-15
   price $195,000
3. 2026-04-15
   price $195,000
4. 2026-03-25
   listed $225,000 Active
5. 2026-03-25
   listed $225,000 Active
6. 1997-07-24
   soldstatus $70,000
7. 1989-04-26
   soldstatus $22,000

ⓘ 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: $2,045 · $170/mo
• Projected year-2 tax: $2,544 · $212/mo
• Expected delta: +$498/yr (+$42/mo · 24.4%)

ⓘ 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 ≥98°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $30,840
• − Mortgage interest: −$10,923
• − Property taxes: −$2,045
• − Insurance: −$975
• − Repairs & maintenance: −$2,467
• − Management: −$2,467
• − Depreciation: −$5,673
• Taxable income: $6,289
• Est. tax owed @ 24.0%: −$1,509
• After-tax cash flow: $7,563/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: Mount Vernon City
• NCES district ID: 3910012
• Math proficiency: 55% ▼ -15.00%
• Reading proficiency: 62% ▼ -6.00%
• Median HH income: $44,253
• Composite: 49.26/100
• National rank: #2029
• State rank: #321 of 656 in OH

Livability — Mount Vernon

• Score: 76/100
• State rank: #227
• US rank: #3542

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mount Vernon, OH
• County: Knox · 63,297 people
• City population: 30,360
• Population (ZIP): 30,360
• Household income: $65,044
• Rent vs Own: 33.4% rent · 66.6% own
• Severe rent burden: 12.7

Population outlook (Knox County) Hauer SSP2

• Today (2025): 60,036 people
• By 2030: 58,670 · -2.3%
• By 2040: 54,963 · -8.4%
• By 2050: 51,353 · -14.5%
• By 2075: 43,196 · -28.0%
• By 2100: 34,514 · -42.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Two or more races 4% Hispanic / Latino 3% Black 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Knox

• 2024 margin: Solid R (+44.9) · D 27.1% · R 72.0%
• 2008→2024 swing: -25.0pp toward R · 2008: -19.9pp · 2024: -44.9pp
• All cycles: 2024: R+44.9 2020: R+43.8 2016: R+38.2 2012: R+24.3 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -260.50%
• Current HPI: 304.4254
• 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

+786.4% since first listed

7 events — show timeline

• 2026-04-16 Pending — CBRMLS
• 2026-04-15 Price Changed $195,000 KCBOR
• 2026-04-15 Price Changed $195,000 CBRMLS
• 2026-03-25 Listed $225,000 CBRMLS
• 2026-03-25 Listed $225,000 KCBOR
• 1997-07-24 Sold (Public Records) $70,000 Public Records
• 1989-04-26 Sold (Public Records) $22,000 Public Records

Property tax history

+5.2%/yr

Latest (2025): $2,045 · -2.2% YoY. Source: county tax records.