201 E 5th St · Delphos, OH 45833

$134,000

3 bd · 1.0 ba · 1,944 sqft · SingleFamily public records · 135 Days on market

Built 1887 6,402 sqft lot $69/sqft · 21% below area Est $170k · 21% under ↓ 4% since listing

---

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 +18.1/30.0
• ARV discount +15.0/15.0
• Schools +6.4/10.0
• DSCR +5.7/10.0
• 1% rule +4.2/10.0
• 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

Welcome to 201 East 5th Street Delphos. This home is currently a rental for $1200/MO PLUS THEY PAY UTILITIES. The lease runs through October 26, 2026. This home is on a very tight Crawl space and offers 3 bedrooms and 1 bathroom. It is on a corner Lot. It does have mostly new windows and a new roof. There is a wall mounted gas heater in each room.

Key facts

• Corner lot
• New roof
• New windows

Tags

• CORNER LOT
• NEW WINDOWS
• NEW ROOF
• WALL MOUNTED GAS HEATER

🏷️ Possibly a rental listed for sale. The $134,000 price doesn't fit this home's estimated sale value (~$170,221) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $134k.

Deal economics

• At list price, monthly cash flow is $117 ($1k/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 $123k (8.2% below list).
• Recommended offer: $118k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.3% vs local median 4.2% in Delphos — 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 72/100 on livability (#378 in OH) — a middle-class / working-renter tenant base. Strengths: schools A+, crime A+, cost of living A+; Watch: employment D, amenities F, commute F.
• Delphos City (town): math 77% / reading 75% proficiency, ranked #91 of 656 in OH (top 14%) — strong family-tenant draw, lease renewals of 3-5y typical.
• Market conditions: 17 active listings in the ZIP; 88 units permitted in Allen County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $926 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Allen County population projected at -14% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($118k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $117,920 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1887 — 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 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?
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: 0.92% ✗
• Cap rate: 7.34%
• Cash-on-cash: 3.74%
• DSCR: 1.17
• GRM: 9.1

CMA / ARV

• ARV (median comp): $170,221
• List price: $134,000
• Delta: -21.28%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
534 E 5th St	0.25mi	3/1.0	1,799 (-8%)	1mo	$128,000	$71	75
228 E 3rd St	0.12mi	4/1.0 (+1)	2,048 (+5%)	8mo	$130,000	$63	74
628 N Pierce Street St	0.19mi	4/1.0 (+1)	1,737 (-11%)	1mo	$166,500	$96	68
210 N Pierce St	0.24mi	4/2.0 (+1)	2,036 (+5%)	10mo	$172,000	$84	63
405 N Franklin St	0.06mi	4/2.0 (+1)	1,656 (-15%)	4mo	$150,000	$91	60
332 W 6th St	0.32mi	4/2.0 (+1)	2,105 (+8%)	5mo	$250,000	$119	58
404 W 5th St	0.34mi	3/1.5	1,712 (-12%)	7mo	$185,000	$108	56
616 W 5th St	0.45mi	3/2.5	1,756 (-10%)	7mo	$225,000	$128	51
709 W 4th St	0.53mi	3/1.5	1,682 (-14%)	1mo	$200,000	$119	50
227 N Clay St	0.35mi	3/2.5	2,160 (+11%)	11mo	$203,500	$94	50
650 E 6th St	0.38mi	4/1.0 (+1)	1,660 (-15%)	7mo	$157,000	$95	48
606 S Cass St	0.72mi	4/2.0 (+1)	2,106 (+8%)	6mo	$186,000	$88	38

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: -10.5%
• Equity multiple: 0.62×
• Total profit: $-14,295
• Equity at exit: $19,980

10-year hold

• IRR: -1.2%
• Equity multiple: 0.92×
• Total profit: $-2,966
• Equity at exit: $11,586

Cash invested: $37,520 (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 45833

• Home prices YoY: -15.4%
• Active inventory: 17
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,230 medium
• Mortgage (P&I): −$703
• Tax from tax record: −$96 /mo · $1,152/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$258
• Net cashflow: $117

Break-even live

Break-even rent $1,082

Max offer price $134,000

Occupancy floor 85%

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: $33,500
• Closing costs: $4,020
• Reserves months: —
• Total cash needed: —

Listing history 16 events

1. 2026-06-18
   days on market $134,000 Active 135 DOM
2. 2026-06-17
   days on market $134,000 Active 134 DOM
3. 2026-06-16
   days on market $134,000 Active 133 DOM
4. 2026-06-15
   days on market $134,000 Active 132 DOM
5. 2026-06-13
   days on market $134,000 Active 130 DOM
6. 2026-06-12
   days on market $134,000 Active 129 DOM
7. 2026-06-09
   days on market $134,000 Active 126 DOM
8. 2026-06-08
   days on market $134,000 Active 125 DOM
9. 2026-06-08
   days on market $134,000 Active 124 DOM
10. 2026-06-07
    days on market $134,000 Active 123 DOM
11. 2026-06-04
    days on market $134,000 Active 120 DOM
12. 2026-06-02
    days on market $134,000 Active 119 DOM
13. 2026-06-01
    days on market $134,000 Active 118 DOM
14. 2026-05-31
    days on market $134,000 Active 117 DOM
15. 2026-03-08
    price $134,000 350-char remark

    Show marketing remark (350 chars)

    Welcome to 201 East 5th Street Delphos. This home is currently a rental for $1200/MO PLUS THEY PAY UTILITIES. The lease runs through October 26, 2026. This home is on a very tight Crawl space and offers 3 bedrooms and 1 bathroom. It is on a corner Lot. It does have mostly new windows and a new roof. There is a wall mounted gas heater in each room.

16. 2026-02-03
    listed $139,000 Active 350-char remark

    Show marketing remark (350 chars)

    Welcome to 201 East 5th Street Delphos. This home is currently a rental for $1200/MO PLUS THEY PAY UTILITIES. The lease runs through October 26, 2026. This home is on a very tight Crawl space and offers 3 bedrooms and 1 bathroom. It is on a corner Lot. It does have mostly new windows and a new roof. There is a wall mounted gas heater in each room.

ⓘ 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: $1,152 · $96/mo
• Projected year-2 tax: $1,621 · $135/mo
• Expected delta: +$469/yr (+$39/mo · 40.8%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°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: $14,755
• − Mortgage interest: −$7,506
• − Property taxes: −$1,152
• − Insurance: −$670
• − Repairs & maintenance: −$1,180
• − Management: −$1,180
• − Depreciation: −$3,898
• Taxable loss: −$831
• Est. tax savings @ 24.0%: +$200
• After-tax cash flow: $1,602/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: Delphos City
• NCES district ID: 3904388
• Math proficiency: 77% ▼ -8.00%
• Reading proficiency: 75% ▼ -8.00%
• Median HH income: $49,400
• Composite: 64.3/100
• National rank: #557
• State rank: #91 of 656 in OH

Livability — Delphos

• Score: 72/100
• State rank: #378
• US rank: #6142

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Delphos, OH
• County: Van Wert · 34,605 people
• City population: 10,822
• Population (ZIP): 10,822
• Household income: $66,919
• Rent vs Own: 23.0% rent · 77.0% own
• Severe rent burden: 2.2

Population outlook (Allen County) Hauer SSP2

• Today (2025): 100,321 people
• By 2030: 97,693 · -2.6%
• By 2040: 91,802 · -8.5%
• By 2050: 86,152 · -14.1%
• By 2075: 73,659 · -26.6%
• By 2100: 58,716 · -41.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 3% Hispanic / Latino 2% Black 2%
• Common ancestry: Serbian 2% Lithuanian 2% Iranian 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · German/W. Germanic 1%

Political lean MEDSL · Allen

• 2024 margin: Solid R (+44.1) · D 27.5% · R 71.6%
• 2008→2024 swing: -23.4pp toward R · 2008: -20.7pp · 2024: -44.1pp
• All cycles: 2024: R+44.1 2020: R+39.5 2016: R+38.2 2012: R+25.7 2008: R+20.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -39.82%
• Current HPI: 218.1437
• 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

-3.6% since first listed

2 events — show timeline

• 2026-03-08 Price Changed $134,000 WCARE
• 2026-02-03 Listed $139,000 WCARE

Property tax history

+3.4%/yr

Latest (2025): $1,152 · +0.1% YoY. Source: county tax records.