204 Main St · Frankfort, OH 45628

$20,000

1 bd · 1.0 ba · 784 sqft · SingleFamily public records · 168 Days on market

Built 1950 4,500 sqft lot $26/sqft · 86% below area ↓ 44% 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
• ARV discount +7.5/15.0
• Schools +4.4/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this exciting opportunity to own a property with tons of potential! Perfect for investors or buyers looking for a classic fixer-upper, this home offers the chance to renovate, customize, and add significant value. Whether you're planning a flip, rental, or personalized project, the possibilities are wide open. The property is believed to be serviced by municipal water, and electrical service is present. Connection to public sewer has not been confirmed. The presence and condition of the heating system, roof, and foundation have not been verified. Buyers are encouraged to complete all due diligence. Offered as-is, this property is a fantastic opportunity for those ready to bring their vision to life. No expressed or implied warranties regarding utilities, systems, or overall property condition. Any & all serious offer will be considered.

Key facts

• 4,500 sq ft lot
• Built 1950
• Listed 167 days

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath single-family listed at $20k.

Deal economics

• At list price, monthly cash flow is $440 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($746 rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 64/100 on livability (#766 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Adena Local (rural): math 48% / reading 55% proficiency, ranked #421 of 656 in OH (top 64%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 13 active listings in the ZIP; 24 units permitted in Ross County in 2024 (0 in 5+ unit buildings).
• This rent is only 13% of the median local income ($70k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $138 of loan paydown is wiped out by about $600 of value loss. Plan a longer hold.
• Ross County population projected at -12% 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 $6k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 168 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 168 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 1950 — 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. 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: 3.73% ✓
• Cap rate: 32.70%
• Cash-on-cash: 94.31%
• DSCR: 5.20
• GRM: 2.2

CMA / ARV

• ARV (median comp): $139,979
• List price: $20,000
• Delta: -85.71%
• Verdict: UNDERPRICED
• Comps: 9 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 95.2%
• Equity multiple: 5.43×
• Total profit: $24,807
• Equity at exit: $2,982

10-year hold

• IRR: 97.9%
• Equity multiple: 11.32×
• Total profit: $57,768
• Equity at exit: $1,729

Cash invested: $5,600 (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 45628

• Home prices YoY: -23.4%
• Active inventory: 13
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $746 medium
• Mortgage (P&I): −$105
• Tax from tax record: −$36 /mo · $430/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$157
• Net cashflow: $440

Break-even live

Break-even rent $189

Max offer price $20,000

Occupancy floor 36%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Listing history 17 events

1. 2026-06-18
   days on market $20,000 Active 168 DOM
2. 2026-06-17
   days on market $20,000 Active 167 DOM
3. 2026-06-16
   days on market $20,000 Active 166 DOM
4. 2026-06-15
   days on market $20,000 Active 165 DOM
5. 2026-06-13
   days on market $20,000 Active 163 DOM
6. 2026-06-12
   days on market $20,000 Active 162 DOM
7. 2026-06-09
   days on market $20,000 Active 159 DOM
8. 2026-06-08
   days on market $20,000 Active 158 DOM
9. 2026-06-07
   days on market $20,000 Active 157 DOM
10. 2026-06-05
    days on market $20,000 Active 155 DOM
11. 2026-06-04
    days on market $20,000 Active 153 DOM
12. 2026-06-02
    days on market $20,000 Active 152 DOM
13. 2026-06-01
    days on market $20,000 Active 151 DOM
14. 2026-05-31
    days on market $20,000 Active 150 DOM
15. 2026-03-16
    price $20,000 865-char remark

    Show marketing remark (865 chars)

    Don't miss this exciting opportunity to own a property with tons of potential! Perfect for investors or buyers looking for a classic fixer-upper, this home offers the chance to renovate, customize, and add significant value. Whether you're planning a flip, rental, or personalized project, the possibilities are wide open. The property is believed to be serviced by municipal water, and electrical service is present. Connection to public sewer has not been confirmed. The presence and condition of the heating system, roof, and foundation have not been verified. Buyers are encouraged to complete all due diligence. Offered as-is, this property is a fantastic opportunity for those ready to bring their vision to life. No expressed or implied warranties regarding utilities, systems, or overall property condition. Any & all serious offer will be considered.

16. 2026-01-25
    price $26,000 865-char remark

    Show marketing remark (865 chars)

    Don't miss this exciting opportunity to own a property with tons of potential! Perfect for investors or buyers looking for a classic fixer-upper, this home offers the chance to renovate, customize, and add significant value. Whether you're planning a flip, rental, or personalized project, the possibilities are wide open. The property is believed to be serviced by municipal water, and electrical service is present. Connection to public sewer has not been confirmed. The presence and condition of the heating system, roof, and foundation have not been verified. Buyers are encouraged to complete all due diligence. Offered as-is, this property is a fantastic opportunity for those ready to bring their vision to life. No expressed or implied warranties regarding utilities, systems, or overall property condition. Any & all serious offer will be considered.

17. 2026-01-02
    listed $36,000 Active 865-char remark

    Show marketing remark (865 chars)

    Don't miss this exciting opportunity to own a property with tons of potential! Perfect for investors or buyers looking for a classic fixer-upper, this home offers the chance to renovate, customize, and add significant value. Whether you're planning a flip, rental, or personalized project, the possibilities are wide open. The property is believed to be serviced by municipal water, and electrical service is present. Connection to public sewer has not been confirmed. The presence and condition of the heating system, roof, and foundation have not been verified. Buyers are encouraged to complete all due diligence. Offered as-is, this property is a fantastic opportunity for those ready to bring their vision to life. No expressed or implied warranties regarding utilities, systems, or overall property condition. Any & all serious offer will be considered.

ⓘ 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: $430 · $36/mo
• Projected year-2 tax: $430 · $36/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 4/10 Moderate 7 d/yr ≥99°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $8,949
• − Mortgage interest: −$1,120
• − Property taxes: −$430
• − Insurance: −$100
• − Repairs & maintenance: −$716
• − Management: −$716
• − Depreciation: −$582
• Taxable income: $5,285
• Est. tax owed @ 24.0%: −$1,268
• After-tax cash flow: $4,013/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: Adena Local
• NCES district ID: 3904949
• Math proficiency: 48% ▼ -11.00%
• Reading proficiency: 55% ▼ -5.00%
• Median HH income: $48,795
• Composite: 43.89/100
• National rank: #2915
• State rank: #421 of 656 in OH

Livability — Frankfort

• Score: 64/100
• State rank: #766
• US rank: #13874

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

• County: Ross · 75,517 people
• Population (ZIP): 5,670
• Household income: $69,786
• Rent vs Own: 30.5% rent · 69.5% own
• Severe rent burden: 3.3

Population outlook (Ross County) Hauer SSP2

• Today (2025): 75,482 people
• By 2030: 74,035 · -1.9%
• By 2040: 70,702 · -6.3%
• By 2050: 66,706 · -11.6%
• By 2075: 55,398 · -26.6%
• By 2100: 42,197 · -44.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3% Asian 1%
• Common ancestry: Romanian 3% Iranian 3% Serbian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Tagalog/Filipino 1% German/W. Germanic 1%

Political lean MEDSL · Ross

• 2024 margin: Solid R (+39.3) · D 29.9% · R 69.2%
• 2008→2024 swing: -32.1pp toward R · 2008: -7.2pp · 2024: -39.3pp
• All cycles: 2024: R+39.3 2020: R+35.2 2016: R+27.4 2012: R+2.4 2008: R+7.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -70.92%
• Current HPI: 231.8227
• 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

-44.4% since first listed

3 events — show timeline

• 2026-03-16 Price Changed $20,000 SVAR
• 2026-01-25 Price Changed $26,000 SVAR
• 2026-01-02 Listed $36,000 SVAR

Property tax history

+0.4%/yr

Latest (2025): $430 · +52.3% YoY. Source: county tax records.