138 Park Blvd · Marion, OH 43302

$44,900

6 bd · 6.0 ba · 3,584 sqft · MultiFamily public records · 112 Days on market

Built 1910 9,337 sqft lot $13/sqft · 68% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Investor Special - Value-Add Rental Opportunity. Excellent buy-and-hold property with strong upside potential in an established Marion neighborhood with consistent rental demand. 138 Park Blvd is well-suited for renovation and repositioning as a long-term income-producing asset. Opportunity to add value through improvements and capture increased rental income over time.

Key facts

• 9,337 sq ft lot
• Garage
• Built 1910

Tags

• CONSISTENT RENTAL DEMAND

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $45k.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $852/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $45k).
• Recommended offer: $41k (9.0% below list) — sets the bar for market timing.
• Cap rate 74.6% vs local median 6.9% in Marion — 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Marion City (town): math 22% / reading 31% proficiency, ranked #600 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 210 active listings in the ZIP; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• At $3,578/mo this rent would consume 78% of the median local household income ($55k/yr) (locally 1554% of renters already pay >50% of income on rent) — 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 $310 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Marion County population projected at -18% 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 $13k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($41k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 14y ago; this cycle's ask has dropped $5k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $12k; list at $45k implies a 274% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $40,859 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 7.97% ✓
• Cap rate: 74.59%
• Cash-on-cash: 243.93%
• DSCR: 11.85
• GRM: 1.0

CMA / ARV

• ARV (median comp): $139,973
• List price: $44,900
• Delta: -67.92%
• Verdict: UNDERPRICED
• Comps: 6 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 13.37×
• Total profit: $155,523
• Equity at exit: $6,695

10-year hold

• IRR: —
• Equity multiple: 28.45×
• Total profit: $345,139
• Equity at exit: $3,882

Cash invested: $12,572 (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 43302

• Home prices YoY: -33.9%
• Active inventory: 210
• Price-to-rent: 3.1×

Monthly cashflow live

• Estimated rent: $3,578 medium
• Mortgage (P&I): −$235
• Tax from tax record: −$17 /mo · $202/yr
• Insurance: −$19
• HOA: −$0
• Vacancy / Maint / Mgmt: −$751
• Net cashflow: $2,556

Break-even live

Break-even rent $343

Max offer price $44,900

Occupancy floor 24%

Sensitivity live

Price	-10% $2,581	-5% $2,568	+0% $2,556	+5% $2,543	+10% $2,530
Rent	-10% $2,273	-5% $2,414	+0% $2,556	+5% $2,697	+10% $2,838
Rate	-1.0pp $2,578	-0.5pp $2,567	base $2,556	+0.5pp $2,544	+1.0pp $2,532

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,579
Total (3 units)			$3,578

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: $11,225
• Closing costs: $1,347
• Reserves months: —
• Total cash needed: —

Listing history 23 events

1. 2026-06-19
   days on market $44,900 Active 112 DOM
2. 2026-06-18
   days on market $44,900 Active 111 DOM
3. 2026-06-17
   days on market $44,900 Active 110 DOM
4. 2026-06-16
   days on market $44,900 Active 109 DOM
5. 2026-06-15
   days on market $44,900 Active 108 DOM
6. 2026-06-14
   days on market $44,900 Active 106 DOM
7. 2026-06-12
   days on market $44,900 Active 105 DOM
8. 2026-06-09
   days on market $44,900 Active 102 DOM
9. 2026-06-08
   days on market $44,900 Active 101 DOM
10. 2026-06-07
    days on market $44,900 Active 100 DOM
11. 2026-06-05
    days on market $44,900 Active 97 DOM
12. 2026-06-03
    days on market $44,900 Active 96 DOM
13. 2026-06-02
    days on market $44,900 Active 95 DOM
14. 2026-06-01
    days on market $44,900 Active 94 DOM
15. 2026-05-31
    days on market $44,900 Active 93 DOM
16. 2026-05-30
    days on market $44,900 Active 92 DOM
17. 2026-03-17
    price $44,900 372-char remark

    Show marketing remark (372 chars)

    Investor Special - Value-Add Rental Opportunity. Excellent buy-and-hold property with strong upside potential in an established Marion neighborhood with consistent rental demand. 138 Park Blvd is well-suited for renovation and repositioning as a long-term income-producing asset. Opportunity to add value through improvements and capture increased rental income over time.

18. 2026-02-27
    listed $49,900 Active 372-char remark

    Show marketing remark (372 chars)

    Investor Special - Value-Add Rental Opportunity. Excellent buy-and-hold property with strong upside potential in an established Marion neighborhood with consistent rental demand. 138 Park Blvd is well-suited for renovation and repositioning as a long-term income-producing asset. Opportunity to add value through improvements and capture increased rental income over time.

19. 2026-02-11
    historical
20. 2026-02-05
    price $44,900
21. 2026-01-12
    listed $59,900 Active
22. 2013-10-18
    soldstatus $12,000
23. 2012-11-04
    listed $12,000

ⓘ 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: $202 · $17/mo
• Projected year-2 tax: $451 · $38/mo
• Expected delta: +$249/yr (+$21/mo · 123.4%)

ⓘ 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) · 50% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $42,936
• − Mortgage interest: −$2,515
• − Property taxes: −$202
• − Insurance: −$224
• − Repairs & maintenance: −$3,435
• − Management: −$3,435
• − Depreciation: −$1,306
• Taxable income: $31,819
• Est. tax owed @ 24.0%: −$7,636
• After-tax cash flow: $23,031/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: Marion City
• NCES district ID: 3904433
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $32,327
• Composite: 21.58/100
• National rank: #8306
• State rank: #600 of 656 in OH

Livability — Marion

• Score: 65/100
• State rank: #704
• US rank: #12605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, OH
• County: Marion County · 53,702 people
• City population: 53,702
• Metro: Marion, OH
• Population (ZIP): 53,702
• Household income: $55,057
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1554.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 62,078 people
• By 2030: 60,049 · -3.3%
• By 2040: 55,413 · -10.7%
• By 2050: 50,604 · -18.5%
• By 2075: 40,162 · -35.3%
• By 2100: 29,105 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+41.4) · D 28.9% · R 70.3%
• 2008→2024 swing: -32.5pp toward R · 2008: -8.9pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+38.6 2016: R+34.4 2012: R+7.6 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.52%
• Current HPI: 223.5344
• Rent YoY: —
• Metro: Marion, 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

+274.2% since first listed

7 events — show timeline

• 2026-03-17 Price Changed $44,900 Dayton MLS
• 2026-02-27 Listed $49,900 Dayton MLS
• 2026-02-11 Listing Removed — CBRMLS
• 2026-02-05 Price Changed $44,900 CBRMLS
• 2026-01-12 Listed $59,900 CBRMLS
• 2013-10-18 Sold (MLS) $12,000 CBRMLS
• 2012-11-04 Listed $12,000 CBRMLS

Property tax history

-15.3%/yr

Latest (2025): $202 · +0.0% YoY. Source: county tax records.