143 W Mulberry St · Lancaster, OH 43130

$178,000

5 bd · 4.0 ba · 3,283 sqft · MultiFamily public records · 10 Days on market

Built 1871 6,969 sqft lot Est $204k · 13% under

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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
• ARV discount +13.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.3/5.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 4 units. confirmed

Listing remarks MLS

Large 14 room house 2 blocks from downtown, 8 decorative fireplaces, barn on back of lot, alley back of lot, many possible uses. Sold as is in all respects.

Key facts

• 6,969 sq ft lot
• Built 1871
• Listed 10 days

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.0ba + 3×1.25bd/?ba units multifamily listed at $178k.

Deal economics

• At list price, monthly cash flow is $3k ($36k/yr) — positive. Per door: $754/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $178k).
• Cap rate 26.6% vs local median 4.0% in Lancaster — 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 86/100 on livability (#41 in OH, #423 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, cost of living A+, housing A+; Watch: crime D, employment D.
• Lancaster City (town): math 38% / reading 51% proficiency, ranked #504 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.2%/yr); 204 active listings in the ZIP; 475 units permitted in Fairfield County in 2024 (0 in 5+ unit buildings).
• At $5,285/mo this rent would consume 88% of the median local household income ($72k/yr) (locally 1400% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Fairfield County population projected at +8% by 2050 — modest demand growth; plan on rents tracking national, not racing it.
• At projected returns (-3.0% appreciation + 5.2% rent growth), your $50k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 21y 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.
• Current owner paid $95k; list at $178k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1871 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $178,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1871 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 2.97% ✓
• Cap rate: 26.64%
• Cash-on-cash: 72.66%
• DSCR: 4.23
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $203,546
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
143 W Mulberry St	0.00mi	5/—	3,283 (0%)	1mo	$172,000	$52	99
171-173 E 6th Ave	0.34mi	6/— (+1)	3,439 (+5%)	8mo	$407,500	$118	64
308 Washington Ave	0.69mi	6/— (+1)	3,360 (+2%)	18mo	$208,000	$62	44

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 · 5.22% rent growth · sell at horizon

5-year hold

• IRR: 74.8%
• Equity multiple: 4.52×
• Total profit: $175,466
• Equity at exit: $26,540

10-year hold

• IRR: 79.2%
• Equity multiple: 10.07×
• Total profit: $452,250
• Equity at exit: $15,390

Cash invested: $49,840 (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 43130

• Rents YoY: 5.2%
• Active inventory: 204
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $5,285 high
• Mortgage (P&I): −$933
• Tax from tax record: −$150 /mo · $1,796/yr
• Insurance: −$74
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,110
• Net cashflow: $3,018

Break-even live

Break-even rent $1,465

Max offer price $178,000

Occupancy floor 38%

Sensitivity live

Price	-10% $3,119	-5% $3,068	+0% $3,018	+5% $2,967	+10% $2,917
Rent	-10% $2,600	-5% $2,809	+0% $3,018	+5% $3,227	+10% $3,435
Rate	-1.0pp $3,107	-0.5pp $3,063	base $3,018	+0.5pp $2,972	+1.0pp $2,925

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1	$1,412
▸ 3× units	1.25	0	$3,873
Total (4 units)			$5,285

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: $44,500
• Closing costs: $5,340
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-04-25
   status Pending
2. 2026-04-24
   price $178,000
3. 2026-04-15
   listed $185,000 Active
4. 2023-08-10
   soldstatus $95,000
5. 2022-07-29
   soldstatus $95,000
6. 2022-04-23
   price $950
7. 2005-11-23
   soldstatus $85,100 156-char remark

   Show marketing remark (156 chars)

   Large 14 room house 2 blocks from downtown, 8 decorative fireplaces, barn on back of lot, alley back of lot, many possible uses. Sold as is in all respects.

8. 2005-11-23
   soldstatus $85,100

   Show marketing remark (156 chars)

   Large 14 room house 2 blocks from downtown, 8 decorative fireplaces, barn on back of lot, alley back of lot, many possible uses. Sold as is in all respects.

9. 2005-10-28
   historical 156-char remark

   Show marketing remark (156 chars)

   Large 14 room house 2 blocks from downtown, 8 decorative fireplaces, barn on back of lot, alley back of lot, many possible uses. Sold as is in all respects.

10. 2005-07-30
    listed $85,000 156-char remark

    Show marketing remark (156 chars)

    Large 14 room house 2 blocks from downtown, 8 decorative fireplaces, barn on back of lot, alley back of lot, many possible uses. Sold as is in all respects.

ⓘ 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: $1,796 · $150/mo
• Projected year-2 tax: $2,286 · $191/mo
• Expected delta: +$490/yr (+$41/mo · 27.3%)

ⓘ 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 ≥99°F today · 19 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $63,420
• − Mortgage interest: −$9,971
• − Property taxes: −$1,796
• − Insurance: −$890
• − Repairs & maintenance: −$5,074
• − Management: −$5,074
• − Depreciation: −$5,178
• Taxable income: $35,438
• Est. tax owed @ 24.0%: −$8,505
• After-tax cash flow: $27,709/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: Lancaster City
• NCES district ID: 3904420
• Math proficiency: 38% ▼ -21.00%
• Reading proficiency: 51% ▼ -11.00%
• Median HH income: $41,696
• Composite: 37.39/100
• National rank: #4427
• State rank: #504 of 656 in OH

Livability — Lancaster

• Score: 86/100
• State rank: #41
• US rank: #423

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lancaster, OH
• County: Fairfield County · 109,896 people
• City population: 62,933
• Metro: Columbus, OH
• Population (ZIP): 62,933
• Household income: $72,153
• Rent vs Own: 32.2% rent · 67.8% own
• Severe rent burden: 1400.0

Population outlook (Fairfield County) Hauer SSP2

• Today (2025): 162,442 people
• By 2030: 166,796 · +2.7%
• By 2040: 172,835 · +6.4%
• By 2050: 174,822 · +7.6%
• By 2075: 174,938 · +7.7%
• By 2100: 160,988 · -0.9%

Race, ethnicity, and origin ACS 2023

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

Political lean MEDSL · Fairfield

• 2024 margin: Strong R (+24.1) · D 37.5% · R 61.6%
• 2008→2024 swing: -6.9pp toward R · 2008: -17.1pp · 2024: -24.1pp
• All cycles: 2024: R+24.1 2020: R+23.5 2016: R+27.0 2012: R+16.1 2008: R+17.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -298.81%
• Current HPI: 239.6352
• Rent YoY: ▲ 5.22%
• Metro: Columbus, 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

+109.4% since first listed

10 events — show timeline

• 2026-04-25 Pending — CBRMLS
• 2026-04-24 Price Changed $178,000 CBRMLS
• 2026-04-15 Listed $185,000 CBRMLS
• 2023-08-10 Sold (Public Records) $95,000 Public Records
• 2022-07-29 Sold (Public Records) $95,000 Public Records
• 2022-04-23 Price Changed $950 RENT.
• 2005-11-23 Sold (Public Records) $85,100 Public Records
• 2005-11-23 Sold (MLS) $85,100 CBRMLS
• 2005-10-28 Listing Removed — CBRMLS
• 2005-07-30 Listed $85,000 CBRMLS

Property tax history

+1.0%/yr

Latest (2025): $1,796 · +49.7% YoY. Source: county tax records.