517 E Findlay St · Carey, OH 43316

$219,900

5 bd · 5.0 ba · — sqft · MultiFamily · 254 Days on market

Built 1910 0.30 ac lot Est $214k · at est.

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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 +28.9/30.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• ARV discount +6.3/15.0
• Schools +4.7/10.0
• Livability +3.7/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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

Great investment opportunity. 5 units all rented. Great rental history. Back lot parking and street parking available. Barn for storage or could also be rented out. Tenant rights apply.

Key facts

• Rented units
• Rental history
• Barn for storage

Tags

• INVESTMENT OPPORTUNITY
• RENTED UNITS
• RENTAL HISTORY
• BACK LOT PARKING
• STREET PARKING
• BARN FOR STORAGE

What this means for you Summary

Snapshot

• This is a 5-bed/5.0-bath multifamily listed at $220k.

Deal economics

• At list price, monthly cash flow is $743 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $194k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 73/100 on livability (#320 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Carey Exempted Village Schools (town): math 54% / reading 57% proficiency, ranked #363 of 656 in OH (top 55%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carey Elementary School (math 67% / reading 62%, grade B, #522 of 1,584 statewide, top 36%, 369 students, 43% FRL); Carey High School (math 44% / reading 53%, grade D, #427 of 781 statewide, top 55%, 463 students, 21% FRL).
• Market conditions: 16 active listings in the ZIP; solid renter incomes; 20 units permitted in Wyandot County in 2024 (0 in 5+ unit buildings).
• This rent runs 43% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Wyandot County population projected at -17% 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 $62k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 254 days — a 12% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 15y 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 $80k; list at $220k implies a 175% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,512 (12.0% below list)

Questions for the listing agent

1. It's been on market 254 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 1910 — 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 B-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 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: 1.24% ✓
• Cap rate: 10.35%
• Cash-on-cash: 14.47%
• DSCR: 1.64
• GRM: 6.7

CMA / ARV

• ARV (median comp): $214,359
• List price: $219,900
• Delta: 2.58%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 4.9%
• Equity multiple: 1.19×
• Total profit: $11,641
• Equity at exit: $32,788

10-year hold

• IRR: 14.3%
• Equity multiple: 2.15×
• Total profit: $70,937
• Equity at exit: $19,013

Cash invested: $61,572 (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 43316

• Home prices YoY: -18.0%
• Active inventory: 16
• Price-to-rent: 33.6×

Monthly cashflow live

• Estimated rent: $2,725 medium
• Mortgage (P&I): −$1,153
• Tax from tax record: −$165 /mo · $1,983/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$572
• Net cashflow: $743

Break-even live

Break-even rent $1,785

Max offer price $219,900

Occupancy floor 68%

Sensitivity live

Price	-10% $867	-5% $805	+0% $743	+5% $680	+10% $618
Rent	-10% $527	-5% $635	+0% $743	+5% $850	+10% $958
Rate	-1.0pp $853	-0.5pp $799	base $743	+0.5pp $686	+1.0pp $628

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$2,725
Total (5 units)			$2,725

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-22
   days on market $219,900 Active 254 DOM
2. 2026-06-21
   days on market $219,900 Active 253 DOM
3. 2026-06-21
   days on market $219,900 Active 252 DOM
4. 2026-06-18
   days on market $219,900 Active 250 DOM
5. 2026-06-17
   days on market $219,900 Active 249 DOM
6. 2026-06-16
   days on market $219,900 Active 248 DOM
7. 2026-06-15
   days on market $219,900 Active 247 DOM
8. 2026-06-13
   days on market $219,900 Active 245 DOM
9. 2026-06-12
   days on market $219,900 Active 244 DOM
10. 2026-06-09
    days on market $219,900 Active 242 DOM
11. 2026-06-08
    days on market $219,900 Active 241 DOM
12. 2026-06-07
    days on market $219,900 Active 240 DOM
13. 2026-06-07
    days on market $219,900 Active 239 DOM
14. 2026-06-04
    days on market $219,900 Active 236 DOM
15. 2026-06-02
    days on market $219,900 Active 235 DOM
16. 2026-06-01
    days on market $219,900 Active 234 DOM
17. 2026-05-31
    days on market $219,900 Active 233 DOM
18. 2026-05-18
    price $219,900 185-char remark

    Show marketing remark (185 chars)

    Great investment opportunity. 5 units all rented. Great rental history. Back lot parking and street parking available. Barn for storage or could also be rented out. Tenant rights apply.

19. 2026-01-19
    price $225,000 185-char remark

    Show marketing remark (185 chars)

    Great investment opportunity. 5 units all rented. Great rental history. Back lot parking and street parking available. Barn for storage or could also be rented out. Tenant rights apply.

20. 2025-10-14
    historical
21. 2025-10-14
    historical
22. 2025-10-09
    listed $227,900 Active 185-char remark

    Show marketing remark (185 chars)

    Great investment opportunity. 5 units all rented. Great rental history. Back lot parking and street parking available. Barn for storage or could also be rented out. Tenant rights apply.

23. 2025-10-06
    historical
24. 2025-08-12
    price $228,900
25. 2025-05-07
    price $229,900
26. 2025-04-07
    price $234,500
27. 2025-03-05
    listed $239,500 Active
28. 2025-02-04
    historical
29. 2024-10-31
    listed $235,900 Active
30. 2024-10-29
    historical
31. 2024-07-30
    price $239,500
32. 2024-06-18
    price $244,500
33. 2024-02-20
    price $249,900
34. 2024-01-16
    status Active
35. 2024-01-16
    historical
36. 2024-01-12
    historical
37. 2024-01-11
    listed $267,400 Active
38. 2023-12-26
    listed $309,999 Active
39. 2023-12-22
    historical
40. 2020-08-04
    soldstatus $80,000
41. 2020-07-31
    soldstatus $80,000
42. 2020-05-05
    listed $80,000
43. 2017-06-20
    soldstatus $100,000
44. 2017-05-16
    historical
45. 2017-05-16
    historical
46. 2016-11-16
    listed $115,000
47. 2016-11-16
    listed $115,000
48. 2016-11-16
    listed $115,000
49. 2012-03-26
    historical
50. 2011-12-05
    historical

ⓘ 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: $1,983 · $165/mo
• Projected year-2 tax: $2,707 · $226/mo
• Expected delta: +$724/yr (+$60/mo · 36.5%)

ⓘ 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 · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥99°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: $32,700
• − Mortgage interest: −$12,318
• − Property taxes: −$1,983
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,616
• − Management: −$2,616
• − Depreciation: −$6,397
• Taxable income: $5,670
• Est. tax owed @ 24.0%: −$1,361
• After-tax cash flow: $7,551/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: Carey Exempted Village Schools
• NCES district ID: 3904526
• Math proficiency: 54% ▼ -8.00%
• Reading proficiency: 57% ▼ -8.00%
• Median HH income: $47,153
• Composite: 47.07/100
• National rank: #2336
• State rank: #363 of 656 in OH

Livability — Carey

• Score: 73/100
• State rank: #320
• US rank: #5239

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Carey, OH
• County: Wyandot · 23,050 people
• City population: 6,095
• Population (ZIP): 6,095
• Household income: $76,813
• Rent vs Own: 29.2% rent · 70.8% own
• Severe rent burden: 7.1

Population outlook (Wyandot County) Hauer SSP2

• Today (2025): 21,485 people
• By 2030: 20,883 · -2.8%
• By 2040: 19,425 · -9.6%
• By 2050: 17,815 · -17.1%
• By 2075: 14,208 · -33.9%
• By 2100: 10,744 · -50.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (98%)
• Race & ethnicity: White 98% Two or more races 1%
• Common ancestry: Romanian 1% Italian 1% Serbian 1%
• Foreign-born: 0% · China

Political lean MEDSL · Wyandot

• 2024 margin: Solid R (+51.2) · D 24.0% · R 75.2%
• 2008→2024 swing: -34.7pp toward R · 2008: -16.5pp · 2024: -51.2pp
• All cycles: 2024: R+51.2 2020: R+50.3 2016: R+46.8 2012: R+20.4 2008: R+16.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -50.77%
• Current HPI: 230.8394
• 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

+99.9% since first listed

38 events — show timeline

• 2026-05-18 Price Changed $219,900 NORIS
• 2026-01-19 Price Changed $225,000 NORIS
• 2025-10-14 Listing Removed — NORIS
• 2025-10-14 Listing Removed — NORIS
• 2025-10-09 Listed $227,900 NORIS
• 2025-10-06 Listing Removed — NORIS
• 2025-08-12 Price Changed $228,900 NORIS
• 2025-05-07 Price Changed $229,900 NORIS
• 2025-04-07 Price Changed $234,500 NORIS
• 2025-03-05 Listed $239,500 NORIS
• 2025-02-04 Listing Removed — NORIS
• 2024-10-31 Listed $235,900 NORIS
• 2024-10-29 Listing Removed — NORIS
• 2024-07-30 Price Changed $239,500 NORIS
• 2024-06-18 Price Changed $244,500 NORIS
• 2024-02-20 Price Changed $249,900 NORIS
• 2024-01-16 Relisted — NORIS
• 2024-01-16 Listing Removed — NORIS
• 2024-01-12 Listing Removed — NORIS
• 2024-01-11 Listed $267,400 NORIS
• 2023-12-26 Listed $309,999 NORIS
• 2023-12-22 Coming Soon — NORIS
• 2020-08-04 Sold (Public Records) $80,000 Public Records
• 2020-07-31 Sold (MLS) $80,000 NORIS
• 2020-05-05 Listed $80,000 NORIS
• 2017-06-20 Sold (Public Records) $100,000 Public Records
• 2017-05-16 Listing Removed — NORIS
• 2017-05-16 Listing Removed — NORIS
• 2016-11-16 Listed $115,000 NORIS
• 2016-11-16 Listed $115,000 NORIS
• 2016-11-16 Listed $115,000 WCARE
• 2012-03-26 Listing Removed — NORIS
• 2011-12-05 Listing Removed — NORIS
• 2011-12-04 Listed $150,000 NORIS
• 2011-12-04 Listed $150,000 NORIS
• 2011-03-27 Listed $150,000 NORIS
• 2011-03-27 Listed $150,000 NORIS
• 2001-04-02 Sold (Public Records) $110,000 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,983 · +62.1% YoY. Source: county tax records.