498 Lexington Ave · Newark, OH 43055

$64,900

2 bd · 1.0 ba · 776 sqft · Manufactured public records · 8 Days on market

Built 1961 0.25 ac lot

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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 +4.3/10.0
• Livability +3.5/5.0
• Rent growth +2.9/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great investment opportunity on a quiet dead-end street with nice-sized quiet lot. New plumbing throughout, new 25 year rubber roof, some new windows, new front door, 2 bedrooms, 1 bath with over-sized 2 car garage & covered porch with fresh paint. Ready for a new tenant! Cash buyers only.

Key facts

• Water heater
• Nice-sized quiet lot
• Rubber roof

Tags

• QUIET DEAD-END STREET
• NICE-SIZED QUIET LOT
• UPDATED PLUMBING
• WATER HEATER
• RUBBER ROOF

Property features AI

Exterior

• Parking: Detached 2-car garage
• Utilities: Public water; Public sewer
• Home design: Single-family residence; One story; Built in 1961; No shared/common walls
• Construction: Block foundation
• Exterior features: Block foundation; Quarter-acre lot

Interior

• Bedrooms: Two main-level bedrooms
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom
• Heating & cooling: Forced air heating; Central air; Window air conditioning units
• Interior features: Gas log fireplace (1); Insulated windows/parts

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath manufactured listed at $65k.

Deal economics

• At list price, monthly cash flow is $470 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Cap rate 15.0% vs local median 3.2% in Newark — 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 69/100 on livability (#493 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Newark City (suburban): math 48% / reading 56% proficiency, ranked #431 of 656 in OH (top 66%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Carson Elementary School (math 47% / reading 47%, grade D-, #942 of 1,584 statewide, top 61%, 399 students, 72% FRL); Heritage Middle School (math 37% / reading 40%, grade F, #529 of 654 statewide, top 81%, 421 students, 70% FRL); Newark High School (math 36% / reading 67%, grade D+, #371 of 781 statewide, top 48%, 1,424 students, 51% FRL).
• Market conditions: Rents rising (+1.6%/yr); 208 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 159 units permitted in Licking County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 1.6% rent growth), your $18k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $64,900

Questions for the listing agent

1. Built in 1961 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.75% ✓
• Cap rate: 14.97%
• Cash-on-cash: 31.00%
• DSCR: 2.38
• GRM: 4.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 1.63% rent growth · sell at horizon

5-year hold

• IRR: 24.3%
• Equity multiple: 1.98×
• Total profit: $17,844
• Equity at exit: $9,677

10-year hold

• IRR: 31.2%
• Equity multiple: 3.64×
• Total profit: $47,888
• Equity at exit: $5,611

Cash invested: $18,172 (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 43055

• Rents YoY: 1.6%
• Active inventory: 208
• Price-to-rent: 4.8×

Monthly cashflow live

• Estimated rent: $1,138 medium
• Mortgage (P&I): −$340
• Tax from tax record: −$62 /mo · $744/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $470

Break-even live

Break-even rent $544

Max offer price $64,900

Occupancy floor 54%

Sensitivity live

Price	-10% $506	-5% $488	+0% $470	+5% $451	+10% $433
Rent	-10% $380	-5% $425	+0% $470	+5% $514	+10% $559
Rate	-1.0pp $502	-0.5pp $486	base $470	+0.5pp $453	+1.0pp $436

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: $16,225
• Closing costs: $1,947
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
494 Allston Ave Newark, OH	2.0	1.0	724	$1,150	$1.59	45d	1	0.07mi
420 Indiana St Newark, OH	1.0	1.0	750	$800	$1.07	3d	1	0.61mi
270 Everett Ave Newark, OH	3.0	1.0	864	$1,425	$1.65	3d	1	0.84mi
51 Mill St Newark, OH	2.0	1.0	1024	$1,200	$1.17	3d	1	1.02mi

Listing history 7 events

1. 2026-05-12
   status Pending
2. 2026-05-04
   listed $64,900 Active
3. 2022-10-10
   soldstatus $60,000
4. 2022-10-07
   soldstatus $60,000 Closed 296-char remark

   Show marketing remark (296 chars)

   Great investment opportunity on a quiet dead-end street with nice-sized quiet lot. New plumbing throughout, new 25 year rubber roof, some new windows, new front door, 2 bedrooms, 1 bath with over-sized 2 car garage & covered porch with fresh paint. Ready for a new tenant! Cash buyers only.

5. 2022-09-26
   status Pending 296-char remark

   Show marketing remark (296 chars)

   Great investment opportunity on a quiet dead-end street with nice-sized quiet lot. New plumbing throughout, new 25 year rubber roof, some new windows, new front door, 2 bedrooms, 1 bath with over-sized 2 car garage & covered porch with fresh paint. Ready for a new tenant! Cash buyers only.

6. 2022-09-23
   listed $55,000 Active 296-char remark

   Show marketing remark (296 chars)

   Great investment opportunity on a quiet dead-end street with nice-sized quiet lot. New plumbing throughout, new 25 year rubber roof, some new windows, new front door, 2 bedrooms, 1 bath with over-sized 2 car garage & covered porch with fresh paint. Ready for a new tenant! Cash buyers only.

7. 1987-10-16
   soldstatus $17,000

ⓘ 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: $744 · $62/mo
• Projected year-2 tax: $878 · $73/mo
• Expected delta: +$134/yr (+$11/mo · 18.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 95% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 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 · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,654
• − Mortgage interest: −$3,635
• − Property taxes: −$744
• − Insurance: −$324
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$1,888
• Taxable income: $4,877
• Est. tax owed @ 24.0%: −$1,171
• After-tax cash flow: $4,463/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: Newark City
• NCES district ID: 3904445
• Math proficiency: 48% ▼ -12.00%
• Reading proficiency: 56% ▼ -3.00%
• Median HH income: $38,662
• Composite: 43.33/100
• National rank: #3034
• State rank: #431 of 656 in OH

Livability — Newark

• Score: 69/100
• State rank: #493
• US rank: #8263

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Newark, OH
• County: Licking County · 109,194 people
• City population: 63,281
• Metro: Columbus, OH
• Population (ZIP): 63,281
• Household income: $63,974
• Rent vs Own: 38.9% rent · 61.1% own
• Severe rent burden: 2269.0

Population outlook (Licking County) Hauer SSP2

• Today (2025): 178,210 people
• By 2030: 180,917 · +1.5%
• By 2040: 183,885 · +3.2%
• By 2050: 182,985 · +2.7%
• By 2075: 178,377 · +0.1%
• By 2100: 161,075 · -9.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 5% Black 3% Hispanic / Latino 2%
• 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 · Licking

• 2024 margin: Solid R (+30.0) · D 34.5% · R 64.6%
• 2008→2024 swing: -14.2pp toward R · 2008: -15.8pp · 2024: -30.0pp
• All cycles: 2024: R+30.0 2020: R+28.1 2016: R+28.9 2012: R+14.7 2008: R+15.8

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -253.54%
• Current HPI: 247.9425
• Rent YoY: ▲ 1.63%
• 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

+281.8% since first listed

7 events — show timeline

• 2026-05-12 Pending — CBRMLS
• 2026-05-04 Listed $64,900 CBRMLS
• 2022-10-10 Sold (Public Records) $60,000 Public Records
• 2022-10-07 Sold (MLS) $60,000 CBRMLS
• 2022-09-26 Pending — CBRMLS
• 2022-09-23 Listed $55,000 CBRMLS
• 1987-10-16 Sold (Public Records) $17,000 Public Records

Property tax history

+7.2%/yr

Latest (2025): $744 · +2.6% YoY. Source: county tax records.