732 Warren St · Sandusky, OH 44870

$279,000

None bd · None ba · 2,668 sqft · MultiFamily public records · 31 Days on market

Built 1940 6,578 sqft lot Est $203k · 38% over

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Why this score? — see what drove the C+ 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
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 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

Turn-key 4-unit! All units occupied. ..

Key facts

• New doors
• Ample parking
• Spacious front porch

Tags

• 2 CAR GARAGE
• AMPLE PARKING
• BRAND NEW SIDING
• NEW ROOF
• NEW DOORS
• SPACIOUS FRONT PORCH

Property features AI

Finance

• Other: Located in Southwark Addition

Exterior

• Parking: Detached off-street garage with 2 spaces
• Utilities: Public water; Public sewer
• Home design: Residential income property; Multi-family (3–4 units)
• Construction: Vinyl siding
• Exterior features: Asphalt roof

Interior

• Kitchen: Range; Refrigerator
• Heating & cooling: Electric baseboard heating
• Interior features: Range; Refrigerator

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $279k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $422/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $279k).
• Recommended offer: $271k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% vs local median 5.4% in Sandusky — 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 83/100 on livability (#63 in OH, #929 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: crime D-, employment F.
• Sandusky City (town): math 24% / reading 37% proficiency, ranked #583 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 210 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $4,357/mo this rent would consume 84% of the median local household income ($62k/yr) (locally 1602% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Erie County population projected at -15% 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 $78k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 31 days — a 3% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $97k; list at $279k implies a 188% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $270,630 (3.0% below list)

Questions for the listing agent

1. It's been on market 31 days. Have you received any prior offers? Is the seller open to a 3% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.56% ✓
• Cap rate: 13.55%
• Cash-on-cash: 25.93%
• DSCR: 2.15
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $202,768
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
516 Franklin St	0.22mi	—/—	2,492 (-7%)	6mo	$165,000	$66	73
319 Meigs St	0.41mi	—/—	2,440 (-8%)	7mo	$69,000	$28	61
1407 Campbell St	0.64mi	—/—	2,654 (-0%)	20mo	$108,500	$41	53
602 W Monroe St	0.61mi	—/—	2,366 (-11%)	1mo	$180,000	$76	52
1412 5th St	0.68mi	—/—	2,655 (-0%)	18mo	$220,000	$83	52
528 Central Ave	0.64mi	—/—	2,992 (+12%)	2mo	$265,000	$89	48

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 1.80×
• Total profit: $62,243
• Equity at exit: $41,600

10-year hold

• IRR: 27.9%
• Equity multiple: 3.46×
• Total profit: $192,449
• Equity at exit: $24,123

Cash invested: $78,120 (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 44870

• Active inventory: 210
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $4,357 medium
• Mortgage (P&I): −$1,463
• Tax from tax record: −$175 /mo · $2,099/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$915
• Net cashflow: $1,688

Break-even live

Break-even rent $2,221

Max offer price $279,000

Occupancy floor 56%

Sensitivity live

Price	-10% $1,846	-5% $1,767	+0% $1,688	+5% $1,609	+10% $1,530
Rent	-10% $1,344	-5% $1,516	+0% $1,688	+5% $1,860	+10% $2,032
Rate	-1.0pp $1,828	-0.5pp $1,759	base $1,688	+0.5pp $1,615	+1.0pp $1,542

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$4,356
Total (4 units)			$4,357

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
156 E Market St Sandusky, OH	1.0–2.0	1.0–2.5	1266	$3,539	$2.79	44d	5	0.62mi

Listing history 29 events

1. 2026-06-18
   days on market $279,000 Active 31 DOM
2. 2026-06-17
   days on market $279,000 Active 30 DOM
3. 2026-06-16
   days on market $279,000 Active 29 DOM
4. 2026-06-15
   days on market $279,000 Active 28 DOM
5. 2026-06-14
   days on market $279,000 Active 26 DOM
6. 2026-06-12
   days on market $279,000 Active 25 DOM
7. 2026-06-09
   days on market $279,000 Active 22 DOM
8. 2026-06-08
   days on market $279,000 Active 21 DOM
9. 2026-06-07
   days on market $279,000 Active 20 DOM
10. 2026-06-03
    days on market $279,000 Active 16 DOM
11. 2026-06-02
    days on market $279,000 Active 15 DOM
12. 2026-06-01
    days on market $279,000 Active 14 DOM
13. 2026-05-31
    days on market $279,000 Active 13 DOM
14. 2026-05-30
    days on market $279,000 Active 12 DOM
15. 2026-05-18
    listed $279,000 Active
16. 2023-07-18
    historical
17. 2020-02-14
    soldstatus $97,000 39-char remark

    Show marketing remark (39 chars)

    Turn-key 4-unit! All units occupied. ..

18. 2019-11-19
    listed $109,900 39-char remark

    Show marketing remark (39 chars)

    Turn-key 4-unit! All units occupied. ..

19. 2018-12-27
    soldstatus $60,000
20. 2007-12-18
    soldstatus $23,900 225-char remark

    Show marketing remark (225 chars)

    * 4 Units. Plus 2 Car (Plus) Garage * Off Street Parking * Separate Electric Services * Newer Vinyl Siding, Windows And Boiler * Motivated Seller Will Consider Financing To Qualified Buyer * Immediate Possession *

21. 2007-12-12
    soldstatus $23,900
22. 2007-09-26
    listed $39,900 225-char remark

    Show marketing remark (225 chars)

    * 4 Units. Plus 2 Car (Plus) Garage * Off Street Parking * Separate Electric Services * Newer Vinyl Siding, Windows And Boiler * Motivated Seller Will Consider Financing To Qualified Buyer * Immediate Possession *

23. 2007-08-31
    historical
24. 2007-03-06
    listed $49,900
25. 2006-06-28
    soldstatus $46,000
26. 2005-01-13
    historical
27. 2004-07-13
    listed $114,900
28. 2002-05-29
    soldstatus $85,000
29. 1999-04-30
    soldstatus $65,250

ⓘ 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: $2,099 · $175/mo
• Projected year-2 tax: $3,226 · $269/mo
• Expected delta: +$1,127/yr (+$94/mo · 53.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥94°F today · 16 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $52,284
• − Mortgage interest: −$15,628
• − Property taxes: −$2,099
• − Insurance: −$1,395
• − Repairs & maintenance: −$4,183
• − Management: −$4,183
• − Depreciation: −$8,116
• Taxable income: $16,680
• Est. tax owed @ 24.0%: −$4,003
• After-tax cash flow: $16,250/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: Sandusky City
• NCES district ID: 3904474
• Math proficiency: 24% ▼ -17.00%
• Reading proficiency: 37% ▼ -9.00%
• Median HH income: $34,583
• Composite: 25.1/100
• National rank: #7532
• State rank: #583 of 656 in OH

Livability — Sandusky

• Score: 83/100
• State rank: #63
• US rank: #929

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Sandusky, OH
• County: Erie County · 39,883 people
• City population: 39,883
• Metro: Sandusky, OH
• Population (ZIP): 39,883
• Household income: $62,082
• Rent vs Own: 39.1% rent · 60.9% own
• Severe rent burden: 1602.0

Population outlook (Erie County) Hauer SSP2

• Today (2025): 73,204 people
• By 2030: 71,341 · -2.5%
• By 2040: 66,771 · -8.8%
• By 2050: 62,512 · -14.6%
• By 2075: 56,154 · -23.3%
• By 2100: 49,045 · -33.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 15% Two or more races 8% Hispanic / Latino 5%
• Common ancestry: Romanian 3% Slovak 2% Subsaharan African 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · Spanish 2%

Political lean MEDSL · Erie

• 2024 margin: R (+14.1) · D 42.5% · R 56.6%
• 2008→2024 swing: -28.0pp toward R · 2008: 13.9pp · 2024: -14.1pp
• All cycles: 2024: R+14.1 2020: R+11.6 2016: R+9.8 2012: D+11.3 2008: D+13.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -151.99%
• Current HPI: 209.6383
• Rent YoY: —
• Metro: Sandusky, 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

+327.6% since first listed

15 events — show timeline

• 2026-05-18 Listed $279,000 FAOR
• 2023-07-18 Rental Removed — RENTEC
• 2020-02-14 Sold (MLS) $97,000 FAOR
• 2019-11-19 Listed $109,900 FAOR
• 2018-12-27 Sold (Public Records) $60,000 Public Records
• 2007-12-18 Sold (MLS) $23,900 MLSNOW
• 2007-12-12 Sold (Public Records) $23,900 Public Records
• 2007-09-26 Listed $39,900 MLSNOW
• 2007-08-31 Listing Removed — MLSNOW
• 2007-03-06 Listed $49,900 MLSNOW
• 2006-06-28 Sold (Public Records) $46,000 Public Records
• 2005-01-13 Listing Removed — MLSNOW
• 2004-07-13 Listed $114,900 MLSNOW
• 2002-05-29 Sold (Public Records) $85,000 Public Records
• 1999-04-30 Sold (Public Records) $65,250 Public Records

Property tax history

-0.3%/yr

Latest (2025): $2,099 · +0.7% YoY. Source: county tax records.