241 S Freedom St · Ravenna, OH 44266

$215,000

4 bd · 2.0 ba · 1,854 sqft · MultiFamily public records · 12 Days on market

Built 1901 7,405 sqft lot $116/sqft · 109% above area

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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
• Livability +3.7/5.0
• Schools +3.0/10.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity knocks! This charming century home offers the perfect blend of character and flexibility, featuring a separate above-garage apartment—ideal for rental income, guests, or a private in-law suite. The main home includes 3 spacious bedrooms on the second floor, plus a unique 4th bedroom on the third level—perfect for a home office, studio, or retreat. You’ll love the beautiful original woodwork, hardwood floors, and timeless charm throughout. A full bath is located upstairs, along with an oversized half bath on the main level for added convenience. Relax and unwind on the screened side porch—perfect for summer evenings. The detached garage apartment features 1 bedroom, 1 full bath, a living room, and kitchen—offering great potential as an income-producing unit or private living space. Whether you’re looking for extra space, multi-generational living, or investment potential, this property checks all the boxes!

Key facts

• Screened side porch
• 7,405 sq ft lot
• 2 garage spots

Tags

• ABOVE GARAGE APARTMENT
• SCREENED SIDE PORCH
• DETACHED GARAGE APARTMENT

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $215k).
• Cap rate 14.1% vs local median 3.0% in Ravenna — 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 73/100 on livability (#323 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A-; Watch: amenities F, commute F, employment F.
• Ravenna City (suburban): math 31% / reading 41% proficiency, ranked #559 of 656 in OH (top 85%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 159 active listings in the ZIP; 196 units permitted in Portage County in 2024 (10 in 5+ unit buildings).
• At $3,515/mo this rent would consume 65% of the median local household income ($65k/yr) (locally 1468% 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $60k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 24y 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 $143k; list at $215k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1901 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $215,000

Questions for the listing agent

1. Built in 1901 — 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. 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.
4. 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.
5. 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: 1.63% ✓
• Cap rate: 14.05%
• Cash-on-cash: 27.72%
• DSCR: 2.23
• GRM: 5.1

CMA / ARV

• ARV (median comp): $102,893
• List price: $215,000
• Delta: 108.96%
• Verdict: OVERPRICED
• Comps: 13 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 21.8%
• Equity multiple: 1.89×
• Total profit: $53,706
• Equity at exit: $32,057

10-year hold

• IRR: 29.9%
• Equity multiple: 3.67×
• Total profit: $160,761
• Equity at exit: $18,589

Cash invested: $60,200 (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 44266

• Active inventory: 159
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,515 medium
• Mortgage (P&I): −$1,127
• Tax from tax record: −$169 /mo · $2,033/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$738
• Net cashflow: $1,390

Break-even live

Break-even rent $1,755

Max offer price $215,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,846
▸ 2× units	1	1	$1,670
Total (4 units)			$3,515

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 15 events

1. 2026-05-07
   status Pending 967-char remark

   Show marketing remark (967 chars)

   Opportunity knocks! This charming century home offers the perfect blend of character and flexibility, featuring a separate above-garage apartment—ideal for rental income, guests, or a private in-law suite. The main home includes 3 spacious bedrooms on the second floor, plus a unique 4th bedroom on the third level—perfect for a home office, studio, or retreat. You’ll love the beautiful original woodwork, hardwood floors, and timeless charm throughout. A full bath is located upstairs, along with an oversized half bath on the main level for added convenience. Relax and unwind on the screened side porch—perfect for summer evenings. The detached garage apartment features 1 bedroom, 1 full bath, a living room, and kitchen—offering great potential as an income-producing unit or private living space. Whether you’re looking for extra space, multi-generational living, or investment potential, this property checks all the boxes!

2. 2026-05-04
   status Active 967-char remark

   Show marketing remark (967 chars)

   Opportunity knocks! This charming century home offers the perfect blend of character and flexibility, featuring a separate above-garage apartment—ideal for rental income, guests, or a private in-law suite. The main home includes 3 spacious bedrooms on the second floor, plus a unique 4th bedroom on the third level—perfect for a home office, studio, or retreat. You’ll love the beautiful original woodwork, hardwood floors, and timeless charm throughout. A full bath is located upstairs, along with an oversized half bath on the main level for added convenience. Relax and unwind on the screened side porch—perfect for summer evenings. The detached garage apartment features 1 bedroom, 1 full bath, a living room, and kitchen—offering great potential as an income-producing unit or private living space. Whether you’re looking for extra space, multi-generational living, or investment potential, this property checks all the boxes!

3. 2026-04-29
   status Pending 967-char remark

   Show marketing remark (967 chars)

   Opportunity knocks! This charming century home offers the perfect blend of character and flexibility, featuring a separate above-garage apartment—ideal for rental income, guests, or a private in-law suite. The main home includes 3 spacious bedrooms on the second floor, plus a unique 4th bedroom on the third level—perfect for a home office, studio, or retreat. You’ll love the beautiful original woodwork, hardwood floors, and timeless charm throughout. A full bath is located upstairs, along with an oversized half bath on the main level for added convenience. Relax and unwind on the screened side porch—perfect for summer evenings. The detached garage apartment features 1 bedroom, 1 full bath, a living room, and kitchen—offering great potential as an income-producing unit or private living space. Whether you’re looking for extra space, multi-generational living, or investment potential, this property checks all the boxes!

4. 2026-04-20
   listed $215,000 Active 967-char remark

   Show marketing remark (967 chars)

   Opportunity knocks! This charming century home offers the perfect blend of character and flexibility, featuring a separate above-garage apartment—ideal for rental income, guests, or a private in-law suite. The main home includes 3 spacious bedrooms on the second floor, plus a unique 4th bedroom on the third level—perfect for a home office, studio, or retreat. You’ll love the beautiful original woodwork, hardwood floors, and timeless charm throughout. A full bath is located upstairs, along with an oversized half bath on the main level for added convenience. Relax and unwind on the screened side porch—perfect for summer evenings. The detached garage apartment features 1 bedroom, 1 full bath, a living room, and kitchen—offering great potential as an income-producing unit or private living space. Whether you’re looking for extra space, multi-generational living, or investment potential, this property checks all the boxes!

5. 2024-12-21
   historical $1,875
6. 2024-12-12
   price $1,875
7. 2024-11-22
   price $2,085
8. 2024-11-06
   listed $2,120
9. 2022-08-19
   soldstatus $143,000
10. 2022-08-12
    soldstatus $143,000 Closed 704-char remark

    Show marketing remark (704 chars)

    Great opportunity to live in this lovely century home and use the above garage 1 bedroom apartment for income or an in law suite. The home features 3 spacious bedrooms on the 2nd floor and another extremely cool 4th bedroom on the 3rd floor. There is also a large full bath on the 2nd floor and a very large half bath on the main floor. Enjoy the beautifull woodwork throughout and hardwood floors. Summer nights can be spent on the screened side porch. The apartment above the garage is quaint with 1 bedroom, 1 bath, living room and kitchen. The furnace is 3 years old and is ready to add central air. The upstairs windows were replaced by Window World 3 years ago. This is also a nice income property.

11. 2022-06-28
    status Pending 704-char remark

    Show marketing remark (704 chars)

    Great opportunity to live in this lovely century home and use the above garage 1 bedroom apartment for income or an in law suite. The home features 3 spacious bedrooms on the 2nd floor and another extremely cool 4th bedroom on the 3rd floor. There is also a large full bath on the 2nd floor and a very large half bath on the main floor. Enjoy the beautifull woodwork throughout and hardwood floors. Summer nights can be spent on the screened side porch. The apartment above the garage is quaint with 1 bedroom, 1 bath, living room and kitchen. The furnace is 3 years old and is ready to add central air. The upstairs windows were replaced by Window World 3 years ago. This is also a nice income property.

12. 2022-06-22
    listed $139,000 Active 704-char remark

    Show marketing remark (704 chars)

    Great opportunity to live in this lovely century home and use the above garage 1 bedroom apartment for income or an in law suite. The home features 3 spacious bedrooms on the 2nd floor and another extremely cool 4th bedroom on the 3rd floor. There is also a large full bath on the 2nd floor and a very large half bath on the main floor. Enjoy the beautifull woodwork throughout and hardwood floors. Summer nights can be spent on the screened side porch. The apartment above the garage is quaint with 1 bedroom, 1 bath, living room and kitchen. The furnace is 3 years old and is ready to add central air. The upstairs windows were replaced by Window World 3 years ago. This is also a nice income property.

13. 2002-10-15
    historical
14. 2002-07-15
    listed $159,900
15. 1994-09-19
    soldstatus $95,000

ⓘ 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: $2,033 · $169/mo
• Projected year-2 tax: $2,693 · $224/mo
• Expected delta: +$661/yr (+$55/mo · 32.5%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 1/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $42,180
• − Mortgage interest: −$12,043
• − Property taxes: −$2,033
• − Insurance: −$1,075
• − Repairs & maintenance: −$3,374
• − Management: −$3,374
• − Depreciation: −$6,255
• Taxable income: $14,025
• Est. tax owed @ 24.0%: −$3,366
• After-tax cash flow: $13,318/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: Ravenna City
• NCES district ID: 3904468
• Math proficiency: 31% ▼ -22.00%
• Reading proficiency: 41% ▼ -13.00%
• Median HH income: $40,018
• Composite: 30.19/100
• National rank: #6314
• State rank: #559 of 656 in OH

Livability — Ravenna

• Score: 73/100
• State rank: #323
• US rank: #5309

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ravenna, OH
• County: Portage County · 70,400 people
• City population: 32,612
• Metro: Akron, OH
• Population (ZIP): 32,612
• Household income: $64,918
• Rent vs Own: 31.3% rent · 68.7% own
• Severe rent burden: 1468.0

Population outlook (Portage County) Hauer SSP2

• Today (2025): 166,109 people
• By 2030: 167,752 · +1.0%
• By 2040: 168,640 · +1.5%
• By 2050: 167,469 · +0.8%
• By 2075: 170,131 · +2.4%
• By 2100: 167,958 · +1.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Black 6% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 3% Italian 2% Slovak 2%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Portage

• 2024 margin: R (+15.5) · D 41.8% · R 57.3%
• 2008→2024 swing: -24.5pp toward R · 2008: 9.0pp · 2024: -15.5pp
• All cycles: 2024: R+15.5 2020: R+12.5 2016: R+10.2 2012: D+4.9 2008: D+9.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -146.76%
• Current HPI: 196.8027
• Rent YoY: —
• Metro: Akron, 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

+126.3% since first listed

15 events — show timeline

• 2026-05-07 Pending — MLSNOW
• 2026-05-04 Relisted — MLSNOW
• 2026-04-29 Pending — MLSNOW
• 2026-04-20 Listed $215,000 MLSNOW
• 2024-12-21 Rental Removed $1,875 RENTLY
• 2024-12-12 Price Changed $1,875 RENTLY
• 2024-11-22 Price Changed $2,085 RENTLY
• 2024-11-06 Listed for Rent $2,120 RENTLY
• 2022-08-19 Sold (Public Records) $143,000 Public Records
• 2022-08-12 Sold (MLS) $143,000 MLSNOW
• 2022-06-28 Pending — MLSNOW
• 2022-06-22 Listed $139,000 MLSNOW
• 2002-10-15 Listing Removed — MLSNOW
• 2002-07-15 Listed $159,900 MLSNOW
• 1994-09-19 Sold (Public Records) $95,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $2,033 · +17.3% YoY. Source: county tax records.