137 Grove Dr · Ashtabula, OH 44004

$145,700

4 bd · 2.0 ba · 1,856 sqft · MultiFamily public records · 321 Days on market

Built 1901 5,227 sqft lot $79/sqft · 54% 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 +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• 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

3 bdrm 2 bath colonial home with a 1 bdrm suite, each having own address. OWNer pays water sewer and trash. Possible live in the the home and rent out the 1 bedroom suite. Bird leaving the nest? Heres an opportunity. . or just keep 1500 rental income . LOng term tenant in the home. 1 bedroom has had no lapses. Walking distance to downtown area.

Key facts

• 1 bdrm suite
• 5,227 sq ft lot
• Parking

Tags

• 1 BDRM SUITE
• WALKING DISTANCE TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $146k.

Deal economics

• At list price, monthly cash flow is $792 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $146k).
• Recommended offer: $128k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.8% vs local median 8.2% in Ashtabula — 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 71/100 on livability (#420 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, health & safety A+, housing A; Watch: schools C-, amenities F, commute F.
• Ashtabula Area City (town): math 24% / reading 35% proficiency, ranked #588 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 162 active listings in the ZIP; 155 units permitted in Ashtabula County in 2024 (0 in 5+ unit buildings).
• At $2,187/mo this rent would consume 53% of the median local household income ($50k/yr) — 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 $4k of value loss. Plan a longer hold.
• Ashtabula County population projected at -22% 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 $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 321 days — a 12% lower offer ($128k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 9y 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 $10k; list at $146k implies a 1288% 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 $128,216 (12.0% below list)

Questions for the listing agent

1. It's been on market 321 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 1901 — 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. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 12.81%
• Cash-on-cash: 23.29%
• DSCR: 2.04
• GRM: 5.6

CMA / ARV

• ARV (median comp): $94,383
• List price: $145,700
• Delta: 54.37%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
155 Riverside Dr	0.04mi	4/2.0	1,926 (+4%)	15mo	$65,500	$34	79
5105 Chestnut Ave	0.31mi	5/2.0 (+1)	2,072 (+12%)	8mo	$140,000	$68	55
516 W 46th St	0.58mi	4/3.0	2,030 (+9%)	19mo	$150,000	$74	38
863 W Prospect Cir	0.72mi	5/2.0 (+1)	2,085 (+12%)	6mo	$130,000	$62	36

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: 16.3%
• Equity multiple: 1.66×
• Total profit: $26,804
• Equity at exit: $21,724

10-year hold

• IRR: 24.9%
• Equity multiple: 3.16×
• Total profit: $88,227
• Equity at exit: $12,597

Cash invested: $40,796 (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 44004

• Home prices YoY: -30.5%
• Active inventory: 162
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,187 medium
• Mortgage (P&I): −$764
• Tax from tax record: −$111 /mo · $1,335/yr
• Insurance: −$61
• HOA: −$0
• Vacancy / Maint / Mgmt: −$459
• Net cashflow: $792

Break-even live

Break-even rent $1,185

Max offer price $145,700

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
1× unit	3	2	$1,312
1× unit	1	1	$875
Total (2 units)			$2,187

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: $36,425
• Closing costs: $4,371
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $145,700 Active 321 DOM
2. 2026-06-17
   days on market $145,700 Active 320 DOM
3. 2026-06-16
   days on market $145,700 Active 319 DOM
4. 2026-06-15
   days on market $145,700 Active 318 DOM
5. 2026-06-13
   days on market $145,700 Active 316 DOM
6. 2026-06-12
   days on market $145,700 Active 315 DOM
7. 2026-06-09
   days on market $145,700 Active 312 DOM
8. 2026-06-08
   days on market $145,700 Active 311 DOM
9. 2026-06-07
   days on market $145,700 Active 310 DOM
10. 2026-06-07
    days on market $145,700 Active 309 DOM
11. 2026-06-04
    days on market $145,700 Active 306 DOM
12. 2026-06-02
    days on market $145,700 Active 305 DOM
13. 2026-06-01
    days on market $145,700 Active 304 DOM
14. 2026-05-31
    days on market $145,700 Active 303 DOM
15. 2026-02-01
    status Active 351-char remark

    Show marketing remark (351 chars)

    3 bdrm 2 bath colonial home with a 1 bdrm suite, each having own address. OWNer pays water sewer and trash. Possible live in the the home and rent out the 1 bedroom suite. Bird leaving the nest? Heres an opportunity. . or just keep 1500 rental income . LOng term tenant in the home. 1 bedroom has had no lapses. Walking distance to downtown area.

16. 2026-02-01
    price $145,700 351-char remark

    Show marketing remark (351 chars)

    3 bdrm 2 bath colonial home with a 1 bdrm suite, each having own address. OWNer pays water sewer and trash. Possible live in the the home and rent out the 1 bedroom suite. Bird leaving the nest? Heres an opportunity. . or just keep 1500 rental income . LOng term tenant in the home. 1 bedroom has had no lapses. Walking distance to downtown area.

17. 2026-01-31
    historical 351-char remark

    Show marketing remark (351 chars)

    3 bdrm 2 bath colonial home with a 1 bdrm suite, each having own address. OWNer pays water sewer and trash. Possible live in the the home and rent out the 1 bedroom suite. Bird leaving the nest? Heres an opportunity. . or just keep 1500 rental income . LOng term tenant in the home. 1 bedroom has had no lapses. Walking distance to downtown area.

18. 2025-07-31
    listed $149,700 Active 351-char remark

    Show marketing remark (351 chars)

    3 bdrm 2 bath colonial home with a 1 bdrm suite, each having own address. OWNer pays water sewer and trash. Possible live in the the home and rent out the 1 bedroom suite. Bird leaving the nest? Heres an opportunity. . or just keep 1500 rental income . LOng term tenant in the home. 1 bedroom has had no lapses. Walking distance to downtown area.

19. 2017-09-15
    soldstatus $10,500 Sold 239-char remark

    Show marketing remark (239 chars)

    Multi-family building in Ashtabula, OH for sale. This 4 bed, 2 bath home could make a great investment. It will need work and repairs before move in ready. Property is located off Main St. There is a sidewalk to walking and all amenities.

20. 2017-08-30
    status Pending 239-char remark

    Show marketing remark (239 chars)

    Multi-family building in Ashtabula, OH for sale. This 4 bed, 2 bath home could make a great investment. It will need work and repairs before move in ready. Property is located off Main St. There is a sidewalk to walking and all amenities.

21. 2017-08-22
    price $9,900 239-char remark

    Show marketing remark (239 chars)

    Multi-family building in Ashtabula, OH for sale. This 4 bed, 2 bath home could make a great investment. It will need work and repairs before move in ready. Property is located off Main St. There is a sidewalk to walking and all amenities.

22. 2017-07-27
    listed $12,500 Active 239-char remark

    Show marketing remark (239 chars)

    Multi-family building in Ashtabula, OH for sale. This 4 bed, 2 bath home could make a great investment. It will need work and repairs before move in ready. Property is located off Main St. There is a sidewalk to walking and all amenities.

23. 2017-06-23
    historical
24. 2017-06-19
    status Active
25. 2017-05-25
    status Pending
26. 2017-05-19
    status Active
27. 2017-05-09
    status Pending
28. 2017-05-04
    price $13,900
29. 2017-04-04
    listed $15,900 Active
30. 1992-05-14
    soldstatus $24,000

ⓘ 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: $1,335 · $111/mo
• Projected year-2 tax: $1,804 · $150/mo
• Expected delta: +$469/yr (+$39/mo · 35.1%)

ⓘ 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 · 18 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: $26,244
• − Mortgage interest: −$8,161
• − Property taxes: −$1,335
• − Insurance: −$728
• − Repairs & maintenance: −$2,100
• − Management: −$2,100
• − Depreciation: −$4,239
• Taxable income: $7,581
• Est. tax owed @ 24.0%: −$1,820
• After-tax cash flow: $7,681/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: Ashtabula Area City
• NCES district ID: 3904351
• Math proficiency: 24% ▼ -27.00%
• Reading proficiency: 35% ▼ -13.00%
• Median HH income: $34,812
• Composite: 24.3/100
• National rank: #7712
• State rank: #588 of 656 in OH

Livability — Ashtabula

• Score: 71/100
• State rank: #420
• US rank: #6883

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Ashtabula, OH
• County: Ashtabula · 97,617 people
• City population: 31,076
• Metro: Cleveland, OH
• Population (ZIP): 31,076
• Household income: $49,507
• Rent vs Own: 32.7% rent · 67.3% own
• Severe rent burden: 14.1

Population outlook (Ashtabula County) Hauer SSP2

• Today (2025): 92,950 people
• By 2030: 89,146 · -4.1%
• By 2040: 80,715 · -13.2%
• By 2050: 72,270 · -22.2%
• By 2075: 55,780 · -40.0%
• By 2100: 40,928 · -56.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (79%)
• Race & ethnicity: White 79% Hispanic / Latino 9% Two or more races 7% Black 6%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Romanian 4% Iranian 2% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 94% English-only · Spanish 4%

Political lean MEDSL · Ashtabula

• 2024 margin: Strong R (+28.4) · D 35.4% · R 63.8%
• 2008→2024 swing: -41.9pp toward R · 2008: 13.5pp · 2024: -28.4pp
• All cycles: 2024: R+28.4 2020: R+23.5 2016: R+19.0 2012: D+12.1 2008: D+13.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.51%
• Current HPI: 260.7146
• 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

+507.1% since first listed

16 events — show timeline

• 2026-02-01 Relisted — MLSNOW
• 2026-02-01 Price Changed $145,700 MLSNOW
• 2026-01-31 Listing Removed — MLSNOW
• 2025-07-31 Listed $149,700 MLSNOW
• 2017-09-15 Sold (MLS) $10,500 MLSNOW
• 2017-08-30 Pending — MLSNOW
• 2017-08-22 Price Changed $9,900 MLSNOW
• 2017-07-27 Listed $12,500 MLSNOW
• 2017-06-23 Listing Removed — MLSNOW
• 2017-06-19 Relisted — MLSNOW
• 2017-05-25 Pending — MLSNOW
• 2017-05-19 Relisted — MLSNOW
• 2017-05-09 Pending — MLSNOW
• 2017-05-04 Price Changed $13,900 MLSNOW
• 2017-04-04 Listed $15,900 MLSNOW
• 1992-05-14 Sold (Public Records) $24,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,335 · -0.3% YoY. Source: county tax records.