328 W Light St · Urbana, OH 43078

$156,000

3 bd · 1.5 ba · 948 sqft · SingleFamily public records · 65 Days on market

Built 1900 10,454 sqft lot $165/sqft · 10% below area Est $173k · 10% under

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Why this score? — see what drove the D 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).

• ARV discount +11.9/15.0
• Appreciation +10.0/10.0
• Cash flow +6.5/30.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.8/10.0
• 1% rule +0.7/10.0

Listing remarks

Cape Cod-style home located near the heart of Urbana, offering 2-3 bedrooms, and 1.5 baths. This home features a functional layout with main-level half bath and a fully fenced backyard, providing space for pets, outdoor use, or future improvements. A covered front porch adds to the home's charm, while the side patio offers a spot to relax or entertain. New roof in 2025. Floors have been repaired to resolve sagging.

Key facts

• 0.24 acre lot
• Built 1900
• Listed 65 days

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $156k.

Deal economics

• At list price, monthly cash flow is $-263 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $109k (29.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $89k (43.1% below list).
• Recommended offer: $89k (43.1% below list) — sets the bar for 1% rule.
• Cap rate 4.3% vs local median 3.3% in Urbana — 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 (#404 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A-; Watch: amenities F, commute F, employment D-.
• Urbana City (town): math 43% / reading 45% proficiency, ranked #509 of 656 in OH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Urbana Elementary School (math 46% / reading 48%, grade D-, #942 of 1,584 statewide, top 61%, 871 students, 56% FRL); Urbana Junior High School (math 41% / reading 38%, grade F, #519 of 654 statewide, top 80%, 433 students, 50% FRL); Urbana High School (math 42% / reading 57%, grade D, #390 of 781 statewide, top 54%, 550 students, 47% FRL) — zoned schools at 51% FRL track the district average.
• Market conditions: 91 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 22d on market — plan ~3-4 weeks tenant-placement turnaround); 42 units permitted in Champaign County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $17k of equity ($1k loan paydown + $16k appreciation (10.0% local appreciation)).
• Champaign County population projected at -25% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• By year 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($147k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 19y ago; this cycle's ask has dropped $9k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $156k implies a 117% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $88,769 (43.1% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 43% concession, seller financing, or rate buy-down credit?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 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: 0.57% ✗
• Cap rate: 4.27%
• Cash-on-cash: -7.23%
• DSCR: 0.68
• GRM: 14.6

CMA / ARV

• ARV (median comp): $172,962
• List price: $156,000
• Delta: -9.81%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
535 W Light St	0.20mi	3/1.0	960 (+1%)	16mo	$100,000	$104	73
350 Mosgrove St	0.33mi	3/1.0	936 (-1%)	9mo	$210,000	$224	73
545 W Light St	0.22mi	3/1.0	864 (-9%)	1mo	$134,900	$156	72
241 Louden St	0.27mi	2/1.0 (-1)	964 (+2%)	7mo	$60,000	$62	72
557 Hagenbuch St	0.25mi	3/1.0	864 (-9%)	5mo	$189,000	$219	68
214 Harmon Ave	0.28mi	3/1.0	1,008 (+6%)	14mo	$97,500	$97	63
109 Talbot Ave	0.33mi	2/1.5 (-1)	934 (-2%)	19mo	$170,000	$182	61
709 N Russell St	0.14mi	2/1.0 (-1)	1,084 (+14%)	2mo	$185,000	$171	60
603 E Light St	0.71mi	3/1.0	880 (-7%)	6mo	$199,000	$226	48
503 Gwynne St	0.53mi	2/1.0 (-1)	900 (-5%)	14mo	$195,000	$217	48
701 Pindar St	0.33mi	2/1.0 (-1)	1,089 (+15%)	11mo	$175,000	$161	44
133 Talbot Ave	0.33mi	3/1.0	817 (-14%)	21mo	$143,500	$176	42

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 19.2%
• Equity multiple: 2.56×
• Total profit: $68,137
• Equity at exit: $140,537

10-year hold

• IRR: 17.7%
• Equity multiple: 5.89×
• Total profit: $213,726
• Equity at exit: $303,074

Cash invested: $43,680 (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 43078

• Home prices YoY: 6.2%
• Active inventory: 91
• Price-to-rent: 14.6×

Monthly cashflow live

• Estimated rent: $888 medium
• Mortgage (P&I): −$818
• Tax from tax record: −$81 /mo · $978/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$186
• Net cashflow: $-263

Break-even live

Break-even rent $1,221

Max offer price $109,490

Occupancy floor —

Sensitivity live

Price	-10% $-175	-5% $-219	+0% $-263	+5% $-307	+10% $-352
Rent	-10% $-333	-5% $-298	+0% $-263	+5% $-228	+10% $-193
Rate	-1.0pp $-185	-0.5pp $-224	base $-263	+0.5pp $-304	+1.0pp $-345

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: $39,000
• Closing costs: $4,680
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
716 W Light St Urbana, OH	2.0	1.0	899	$875	$0.97	25d	1	0.44mi
718 W Light St Urbana, OH	2.0	1.0	899	$875	$0.97	21d	1	0.45mi
219 N Main St Unit H Urbana, OH	2.0	1.0	575	$1,250	$2.17	0d	1	0.59mi
435 E Water St Urbana, OH	2.0	1.5	930	$945	$1.02	0d	1	1.04mi

Listing history 47 events

1. 2026-06-22
   days on market $156,000 Active 65 DOM
2. 2026-06-18
   days on market $156,000 Active 62 DOM
3. 2026-06-17
   days on market $156,000 Active 61 DOM
4. 2026-06-16
   days on market $156,000 Active 60 DOM
5. 2026-06-15
   days on market $156,000 Active 59 DOM
6. 2026-06-13
   days on market $156,000 Active 57 DOM
7. 2026-06-13
   pricedays on market $156,000 Active 56 DOM
8. 2026-06-10
   days on market $158,000 Active 54 DOM
9. 2026-06-09
   days on market $158,000 Active 53 DOM
10. 2026-06-08
    remarks 418-char remark
11. 2026-06-08
    days on market $158,000 Active 52 DOM
12. 2026-06-07
    days on market $158,000 Active 51 DOM
13. 2026-06-05
    days on market $158,000 Active 48 DOM
14. 2026-06-03
    days on market $158,000 Active 47 DOM
15. 2026-06-02
    remarks 397-char remark
16. 2026-06-02
    pricestatusdays on market $158,000 Active 46 DOM
17. 2026-05-15
    historical
18. 2026-05-15
    historical
19. 2026-04-26
    price $145,000
20. 2026-04-26
    price $145,000
21. 2026-04-10
    price $147,500
22. 2026-04-10
    price $147,500
23. 2026-04-06
    price $158,500
24. 2026-04-06
    price $158,500
25. 2026-03-31
    listed $164,900 Active
26. 2026-03-30
    listed $164,900 Active
27. 2015-12-31
    historical
28. 2015-12-31
    historical
29. 2015-08-04
    historical
30. 2015-07-22
    listed $78,000
31. 2015-07-22
    listed $78,000
32. 2015-07-22
    listed $78,000
33. 2013-07-03
    historical
34. 2013-07-02
    historical
35. 2013-01-02
    listed $69,900
36. 2013-01-02
    listed $69,900
37. 2012-12-14
    historical
38. 2012-06-16
    listed $69,900
39. 2008-02-28
    soldstatus $71,900
40. 2008-02-22
    soldstatus $71,900
41. 2007-12-02
    listed $64,900
42. 2007-11-14
    soldstatus $65,500
43. 2007-11-09
    soldstatus $65,500
44. 2007-10-21
    listed $69,500
45. 2004-12-13
    soldstatus $61,200
46. 2003-12-10
    soldstatus $30,000
47. 2001-05-10
    soldstatus $50,000

ⓘ 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: $978 · $81/mo
• Projected year-2 tax: $1,706 · $142/mo
• Expected delta: +$728/yr (+$61/mo · 74.5%)

ⓘ 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) · 71% 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
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $10,652
• − Mortgage interest: −$8,738
• − Property taxes: −$978
• − Insurance: −$780
• − Repairs & maintenance: −$852
• − Management: −$852
• − Depreciation: −$4,538
• Taxable loss: −$6,086
• Est. tax savings @ 24.0%: +$1,461
• After-tax cash flow: $-1,699/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: Urbana City
• NCES district ID: 3904494
• Math proficiency: 43% ▼ -8.00%
• Reading proficiency: 45% ▼ -11.00%
• Median HH income: $40,461
• Composite: 36.9/100
• National rank: #4545
• State rank: #509 of 656 in OH

Livability — Urbana

• Score: 71/100
• State rank: #404
• US rank: #6676

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Urbana, OH
• County: Champaign · 37,359 people
• Population (ZIP): 19,985
• Household income: $72,500
• Rent vs Own: 26.3% rent · 73.7% own
• Severe rent burden: 8.2

Population outlook (Champaign County) Hauer SSP2

• Today (2025): 36,480 people
• By 2030: 34,790 · -4.6%
• By 2040: 31,082 · -14.8%
• By 2050: 27,217 · -25.4%
• By 2075: 19,156 · -47.5%
• By 2100: 12,690 · -65.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (89%)
• Race & ethnicity: White 89% Two or more races 6% Black 3% Hispanic / Latino 1%
• Common ancestry: Slovak 3% Italian 3% Romanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Champaign

• 2024 margin: Solid R (+50.8) · D 24.1% · R 74.9%
• 2008→2024 swing: -30.9pp toward R · 2008: -19.9pp · 2024: -50.8pp
• All cycles: 2024: R+50.8 2020: R+47.7 2016: R+44.5 2012: R+20.1 2008: R+19.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 24.22%
• Current HPI: 415.85
• 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

+190.0% since first listed

31 events — show timeline

• 2026-05-15 Listing Removed — CBRMLS
• 2026-05-15 Listing Removed — WRIST
• 2026-04-26 Price Changed $145,000 WRIST
• 2026-04-26 Price Changed $145,000 CBRMLS
• 2026-04-10 Price Changed $147,500 WRIST
• 2026-04-10 Price Changed $147,500 CBRMLS
• 2026-04-06 Price Changed $158,500 WRIST
• 2026-04-06 Price Changed $158,500 CBRMLS
• 2026-03-31 Listed $164,900 WRIST
• 2026-03-30 Listed $164,900 CBRMLS
• 2015-12-31 Listing Removed — WRIST
• 2015-12-31 Listing Removed — Dayton MLS
• 2015-08-04 Listing Removed — CBRMLS
• 2015-07-22 Listed $78,000 WRIST
• 2015-07-22 Listed $78,000 Dayton MLS
• 2015-07-22 Listed $78,000 CBRMLS
• 2013-07-03 Listing Removed — CBRMLS
• 2013-07-02 Listing Removed — WRIST
• 2013-01-02 Listed $69,900 WRIST
• 2013-01-02 Listed $69,900 CBRMLS
• 2012-12-14 Listing Removed — WRIST
• 2012-06-16 Listed $69,900 WRIST
• 2008-02-28 Sold (Public Records) $71,900 Public Records
• 2008-02-22 Sold (MLS) $71,900 WRIST
• 2007-12-02 Listed $64,900 WRIST
• 2007-11-14 Sold (Public Records) $65,500 Public Records
• 2007-11-09 Sold (MLS) $65,500 WRIST
• 2007-10-21 Listed $69,500 WRIST
• 2004-12-13 Sold (Public Records) $61,200 Public Records
• 2003-12-10 Sold (Public Records) $30,000 Public Records
• 2001-05-10 Sold (Public Records) $50,000 Public Records

Property tax history

+2.1%/yr

Latest (2025): $978 · +0.0% YoY. Source: county tax records.