1501 Hayes Ave · Sandusky, OH 44870

$199,900

None bd · None ba · 3,426 sqft · MultiFamily · 3 Days on market

Built 1940 Fair condition 0.37 ac lot Est $305k · 34% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +4.2/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

1501 Hayes Ave is a beautiful, well-maintained 2-unit property located on the corner of Hayes Ave and W. Osborne, just seconds from the hospital and minutes from Downtown Sandusky and Cedar Point. The lower unit has operated as a hair salon for at least the past 50 years and offers great flexibility to continue as a salon, retail space, office, or other business use. The lower unit is currently vacant, making the transition to the purchaser simple and convenient. With RBB/Residential Business zoning, this property may also offer potential for transient rental use, subject to proper approvals. If desired, the lower level could potentially be converted into living space, creating a spacious o

Key facts

• Corner location
• 2 unit property
• 0.37 acre lot

Tags

• 2 UNIT PROPERTY
• CORNER LOCATION
• SPACIOUS OPEN APARTMENT

Property features AI

Exterior

• Utilities: Public water; Public sewer; 100 amp electric service
• Home design: Residential income property (duplex)
• Construction: 32 x 60 irregular lot; Zoning: RRB (Residential/Business)
• Exterior features: Asphalt roof

Interior

• Kitchen: Refrigerator included
• Heating & cooling: Natural gas heating; Hot water heating
• Interior features: Refrigerator included; Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $934 ($11k/yr) — positive. Per door: $467/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 11.9% 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: 209 active listings in the ZIP; 128 units permitted in Erie County in 2024 (5 in 5+ unit buildings).
• At $2,931/mo this rent would consume 57% 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 $1k of loan paydown is wiped out by about $6k 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 $56k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $199,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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: 1.47% ✓
• Cap rate: 11.90%
• Cash-on-cash: 20.02%
• DSCR: 1.89
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $304,914
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
717 Osborne St	0.06mi	—/—	3,029 (-12%)	6mo	$187,500	$62	73
528 Central Ave	0.58mi	—/—	2,992 (-13%)	2mo	$265,000	$89	50

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: 12.2%
• Equity multiple: 1.48×
• Total profit: $27,140
• Equity at exit: $29,806

10-year hold

• IRR: 21.1%
• Equity multiple: 2.79×
• Total profit: $100,414
• Equity at exit: $17,284

Cash invested: $55,972 (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: 209
• Price-to-rent: 11.4×

Monthly cashflow live

• Estimated rent: $2,931 medium
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,998/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$616
• Net cashflow: $934

Break-even live

Break-even rent $1,749

Max offer price $199,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,072	-5% $1,003	+0% $934	+5% $865	+10% $796
Rent	-10% $702	-5% $818	+0% $934	+5% $1,050	+10% $1,166
Rate	-1.0pp $1,035	-0.5pp $985	base $934	+0.5pp $882	+1.0pp $830

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,930
Total (2 units)			$2,931

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 4 events

1. 2026-06-19
   days on market $199,900 Active 3 DOM
2. 2026-06-18
   days on market $199,900 Active 2 DOM
3. 2026-06-17
   remarks 699-char remark
4. 2026-06-17
   listed $199,900 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $35,172
• − Mortgage interest: −$11,198
• − Property taxes: −$2,998
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,814
• − Management: −$2,814
• − Depreciation: −$5,815
• Taxable income: $8,534
• Est. tax owed @ 24.0%: −$2,048
• After-tax cash flow: $9,160/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This 2-unit property requires moderate renovations to improve its condition and increase its value. The exterior siding and interior walls need significant work, and the flooring and kitchen/bathroom fixtures are outdated.

Repairs flagged

• Major exterior siding — Significant weathering and discoloration
• Major interior walls — Worn wallpaper and peeling paint
• Major flooring — Worn carpet
• Major kitchen cabinets — Old and dated
• Major bathroom fixtures — Old and dated
• Major landscaping — Overgrown vegetation

Value-add opportunities

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics
• Both Replace carpet — New carpet improves comfort and appearance
• Both Upgrade kitchen cabinets — Modern cabinets increase functionality and value
• Both Replace bathroom fixtures — New fixtures improve functionality and appearance
• Both Prune landscaping — Well-maintained landscaping enhances curb appeal and property value

Renovation cost estimate screening

Repair item	Severity	Est. cost
exterior siding · Significant weathering and discoloration	Major	$15,000–50,000
interior walls · Worn wallpaper and peeling paint	Major	$15,000–50,000
flooring · Worn carpet	Major	$15,000–50,000
kitchen cabinets · Old and dated	Major	$15,000–50,000
bathroom fixtures · Old and dated	Major	$15,000–50,000
landscaping · Overgrown vegetation	Major	$15,000–50,000
Total estimated repair cost · 6 items		$90,000–300,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint enhances curb appeal and interior aesthetics ↑
• Both Replace carpet — New carpet improves comfort and appearance ↑
• Both Upgrade kitchen cabinets — Modern cabinets increase functionality and value ↑
• Both Replace bathroom fixtures — New fixtures improve functionality and appearance ↑
• Both Prune landscaping — Well-maintained landscaping enhances curb appeal and property value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

1 event — show timeline

• 2026-06-16 Listed $199,900 FAOR