338 N Washington St · Greenfield, OH 45123

$159,900

4 bd · 2.0 ba · 2,465 sqft · MultiFamily public records · 27 Days on market

Built 1901 9,583 sqft lot

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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
• DSCR +10.0/10.0
• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Schools +4.7/10.0
• Livability +3.6/5.0
• 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 (5+ Unit). Listing-text estimate: 2 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

This historic home has been split into 4 apartments. 3 have one bedroom, living room, kitchen and bath. One is an efficiency with bedroom/living, kitchen and bath. Floors appear to be original wood. Roof has no leaks reported. Water and sewer is included with rent for all units. Unit A heats with gas wall heater, and has a deck off the back. Unit B heats with gas heater, has large kitchen, has deck off the back, owner pays gas and electric (it does have separate meters for the gas and electric if new owner wants the renter to pay them). Unit C includes all utilities, heats with furnace and floor heater, this is the efficiency. Unit D includes all utilities, heats with furnace and floor heater. Two tenants have been there a while, all would like to stay. Units could use some refreshing.

Key facts

• 9,583 sq ft lot
• Built 1901
• Listed 27 days

Property features AI

Finance

• Financial info: Total of 4 units; Net operating income approximately $28,291; Operating expenses approximately $6,509; Owner pays water and sewer; Annual tax amount reported as $757 (2025); Water expense listed as $600; Electric expense listed as $2,400

Exterior

• Utilities: Public water available; Public sewer available; Natural gas available; Electricity available
• Home design: Midrise property; Built in 1901
• Construction: Built in 1901
• Exterior features: Lot approximately 0.22 acres

Interior

• Heating & cooling: Forced air heating; Central cooling
• Interior features: Forced air heating; Central cooling

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $160k.

Deal economics

• At list price, monthly cash flow is $680 ($8k/yr) — positive. Per door: $340/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $160k).
• Recommended offer: $158k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.4% vs local median 3.6% in Greenfield — 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 72/100 on livability (#364 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment F.
• Greenfield Exempted Village (town): math 56% / reading 56% proficiency, ranked #375 of 656 in OH (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 26 active listings in the ZIP; 20 units permitted in Highland County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Highland County population projected at -21% 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 $45k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $60k; list at $160k implies a 166% 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 $157,501 (1.5% below list)

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. Built in 1901 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 1.31% ✓
• Cap rate: 11.40%
• Cash-on-cash: 18.24%
• DSCR: 1.81
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 9.8%
• Equity multiple: 1.39×
• Total profit: $17,376
• Equity at exit: $23,842

10-year hold

• IRR: 19.0%
• Equity multiple: 2.58×
• Total profit: $70,724
• Equity at exit: $13,825

Cash invested: $44,772 (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 45123

• Home prices YoY: -15.3%
• Active inventory: 26
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,087 medium
• Mortgage (P&I): −$839
• Tax from tax record: −$63 /mo · $757/yr
• Insurance: −$67
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $680

Break-even live

Break-even rent $1,226

Max offer price $159,900

Occupancy floor 62%

Sensitivity live

Price	-10% $771	-5% $726	+0% $680	+5% $635	+10% $590
Rent	-10% $516	-5% $598	+0% $680	+5% $763	+10% $845
Rate	-1.0pp $761	-0.5pp $721	base $680	+0.5pp $639	+1.0pp $597

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$2,086
Total (2 units)			$2,087

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: $39,975
• Closing costs: $4,797
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-21
   days on market $159,900 Active 27 DOM
2. 2026-06-18
   days on market $159,900 Active 25 DOM
3. 2026-06-17
   days on market $159,900 Active 24 DOM
4. 2026-06-16
   days on market $159,900 Active 23 DOM
5. 2026-06-15
   days on market $159,900 Active 22 DOM
6. 2026-06-13
   days on market $159,900 Active 20 DOM
7. 2026-06-12
   days on market $159,900 Active 19 DOM
8. 2026-06-09
   days on market $159,900 Active 16 DOM
9. 2026-06-08
   days on market $159,900 Active 15 DOM
10. 2026-06-08
    days on market $159,900 Active 14 DOM
11. 2026-06-07
    days on market $159,900 Active 13 DOM
12. 2026-06-04
    days on market $159,900 Active 10 DOM
13. 2026-06-02
    days on market $159,900 Active 9 DOM
14. 2026-06-01
    days on market $159,900 Active 8 DOM
15. 2026-05-31
    days on market $159,900 Active 7 DOM
16. 2026-05-25
    listed $159,900 Active 796-char remark

    Show marketing remark (796 chars)

    This historic home has been split into 4 apartments. 3 have one bedroom, living room, kitchen and bath. One is an efficiency with bedroom/living, kitchen and bath. Floors appear to be original wood. Roof has no leaks reported. Water and sewer is included with rent for all units. Unit A heats with gas wall heater, and has a deck off the back. Unit B heats with gas heater, has large kitchen, has deck off the back, owner pays gas and electric (it does have separate meters for the gas and electric if new owner wants the renter to pay them). Unit C includes all utilities, heats with furnace and floor heater, this is the efficiency. Unit D includes all utilities, heats with furnace and floor heater. Two tenants have been there a while, all would like to stay. Units could use some refreshing.

17. 2026-05-24
    listed $159,900 Active
18. 2024-09-05
    soldstatus $60,000
19. 2004-11-10
    soldstatus $53,000

ⓘ 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: $757 · $63/mo
• Projected year-2 tax: $1,626 · $135/mo
• Expected delta: +$869/yr (+$72/mo · 114.7%)

ⓘ 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 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,044
• − Mortgage interest: −$8,957
• − Property taxes: −$757
• − Insurance: −$800
• − Repairs & maintenance: −$2,004
• − Management: −$2,004
• − Depreciation: −$4,652
• Taxable income: $5,872
• Est. tax owed @ 24.0%: −$1,409
• After-tax cash flow: $6,756/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: Greenfield Exempted Village
• NCES district ID: 3904540
• Math proficiency: 56% ▼ -4.00%
• Reading proficiency: 56% ▼ -10.00%
• Median HH income: $38,037
• Composite: 46.62/100
• National rank: #2411
• State rank: #375 of 656 in OH

Livability — Greenfield

• Score: 72/100
• State rank: #364
• US rank: #5881

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenfield, OH
• County: Highland · 42,279 people
• City population: 8,739
• Population (ZIP): 8,739
• Household income: $60,614
• Rent vs Own: 33.6% rent · 66.4% own
• Severe rent burden: 6.1

Population outlook (Highland County) Hauer SSP2

• Today (2025): 41,165 people
• By 2030: 39,726 · -3.5%
• By 2040: 36,377 · -11.6%
• By 2050: 32,572 · -20.9%
• By 2075: 23,690 · -42.5%
• By 2100: 16,220 · -60.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 5% Black 2% Hispanic / Latino 1%
• Common ancestry: Slovak 3% Italian 2% Iranian 1%
• Foreign-born: 0%
• Languages at home: 99% English-only · Spanish 1%

Political lean MEDSL · Highland

• 2024 margin: Solid R (+63.4) · D 18.1% · R 81.4%
• 2008→2024 swing: -37.0pp toward R · 2008: -26.3pp · 2024: -63.4pp
• All cycles: 2024: R+63.4 2020: R+60.4 2016: R+56.1 2012: R+30.7 2008: R+26.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -52.72%
• Current HPI: 291.4543
• 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

+201.7% since first listed

4 events — show timeline

• 2026-05-25 Listed $159,900 SVAR
• 2026-05-24 Listed $159,900 CBRMLS
• 2024-09-05 Sold (Public Records) $60,000 Public Records
• 2004-11-10 Sold (Public Records) $53,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $757 · +0.0% YoY. Source: county tax records.