182 W First St · Mansfield, OH 44902

$149,900

4 bd · 2.0 ba · 2,562 sqft · MultiFamily public records · 7 Days on market

Built 1900 $59/sqft · 49% above area Est $101k · 49% over

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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
• Appreciation +9.2/10.0
• Livability +3.8/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks

Spacious, move-in ready, and packed with extras — this beautifully updated 5-bedroom, 2 full bath home has room for everyone and everything! Car enthusiasts and hobbyists will love the attached 2-car garage PLUS an additional heated 2-car detached garage, perfect for extra vehicles, a workshop, or storage. Inside, you'll find fresh updates throughout including new flooring, updated windows, and fresh paint, giving the home a modern and inviting feel. The generous layout offers plenty of space for entertaining guests, hosting holidays, or simply spreading out and enjoying everyday living. Conveniently located near the hospital, downtown dining, and local amenities, this home combines c

Key facts

• Close to hospital
• Heated garage
• New flooring

Tags

• MOVE IN READY
• HEATED GARAGE
• NEW FLOORING
• NEW WINDOWS
• FRESHLY PAINTED
• CLOSE TO HOSPITAL

Property features AI

Exterior

• Parking: Attached concrete garage with approximately 2.5 garage spaces
• Utilities: Public water; Public sewer
• Home design: Single family residence; Residential property
• Construction: Aluminum siding
• Exterior features: Composition roof

Interior

• Kitchen: Dishwasher; Refrigerator; Microwave; Range
• Bathrooms: Two full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (natural gas)
• Interior features: Eat-in kitchen; One fireplace

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $868 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $150k).
• Cap rate 13.2% vs local median 4.2% in Mansfield — 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 76/100 on livability (#224 in OH, #3,525 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: schools C-, crime D-, amenities D-.
• Mansfield City (urban): math 24% / reading 33% proficiency, ranked #590 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 80% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 30 active listings in the ZIP; lower-income renter base — watch delinquency; 145 units permitted in Richland County in 2024 (0 in 5+ unit buildings).
• At $2,265/mo this rent would consume 86% of the median local household income ($32k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $14k of equity ($1k loan paydown + $13k appreciation (8.4% local appreciation)).
• Richland County population projected at -18% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (8.4% appreciation + 3.0% rent growth), your $42k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $30k; list at $150k implies a 400% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $149,900

Questions for the listing agent

1. Built in 1900 — 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. 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?
4. 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.
5. 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.
6. 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: 1.51% ✓
• Cap rate: 13.25%
• Cash-on-cash: 24.83%
• DSCR: 2.10
• GRM: 5.5

CMA / ARV

• ARV (median comp): $100,910
• List price: $149,900
• Delta: 48.55%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

8.45% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.4%
• Equity multiple: 3.89×
• Total profit: $121,385
• Equity at exit: $118,520

10-year hold

• IRR: 35.8%
• Equity multiple: 8.42×
• Total profit: $311,310
• Equity at exit: $239,827

Cash invested: $41,972 (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 44902

• Home prices YoY: 2.9%
• Active inventory: 30
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $2,265 high
• Mortgage (P&I): −$786
• Tax from tax record: −$72 /mo · $868/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$476
• Net cashflow: $868

Break-even live

Break-even rent $1,166

Max offer price $149,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,532
1× unit	1	1	$734
Total (3 units)			$2,265

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: $37,475
• Closing costs: $4,497
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-05-18
   status Pending 831-char remark
2. 2026-05-11
   listed $149,900 Active 831-char remark
3. 2023-04-24
   soldstatus $30,000

ⓘ 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: $868 · $72/mo
• Projected year-2 tax: $1,603 · $134/mo
• Expected delta: +$735/yr (+$61/mo · 84.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥96°F today · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,180
• − Mortgage interest: −$8,397
• − Property taxes: −$868
• − Insurance: −$750
• − Repairs & maintenance: −$2,174
• − Management: −$2,174
• − Depreciation: −$4,361
• Taxable income: $8,456
• Est. tax owed @ 24.0%: −$2,029
• After-tax cash flow: $8,392/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: Mansfield City
• NCES district ID: 3904429
• Math proficiency: 24% ▼ -19.00%
• Reading proficiency: 33% ▼ -12.00%
• Median HH income: $32,435
• Composite: 23.25/100
• National rank: #7934
• State rank: #590 of 656 in OH

Livability — Mansfield

• Score: 76/100
• State rank: #224
• US rank: #3525

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Mansfield, OH
• County: Richland · 128,966 people
• City population: 16,349
• Metro: Mansfield, OH
• Population (ZIP): 4,876
• Household income: $31,619
• Rent vs Own: 64.9% rent · 35.1% own
• Severe rent burden: 13.2

Population outlook (Richland County) Hauer SSP2

• Today (2025): 115,577 people
• By 2030: 111,669 · -3.4%
• By 2040: 103,323 · -10.6%
• By 2050: 95,135 · -17.7%
• By 2075: 76,719 · -33.6%
• By 2100: 57,188 · -50.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 52% Black 35% Two or more races 10% Hispanic / Latino 5%
• Common ancestry: Italian 2% Serbian 2% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 95% English-only · Spanish 4% Other Indo-European 1%

Political lean MEDSL · Richland

• 2024 margin: Solid R (+42.3) · D 28.4% · R 70.8%
• 2008→2024 swing: -28.8pp toward R · 2008: -13.6pp · 2024: -42.3pp
• All cycles: 2024: R+42.3 2020: R+39.7 2016: R+37.5 2012: R+20.1 2008: R+13.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 8.45%
• Current HPI: 302.035
• 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

+399.7% since first listed

3 events — show timeline

• 2026-05-18 Pending — MARMLS
• 2026-05-11 Listed $149,900 MARMLS
• 2023-04-24 Sold (Public Records) $30,000 Public Records

Property tax history

+11.1%/yr

Latest (2025): $868 · +0.0% YoY. Source: county tax records.