500 E Chillicothe Ave · Bellefontaine, OH 43311

$154,900

3 bd · 2.0 ba · 1,456 sqft · MultiFamily public records · 3 Days on market

Built 1920 3,484 sqft lot Est $181k · 14% 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 +13.9/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Schools +4.8/10.0
• Livability +3.8/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Attention investors! Now's your chance to own an up/down duplex located close to downtown Bellefontaine. Lower unit features 2 bedrooms and 1 bath and is currently rented for $750/month. The upper unit features 1 bedroom and 1 bath. Currently, the upper is vacant but was last rented for $375. Considering a journey into investment properties, look at this one before it's gone. Property has updated electricity and gas meters.

Key facts

• Up down duplex
• Updated electricity
• Close to downtown

Tags

• UP DOWN DUPLEX
• CLOSE TO DOWNTOWN
• UPDATED ELECTRICITY
• UPDATED GAS METERS

Property features AI

Exterior

• Utilities: Public sewer; Supplied water
• Home design: Multi-family property; 2-unit building; Built in 1920
• Construction: Brick construction
• Exterior features: Residential lot; 50 x 71 lot dimensions

Interior

• Bathrooms: 2 full bathrooms
• Heating & cooling: Forced air heating (natural gas); Window unit cooling
• Interior features: Block basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $922 ($11k/yr) — positive. Per door: $461/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 13.4% vs local median 3.6% in Bellefontaine — 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 (#213 in OH, #3,316 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: employment D+, amenities F, commute F.
• Bellefontaine City (town): math 55% / reading 59% proficiency, ranked #348 of 656 in OH (top 53%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 152 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 121 units permitted in Logan County in 2024 (0 in 5+ unit buildings).
• At $2,429/mo this rent would consume 45% of the median local household income ($64k/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 $5k of value loss. Plan a longer hold.
• Logan 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 $43k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 2y 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 $59k; list at $155k implies a 163% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $154,900

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. Built in 1920 — 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: 1.57% ✓
• Cap rate: 13.44%
• Cash-on-cash: 25.52%
• DSCR: 2.14
• GRM: 5.3

CMA / ARV

• ARV (on-the-fly): $180,544
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
576 Eastern	0.15mi	4/2.0 (+1)	1,568 (+8%)	11mo	$195,000	$124	66

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: 19.1%
• Equity multiple: 1.78×
• Total profit: $33,627
• Equity at exit: $23,096

10-year hold

• IRR: 27.4%
• Equity multiple: 3.42×
• Total profit: $104,879
• Equity at exit: $13,393

Cash invested: $43,372 (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 43311

• Active inventory: 152
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,429 medium
• Mortgage (P&I): −$812
• Tax from tax record: −$120 /mo · $1,438/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$510
• Net cashflow: $922

Break-even live

Break-even rent $1,262

Max offer price $154,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$2,428
Total (2 units)			$2,429

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: $38,725
• Closing costs: $4,647
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
520 N Madriver St Bellefontaine, OH	4.0	1.5	1600	$1,700	$1.06	43d	1	0.63mi

Listing history 4 events

1. 2026-06-18
   days on market $154,900 Active 3 DOM
2. 2026-06-17
   days on market $154,900 Active 2 DOM
3. 2026-06-15
   remarks 427-char remark
4. 2026-06-15
   listed $154,900 Active 1 DOM

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $1,438 · $120/mo
• Projected year-2 tax: $1,927 · $161/mo
• Expected delta: +$489/yr (+$41/mo · 34.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $29,148
• − Mortgage interest: −$8,677
• − Property taxes: −$1,438
• − Insurance: −$774
• − Repairs & maintenance: −$2,332
• − Management: −$2,332
• − Depreciation: −$4,506
• Taxable income: $9,089
• Est. tax owed @ 24.0%: −$2,181
• After-tax cash flow: $8,885/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: Bellefontaine City
• NCES district ID: 3904358
• Math proficiency: 55% ▼ -10.00%
• Reading proficiency: 59% ▼ -6.00%
• Median HH income: $43,270
• Composite: 47.94/100
• National rank: #2207
• State rank: #348 of 656 in OH

Livability — Bellefontaine

• Score: 76/100
• State rank: #213
• US rank: #3316

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Bellefontaine, OH
• County: Logan · 47,256 people
• City population: 20,074
• Population (ZIP): 20,074
• Household income: $64,217
• Rent vs Own: 31.5% rent · 68.5% own
• Severe rent burden: 10.1

Population outlook (Logan County) Hauer SSP2

• Today (2025): 44,240 people
• By 2030: 43,166 · -2.4%
• By 2040: 40,495 · -8.5%
• By 2050: 37,511 · -15.2%
• By 2075: 30,453 · -31.2%
• By 2100: 23,081 · -47.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (90%)
• Race & ethnicity: White 90% Two or more races 5% Black 3% Hispanic / Latino 2%
• Common ancestry: Italian 4% Slovak 4% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 98% English-only · Spanish 1%

Political lean MEDSL · Logan

• 2024 margin: Solid R (+56.2) · D 21.5% · R 77.7%
• 2008→2024 swing: -29.6pp toward R · 2008: -26.6pp · 2024: -56.2pp
• All cycles: 2024: R+56.2 2020: R+55.2 2016: R+52.6 2012: R+31.8 2008: R+26.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -182.18%
• Current HPI: 243.9954
• 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

+162.5% since first listed

8 events — show timeline

• 2026-06-13 Listed $154,900 WRIST
• 2026-01-16 Pending — WRIST
• 2026-01-16 Listing Removed — WRIST
• 2025-03-04 Listing Removed — WRIST
• 2025-02-28 Listed $159,999 WRIST
• 2024-12-09 Price Changed $159,999 WRIST
• 2024-10-01 Listed $169,999 WRIST
• 2000-04-19 Sold (Public Records) $59,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $1,438 · +34.3% YoY. Source: county tax records.