229 W Columbia St · Marion, OH 43302

$124,900

2 bd · 2.0 ba · 1,241 sqft · MultiFamily public records · 223 Days on market

Built 1900 1,742 sqft lot $101/sqft · 15% above area Est $109k · 15% over ↓ 17% since listing

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Why this score? — see what drove the C+ 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 +9.6/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.2/10.0
• ARV discount +0.7/15.0
• 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 MLS

This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

Key facts

• 1,742 sq ft lot
• Built 1900
• Listed 222 days

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×1bd/1ba units multifamily listed at $125k.

Deal economics

• At list price, monthly cash flow is $697 ($8k/yr) — positive. Per door: $348/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $125k).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 6.9% in Marion — 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 65/100 on livability (#704 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: schools D+, crime D+, amenities F.
• Marion City (town): math 22% / reading 31% proficiency, ranked #600 of 656 in OH (top 92%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 67% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 210 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 53 units permitted in Marion County in 2024 (0 in 5+ unit buildings).
• This rent runs 40% of the median local income ($55k/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 $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Marion County population projected at -18% 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 $35k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 223 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $25k (17%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

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

Recommended offer $109,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 223 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
8. 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?
9. 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.
10. 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.
11. 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: 1.46% ✓
• Cap rate: 12.99%
• Cash-on-cash: 23.90%
• DSCR: 2.06
• GRM: 5.7

CMA / ARV

• ARV (median comp): $108,515
• List price: $124,900
• Delta: 15.10%
• Verdict: OVERPRICED
• Comps: 12 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 17.1%
• Equity multiple: 1.69×
• Total profit: $24,084
• Equity at exit: $18,623

10-year hold

• IRR: 25.6%
• Equity multiple: 3.23×
• Total profit: $77,927
• Equity at exit: $10,799

Cash invested: $34,972 (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 43302

• Home prices YoY: -33.9%
• Active inventory: 210
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,829 medium
• Mortgage (P&I): −$655
• Tax from tax record: −$41 /mo · $495/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$384
• Net cashflow: $697

Break-even live

Break-even rent $947

Max offer price $124,900

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$955
1× unit	1	1	$874
Total (2 units)			$1,829

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
133 Garden St Unit 131 Marion, OH	2.0	1.0	752	$900	$1.20	44d	1	0.35mi
1205 Lake Blvd Marion, OH	2.0	1.0	851	$1,250	$1.47	44d	4	1.40mi
1250 Crescent Heights Rd Marion, OH	1.0–3.0	1.0	827	$1,005	$1.21	44d	1	1.43mi

Listing history 22 events

1. 2026-06-19
   days on market $124,900 Active 223 DOM
2. 2026-06-18
   days on market $124,900 Active 222 DOM
3. 2026-06-17
   days on market $124,900 Active 221 DOM
4. 2026-06-16
   days on market $124,900 Active 220 DOM
5. 2026-06-15
   days on market $124,900 Active 219 DOM
6. 2026-06-14
   days on market $124,900 Active 217 DOM
7. 2026-06-12
   days on market $124,900 Active 216 DOM
8. 2026-06-09
   days on market $124,900 Active 213 DOM
9. 2026-06-08
   days on market $124,900 Active 212 DOM
10. 2026-06-07
    days on market $124,900 Active 211 DOM
11. 2026-06-05
    days on market $124,900 Active 208 DOM
12. 2026-06-03
    days on market $124,900 Active 207 DOM
13. 2026-06-02
    days on market $124,900 Active 206 DOM
14. 2026-06-01
    days on market $124,900 Active 205 DOM
15. 2026-05-31
    days on market $124,900 Active 204 DOM
16. 2026-05-30
    days on market $124,900 Active 203 DOM
17. 2026-05-08
    status Active 143-char remark

    Show marketing remark (143 chars)

    This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

18. 2026-05-08
    price $124,900 143-char remark

    Show marketing remark (143 chars)

    This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

19. 2026-05-05
    historical 143-char remark

    Show marketing remark (143 chars)

    This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

20. 2026-03-02
    price $129,900 143-char remark

    Show marketing remark (143 chars)

    This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

21. 2025-12-11
    price $139,900 143-char remark

    Show marketing remark (143 chars)

    This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

22. 2025-11-05
    listed $149,900 Active 143-char remark

    Show marketing remark (143 chars)

    This duplex is available for immediate occupancy. 2 bedroom apartment downstairs and efficiency apartment upstairs with separate rear entrance.

ⓘ 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: $495 · $41/mo
• Projected year-2 tax: $1,222 · $102/mo
• Expected delta: +$727/yr (+$61/mo · 146.6%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $21,948
• − Mortgage interest: −$6,996
• − Property taxes: −$495
• − Insurance: −$624
• − Repairs & maintenance: −$1,756
• − Management: −$1,756
• − Depreciation: −$3,633
• Taxable income: $6,687
• Est. tax owed @ 24.0%: −$1,605
• After-tax cash flow: $6,754/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: Marion City
• NCES district ID: 3904433
• Math proficiency: 22% ▼ -17.00%
• Reading proficiency: 31% ▼ -8.00%
• Median HH income: $32,327
• Composite: 21.58/100
• National rank: #8306
• State rank: #600 of 656 in OH

Livability — Marion

• Score: 65/100
• State rank: #704
• US rank: #12605

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Marion, OH
• County: Marion County · 53,702 people
• City population: 53,702
• Metro: Marion, OH
• Population (ZIP): 53,702
• Household income: $55,057
• Rent vs Own: 36.6% rent · 63.4% own
• Severe rent burden: 1554.0

Population outlook (Marion County) Hauer SSP2

• Today (2025): 62,078 people
• By 2030: 60,049 · -3.3%
• By 2040: 55,413 · -10.7%
• By 2050: 50,604 · -18.5%
• By 2075: 40,162 · -35.3%
• By 2100: 29,105 · -53.1%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (85%)
• Race & ethnicity: White 85% Black 6% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 2%
• Foreign-born: 2% · Canada
• Languages at home: 96% English-only · Spanish 2% Arabic 1%

Political lean MEDSL · Marion

• 2024 margin: Solid R (+41.4) · D 28.9% · R 70.3%
• 2008→2024 swing: -32.5pp toward R · 2008: -8.9pp · 2024: -41.4pp
• All cycles: 2024: R+41.4 2020: R+38.6 2016: R+34.4 2012: R+7.6 2008: R+8.9

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -114.52%
• Current HPI: 223.5344
• Rent YoY: —
• Metro: Marion, 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

-16.7% since first listed

6 events — show timeline

• 2026-05-08 Relisted — CBRMLS
• 2026-05-08 Price Changed $124,900 CBRMLS
• 2026-05-05 Listing Removed — CBRMLS
• 2026-03-02 Price Changed $129,900 CBRMLS
• 2025-12-11 Price Changed $139,900 CBRMLS
• 2025-11-05 Listed $149,900 CBRMLS

Property tax history

+3.7%/yr

Latest (2025): $495 · +0.0% YoY. Source: county tax records.