1740 Queen City Ave

Cincinnati, OH 45214

$999,000C-

96 bd · 8.0 ba · — sqft · Built 1890 · MultiFamily · Active · 40 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $8,357/mo
• Mortgage (P&I): −$5,239
• Tax + insurance: −$1,320
• HOA: −$0
• Vac / Maint / Mgmt: −$1,755
• Net cashflow: $43/mo
• Annual: $515/yr
• Cap rate: 6.34%
• Cash-on-cash: 0.18%
• DSCR: 1.01
• 1% rule: 0.84%
• Cash to close: $279,720

Investor read

• This is a 4×2bd/1ba + 4×1bd/1ba units multifamily listed at $999k.
• At list price, monthly cash flow is $43 ($515/yr) — positive. Per door: $5/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $836k (16.3% below list).
• It's been on market 40 days — a 3% lower offer ($969k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $836k (16.3% below list) — sets the bar for 1% rule.
• In year one you build about $107k of equity ($7k loan paydown + $100k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#130 in OH, #1,856 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Cincinnati Public Schools (urban): math 25% / reading 36% proficiency, ranked #581 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+8.1%/yr); 67 active listings in the ZIP; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 6 sale attempts since 27y 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 $365k; list at $999k implies a 174% gain — meaningful room to come down on a strong offer.
• At projected returns (10.0% appreciation + 8.0% rent growth), your $280k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$172k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 6.3% vs local median 3.9% in Cincinnati — 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.
• At $8,357/mo this rent would consume 360% of the median local household income ($28k/yr) (locally 857% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 40 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• Crime grade is F 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?
• 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.