549 Prospect Pl · Cincinnati, OH 45229

$199,999

4 bd · 2.0 ba · 2,016 sqft · MultiFamily public records · 13 Days on market

Built 1923 3,354 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 +8.4/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Schools +2.5/10.0
• 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

Investor opportunity! Duplex in a centrally located area offering excellent income and value-add potential with a little TLC. Being sold AS IS, WHERE IS. Cash or conventional financing only. Side A features 3 bedrooms and 1 full bath. Side B offers 1 bedroom and 1 full bath and is currently tenant occupied, providing immediate rental income potential. Property includes both on and off-street parking and is conveniently located within 4 miles of two local universities, shopping, dining, and commuter routes.

Key facts

• Tenant occupied
• Income potential
• Value-add potential

Tags

• INCOME POTENTIAL
• VALUE-ADD POTENTIAL
• TENANT OCCUPIED
• ON AND OFF-STREET PARKING
• CENTRALLY LOCATED
• LOCAL UNIVERSITIES

Property features AI

Finance

• Other: Total of 2 units (one 1-bedroom unit and one 3-bedroom unit); Basement area approximately 1,104 (finished/unfinished details not provided)

Exterior

• Parking: Attached front garage; Driveway; 1 open parking space
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Duplex; Two-story; Entry level information not provided; Facing direction not provided
• Construction: Built with brick construction; Poured foundation
• Exterior features: Brick exterior; Wood-framed windows; Shingle roof; Public water; Public sewer; Lot size about 0.077 acres

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 3 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air gas heating; Window-unit cooling
• Interior features: Partial basement; Two levels; Two gas fireplaces

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $842 ($10k/yr) — positive. Per door: $421/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Cap rate 11.3% 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+5.5%/yr); 49 active listings in the ZIP; 29 comparable units currently listed for rent nearby; rentals at typical pace (median 21d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $2,681/mo this rent would consume 100% of the median local household income ($32k/yr) (locally 1730% of renters already pay >50% of income on rent) — 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $56k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 13 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 19y 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 $18k; list at $200k implies a 1011% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $199,999

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 1923 — 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. 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?
6. 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?
7. 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.
8. 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.
9. 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: 1.34% ✓
• Cap rate: 11.35%
• Cash-on-cash: 18.05%
• DSCR: 1.80
• GRM: 6.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.55% rent growth · sell at horizon

5-year hold

• IRR: 12.3%
• Equity multiple: 1.50×
• Total profit: $28,256
• Equity at exit: $29,821

10-year hold

• IRR: 23.1%
• Equity multiple: 3.22×
• Total profit: $124,068
• Equity at exit: $17,292

Cash invested: $56,000 (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 45229

• Home prices YoY: -24.0%
• Rents YoY: 5.5%
• Active inventory: 49
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $2,681 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$144 /mo · $1,724/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $842

Break-even live

Break-even rent $1,615

Max offer price $199,999

Occupancy floor 64%

Sensitivity live

Price	-10% $955	-5% $899	+0% $842	+5% $786	+10% $729
Rent	-10% $630	-5% $736	+0% $842	+5% $948	+10% $1,054
Rate	-1.0pp $943	-0.5pp $893	base $842	+0.5pp $790	+1.0pp $738

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,680
Total (2 units)			$2,681

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
434 Northern Ave Cincinnati, OH	3.0	2.5	1518	$2,700	$1.78	5d	1	0.14mi
3564 Estes Pl Unit 2 Cincinnati, OH	3.0	1.0	1662	$1,500	$0.90	3d	1	0.32mi
870 Rockdale Ave Cincinnati, OH	4.0	2.0	1749	$1,800	$1.03	25d	1	0.51mi
242 Stetson St Unit NA Cincinnati, OH	3.0	2.5	2300	$3,500	$1.52	22d	1	0.71mi
3139 Gaff Ave Cincinnati, OH	3.0	2.0	1711	$1,795	$1.05	17d	1	0.75mi
3028 Gilbert Ave Cincinnati, OH	5.0	1.5	1936	$1,700	$0.88	21d	1	0.79mi
850 Lincoln Ave Unit 2 Cincinnati, OH	3.0	2.5	2465	$2,400	$0.97	25d	1	0.82mi
979 Burton Ave Cincinnati, OH	3.0	1.0	1725	$1,595	$0.92	4d	1	0.83mi
241 E University Ave Cincinnati, OH	5.0	2.0	1836	$4,000	$2.18	25d	1	0.84mi
2813 Gerard St Unit 1540075P Cincinnati, OH	4.0	3.0	2152	$6,281	$2.92	21d	1	0.92mi
3263 Bishop St Cincinnati, OH	3.0	2.0	1465	$2,395	$1.63	25d	1	0.99mi
1524 Ruth Ave Unit 2 Cincinnati, OH	4.0	1.0	1971	$1,595	$0.81	25d	1	0.99mi
3209 Gilbert Ave Unit 2 Cincinnati, OH	4.0	2.0	1548	$1,395	$0.90	4d	1	1.04mi
3141 Bishop St Unit 1 Cincinnati, OH	3.0	1.0	1500	$2,100	$1.40	25d	1	1.04mi
2601 May St Cincinnati, OH	2.0–3.0	2.5–3.5	1737	$3,325	$1.91	3d	12	1.08mi
2800 Jefferson Ave Cincinnati, OH	4.0	2.0	2500	$625	$0.25	21d	1	1.10mi
2517 May St Cincinnati, OH	3.0	3.5	2014	$3,420	$1.70	22d	1	1.11mi
3113 Harvard Ave Cincinnati, OH	4.0	3.0	1895	$2,700	$1.42	15d	1	1.13mi
749 Morgan St Cincinnati, OH	3.0	2.0	1488	$1,745	$1.17	15d	1	1.29mi
1710 Fairfax Ave Unit 1710 Cincinnati, OH	5.0	2.0	1500	$2,000	$1.33	25d	1	1.31mi
3326 Fairfield Ave Cincinnati, OH	3.0	2.0	1566	$1,600	$1.02	11d	1	1.35mi
1718 Dexter Ave Cincinnati, OH	4.0	2.0	2539	$2,100	$0.83	25d	1	1.35mi
923 Rogers Pl Cincinnati, OH	3.0	1.0	2061	$1,600	$0.78	25d	1	1.39mi
358 Shiloh St Cincinnati, OH	1.0–3.0	1.0	1400	$2,100	$1.50	3d	1	1.40mi
918 Windsor St Cincinnati, OH	3.0	1.0	2583	$1,675	$0.65	25d	1	1.43mi
2533 Woodburn Ave Cincinnati, OH	3.0	1.0–3.0	912	$3,320	$3.64	3d	39	1.43mi
2331 Park Ave Unit 1 Cincinnati, OH	3.0	2.5	2200	$2,350	$1.07	3d	1	1.44mi
1607 Asmann Ave Cincinnati, OH	1.0–4.0	1.0–1.5	1069	$1,695	$1.58	13d	6	1.46mi
7 W Hollister St Cincinnati, OH	5.0	2.0	1585	$2,750	$1.74	15d	1	1.47mi

Listing history 9 events

1. 2026-06-21
   days on market $199,999 Active 13 DOM
2. 2026-06-18
   days on market $199,999 Active 10 DOM
3. 2026-06-17
   days on market $199,999 Active 9 DOM
4. 2026-06-16
   days on market $199,999 Active 8 DOM
5. 2026-06-15
   days on market $199,999 Active 7 DOM
6. 2026-06-13
   days on market $199,999 Active 5 DOM
7. 2026-06-13
   days on market $199,999 Active 4 DOM
8. 2026-06-08
   remarks 511-char remark
9. 2026-06-08
   listed $199,999 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: $1,724 · $144/mo
• Projected year-2 tax: $2,422 · $202/mo
• Expected delta: +$698/yr (+$58/mo · 40.5%)

ⓘ 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 ≥103°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,172
• − Mortgage interest: −$11,203
• − Property taxes: −$1,724
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,574
• − Management: −$2,574
• − Depreciation: −$5,818
• Taxable income: $7,279
• Est. tax owed @ 24.0%: −$1,747
• After-tax cash flow: $8,359/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: Cincinnati Public Schools
• NCES district ID: 3904375
• Math proficiency: 25% ▼ -19.00%
• Reading proficiency: 36% ▼ -14.00%
• Median HH income: $35,743
• Composite: 25.21/100
• National rank: #7508
• State rank: #581 of 656 in OH

Livability — Cincinnati

• Score: 80/100
• State rank: #130
• US rank: #1856

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cincinnati, OH
• County: Hamilton County · 701,295 people
• City population: 505,555
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 13,529
• Household income: $32,263
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 1730.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 826,054 people
• By 2030: 830,947 · +0.6%
• By 2040: 832,319 · +0.8%
• By 2050: 822,428 · -0.4%
• By 2075: 788,688 · -4.5%
• By 2100: 710,674 · -14.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 24% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Italian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% Other Indo-European 1%

Political lean MEDSL · Hamilton

• 2024 margin: D (+14.9) · D 57.0% · R 42.1%
• 2008→2024 swing: +7.9pp toward D · 2008: 7.0pp · 2024: 14.9pp
• All cycles: 2024: D+14.9 2020: D+15.9 2016: D+9.5 2012: D+4.9 2008: D+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -80.34%
• Current HPI: 254.492
• Rent YoY: ▲ 5.55%
• Metro: Cincinnati, OH-KY-IN
• 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

+116.2% since first listed

7 events — show timeline

• 2026-06-08 Listed $199,999 Cincy MLS
• 2011-09-17 Listing Removed — Cincy MLS
• 2010-01-16 Listed $54,900 Cincy MLS
• 2008-11-17 Sold (Public Records) $18,000 Public Records
• 2007-04-20 Listing Removed — Cincy MLS
• 2007-03-16 Listed $98,900 Cincy MLS
• 2005-11-22 Sold (Public Records) $92,500 Public Records

Property tax history

+13.4%/yr

Latest (2025): $1,724 · +0.1% YoY. Source: county tax records.