2131 Colerain Ave · Cincinnati, OH 45214

$449,900

6 bd · 4.5 ba · 3,664 sqft · MultiFamily public records · 46 Days on market

Built 1890 2,178 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 +29.8/30.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• 1% rule +8.7/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

West End triplex completely renovated a little over 10 years ago with strong upside just minutes to Downtown. Features a 3BR unit with2 BA and two 1BR units (one 1.5BA and the other 1 BA). Rents are below market, offering clear value-add potential. Current income does not cover full expenses, ideal for investors looking to reposition and increase returns. Interior photos were taken prior to current tenant occupancy. Current condition and furnishings may vary.

Key facts

• 2,178 sq ft lot
• Built 1890
• Listed 45 days

Property features AI

Finance

• Other: Property contains 3 total units; Basement area approximately 1,112 (basement included); Lot size approximately 0.05 acres
• Financial info: All leases are month-to-month

Exterior

• Parking: On-street parking
• Utilities: Public water (owner pays water); Public sewer; Natural gas
• Home design: Triplex; Three or more levels
• Construction: Brick construction; Block foundation; Shingle and membrane roof
• Exterior features: Patio

Interior

• Bedrooms: Two 1-bedroom units; One 3-bedroom unit
• Bathrooms: Unit 1: 1 full bath and 1 half bath; Unit 2: 1 full bath; Unit 3: 2 full baths
• Heating & cooling: Central air; Forced air heating (gas); Separate furnaces and separate A/C for units; Separate gas and electric meters
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/4.5-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $548/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $450k).
• Recommended offer: $436k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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 (+8.1%/yr); 67 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 14d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $6,155/mo this rent would consume 265% 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.

Forward outlook

• In year one you build about $48k of equity ($3k loan paydown + $45k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $126k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$77k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($436k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $3k; list at $450k implies a 14897% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→21/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $436,403 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.37% ✓
• Cap rate: 10.68%
• Cash-on-cash: 15.67%
• DSCR: 1.70
• GRM: 6.1

CMA / ARV

• ARV (on-the-fly): $219,840
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
650 W Mcmicken Ave	0.20mi	6/4.0	3,294 (-10%)	11mo	$175,000	$53	62
819 Findlay St	0.41mi	6/—	4,080 (+11%)	3mo	$80,000	$20	60
1826 Logan St	0.71mi	6/3.0	3,132 (-14%)	6mo	$430,000	$137	32
1900 State Ave	0.72mi	5/2.0 (-1)	3,186 (-13%)	2mo	$190,000	$60	28

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 38.5%
• Equity multiple: 4.04×
• Total profit: $382,501
• Equity at exit: $405,306

10-year hold

• IRR: 35.1%
• Equity multiple: 9.93×
• Total profit: $1,124,899
• Equity at exit: $874,057

Cash invested: $125,972 (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 45214

• Home prices YoY: 3.6%
• Rents YoY: 8.1%
• Active inventory: 67
• Price-to-rent: 18.3×

Monthly cashflow live

• Estimated rent: $6,155 medium
• Mortgage (P&I): −$2,359
• Tax from tax record: −$670 /mo · $8,045/yr
• Insurance: −$187
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,293
• Net cashflow: $1,645

Break-even live

Break-even rent $4,072

Max offer price $449,900

Occupancy floor 68%

Sensitivity live

Price	-10% $1,900	-5% $1,773	+0% $1,645	+5% $1,518	+10% $1,391
Rent	-10% $1,159	-5% $1,402	+0% $1,645	+5% $1,888	+10% $2,131
Rate	-1.0pp $1,872	-0.5pp $1,760	base $1,645	+0.5pp $1,529	+1.0pp $1,410

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	4.5	$6,156
Total (3 units)			$6,155

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: $112,475
• Closing costs: $13,497
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2017 Elm St Unit 1056145P Cincinnati, OH	5.0	2.0	3939	$7,694	$1.95	13d	1	0.67mi
2317 Chickasaw St Cincinnati, OH	5.0	2.0	2826	$2,750	$0.97	15d	1	0.68mi
122 W Elder St Unit 1056110P Cincinnati, OH	5.0	3.0	3444	$7,875	$2.29	2d	1	0.80mi
126 E 13th St Unit 1056025P Cincinnati, OH	5.0	4.0	2960	$5,339	$1.80	4d	1	1.32mi
258 Dorchester Ave Unit 1056079P Cincinnati, OH	6.0	3.0	3498	$7,661	$2.19	15d	1	1.44mi
1304 Broadway Unit 1056130P Cincinnati, OH	1.0–5.0	1.0–4.0	2072	$8,495	$4.10	11d	2	1.47mi

Listing history 17 events

1. 2026-06-21
   days on market $449,900 Active 46 DOM
2. 2026-06-18
   days on market $449,900 Active 43 DOM
3. 2026-06-17
   days on market $449,900 Active 42 DOM
4. 2026-06-16
   days on market $449,900 Active 41 DOM
5. 2026-06-15
   days on market $449,900 Active 40 DOM
6. 2026-06-13
   days on market $449,900 Active 38 DOM
7. 2026-06-13
   days on market $449,900 Active 37 DOM
8. 2026-06-09
   days on market $449,900 Active 34 DOM
9. 2026-06-08
   days on market $449,900 Active 33 DOM
10. 2026-06-07
    days on market $449,900 Active 32 DOM
11. 2026-06-03
    days on market $449,900 Active 28 DOM
12. 2026-06-02
    days on market $449,900 Active 27 DOM
13. 2026-06-01
    days on market $449,900 Active 26 DOM
14. 2026-05-31
    days on market $449,900 Active 25 DOM
15. 2026-05-06
    listed $449,900 Active
16. 1990-05-30
    soldstatus $3,000
17. 1986-10-14
    soldstatus $12,500

ⓘ 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: $8,045 · $670/mo
• Projected year-2 tax: $8,045 · $670/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 21 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: $73,860
• − Mortgage interest: −$25,201
• − Property taxes: −$8,045
• − Insurance: −$2,250
• − Repairs & maintenance: −$5,909
• − Management: −$5,909
• − Depreciation: −$13,088
• Taxable income: $13,458
• Est. tax owed @ 24.0%: −$3,230
• After-tax cash flow: $16,513/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): 8,630
• Household income: $27,852
• Rent vs Own: 76.1% rent · 23.9% own
• Severe rent burden: 857.0

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 27% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 15.01%
• Current HPI: 433.2346
• Rent YoY: ▲ 8.09%
• 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

+3499.2% since first listed

3 events — show timeline

• 2026-05-06 Listed $449,900 Cincy MLS
• 1990-05-30 Sold (Public Records) $3,000 Public Records
• 1986-10-14 Sold (Public Records) $12,500 Public Records

Property tax history

+37.0%/yr

Latest (2025): $8,045 · +0.1% YoY. Source: county tax records.