50 S Main St · Middletown, OH 45044

$450,000

20 bd · 24.0 ba · 8,424 sqft · MultiFamily · 90 Days on market

Built 1887 5,123 sqft lot $53/sqft · 190% above area

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks MLS

Fantastic four-unit mixed-use property in the heart of Middletown! This well maintained building features two spacious 2 bedroom 2 bath units and two 1 bedroom 1 bath units along with a large retail space on the first floor. With strong rental history this property is a great addition to any invest portfolio or an ideal option for an owner occupant looking to live in one unit while renting the others. Conveniently located in the center of Middletown with easy access to shopping dining and entertainment. Don't miss this opportunity schedule your showing today!

Key facts

• Private parking lot
• Occupied store front
• 5,123 sq ft lot

Tags

• PRIVATE PARKING LOT
• OCCUPIED STORE FRONT
• GREAT ACCESS TO DOWNTOWN

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/6.0-bath units multifamily listed at $450k.

Deal economics

• At list price, monthly cash flow is $4k ($43k/yr) — positive. Per door: $897/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $450k).
• Recommended offer: $423k (6.0% below list) — sets the bar for market timing.
• Cap rate 15.9% vs local median 4.5% in Middletown — 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 72/100 on livability (#389 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D+, amenities D+.
• Middletown City (suburban): math 21% / reading 28% proficiency, ranked #610 of 656 in OH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.3%/yr); 203 active listings in the ZIP; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• At $8,478/mo this rent would consume 138% of the median local household income ($74k/yr) (locally 1532% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $126k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($423k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 25y 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.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $423,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 1887 — 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: 1.88% ✓
• Cap rate: 15.86%
• Cash-on-cash: 34.17%
• DSCR: 2.52
• GRM: 4.4

CMA / ARV

• ARV (median comp): $155,282
• List price: $450,000
• Delta: 189.80%
• Verdict: OVERPRICED
• Comps: 2 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.31% rent growth · sell at horizon

5-year hold

• IRR: 33.3%
• Equity multiple: 2.47×
• Total profit: $184,887
• Equity at exit: $67,096

10-year hold

• IRR: 42.0%
• Equity multiple: 5.63×
• Total profit: $583,894
• Equity at exit: $38,908

Cash invested: $126,000 (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 45044

• Rents YoY: 6.3%
• Active inventory: 203
• Price-to-rent: 17.7×

Monthly cashflow live

• Estimated rent: $8,478 medium
• Mortgage (P&I): −$2,360
• Tax est. 1.5%: −$562 /mo · $6,750/yr
• Insurance: −$188
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,780
• Net cashflow: $3,588

Break-even live

Break-even rent $3,937

Max offer price $450,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	6	$8,476
Total (4 units)			$8,478

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: $112,500
• Closing costs: $13,500
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-05-18
   historical 566-char remark

   Show marketing remark (566 chars)

   Fantastic four-unit mixed-use property in the heart of Middletown! This well maintained building features two spacious 2 bedroom 2 bath units and two 1 bedroom 1 bath units along with a large retail space on the first floor. With strong rental history this property is a great addition to any invest portfolio or an ideal option for an owner occupant looking to live in one unit while renting the others. Conveniently located in the center of Middletown with easy access to shopping dining and entertainment. Don't miss this opportunity schedule your showing today!

2. 2026-05-04
   historical Contingency Pending 566-char remark

   Show marketing remark (566 chars)

   Fantastic four-unit mixed-use property in the heart of Middletown! This well maintained building features two spacious 2 bedroom 2 bath units and two 1 bedroom 1 bath units along with a large retail space on the first floor. With strong rental history this property is a great addition to any invest portfolio or an ideal option for an owner occupant looking to live in one unit while renting the others. Conveniently located in the center of Middletown with easy access to shopping dining and entertainment. Don't miss this opportunity schedule your showing today!

3. 2026-02-23
   listed $450,000 Active 566-char remark

   Show marketing remark (228 chars)

   Wonderful opportunity on a deluxe 4 family with an occupied store front. 3 units are rented. The building has a private parking lot. with great access to the downtown area. Don't miss out on being a part of Downtown Renaissance.

4. 2026-02-23
   listed $450,000 Active 228-char remark

   Show marketing remark (228 chars)

   Wonderful opportunity on a deluxe 4 family with an occupied store front. 3 units are rented. The building has a private parking lot. with great access to the downtown area. Don't miss out on being a part of Downtown Renaissance.

5. 2018-06-08
   historical
6. 2018-02-08
   listed $275,000 Active
7. 2003-05-01
   historical
8. 2001-04-03
   listed $319,000

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

Taxation est. · year 1

• Rental income: $101,736
• − Mortgage interest: −$25,207
• − Property taxes: −$6,750
• − Insurance: −$2,250
• − Repairs & maintenance: −$8,139
• − Management: −$8,139
• − Depreciation: −$13,091
• Taxable income: $38,160
• Est. tax owed @ 24.0%: −$9,158
• After-tax cash flow: $33,895/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: Middletown City
• NCES district ID: 3904440
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 28% ▼ -15.00%
• Median HH income: $36,650
• Composite: 20.35/100
• National rank: #8605
• State rank: #610 of 656 in OH

Livability — Middletown

• Score: 72/100
• State rank: #389
• US rank: #6338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, OH
• County: Butler County · 381,674 people
• City population: 96,117
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 56,217
• Household income: $73,732
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 1532.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 387,706 people
• By 2030: 392,028 · +1.1%
• By 2040: 395,307 · +2.0%
• By 2050: 391,116 · +0.9%
• By 2075: 378,642 · -2.3%
• By 2100: 343,248 · -11.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Butler

• 2024 margin: Strong R (+26.3) · D 36.4% · R 62.7%
• 2008→2024 swing: -3.6pp toward R · 2008: -22.6pp · 2024: -26.3pp
• All cycles: 2024: R+26.3 2020: R+24.0 2016: R+28.3 2012: R+26.2 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -164.07%
• Current HPI: 219.0479
• Rent YoY: ▲ 6.31%
• 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

+41.1% since first listed

8 events — show timeline

• 2026-05-18 Listing Removed — Cincy MLS
• 2026-05-04 Contingent — Cincy MLS
• 2026-02-23 Listed $450,000 Dayton MLS
• 2026-02-23 Listed $450,000 Cincy MLS
• 2018-06-08 Listing Removed — Cincy MLS
• 2018-02-08 Listed $275,000 Cincy MLS
• 2003-05-01 Listing Removed — Cincy MLS
• 2001-04-03 Listed $319,000 Cincy MLS