964 Windsor St · Cincinnati, OH 45206

$374,900

5 bd · 3.0 ba · 3,159 sqft · MultiFamily public records · 52 Days on market

Built 1890 3,659 sqft lot Est $505k · 26% under

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Opportunity is knocking in the heart of Walnut Hills. This three-unit multifamily property blends location, updates, and future potential all in one. Each unit features tasteful kitchen and bath updates. Surrounded by parks, local shops, dining, and quick highway access. What sets this apart? Two parcels included. The additional vacant lot gives you flexibility to create extra parking or explore a new build opportunity and expand your portfolio. Don't miss your chance to own in one of Cincinnati's most vibrant and growing areas. New Sewer in 2023.

Key facts

• 3,659 sq ft lot
• Built 1890
• Listed 51 days

Property features AI

Finance

• Other: Property marketed as a multi-family residential (triplex)
• Financial info: Three total units; Each unit is 1-bedroom; Typical rents listed: Unit 1 $1,150; Unit 2 $1,200; Unit 3 $850; Overall 1-bedroom rent indicated at $1,200; Unit 1 and Unit 3 occupied; Unit 2 vacant
• HOA & community: HOA information not provided

Exterior

• Parking: On-street parking; Driveway
• Security: Security details not provided
• Utilities: Public water; Private sewer; Natural gas; Separate gas and electric meters; Water paid by owner; Heat paid by tenant
• Home design: Triplex; Three or more levels; Second floor area present
• Construction: Brick construction; Stone foundation; Shingle and membrane roofs; Built details year not provided
• Exterior features: Porch; Fire escape; Busline nearby

Interior

• Kitchen: Information about specific kitchen appliances not provided
• Bedrooms: Each unit is 1 bedroom (three 1-bedroom units)
• Flooring: Flooring details not provided
• Bathrooms: Each unit has 1 full bathroom
• Heating & cooling: Forced air heating (gas); Separate furnace for units; Central air conditioning; Separate A/C for units; Natural gas service
• Interior features: Full basement; Individual laundry for units; Three fireplaces (currently inoperable)
• Laundry & utility: Individual laundry (per unit)

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $375k).
• Recommended offer: $364k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.9% 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 (+2.3%/yr); 66 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $5,519/mo this rent would consume 106% of the median local household income ($63k/yr) (locally 618% 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 $11k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $105k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 52 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago; this cycle's ask has dropped $25k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $255k; 47% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $363,653 (3.0% below list)

Questions for the listing agent

1. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.47% ✓
• Cap rate: 11.95%
• Cash-on-cash: 20.19%
• DSCR: 1.90
• GRM: 5.7

CMA / ARV

• ARV (on-the-fly): $505,440
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2232 Kemper Ln	0.09mi	4/— (-1)	2,802 (-11%)	1mo	$465,000	$166	71
2207 Burnet Ave	0.74mi	5/3.0	3,180 (+1%)	3mo	$400,000	$126	62
2191 Victory Pkwy	0.22mi	4/4.0 (-1)	3,537 (+12%)	0mo	$413,000	$117	60
321 Helen St	0.73mi	5/—	3,070 (-3%)	4mo	$490,000	$160	58
2126 Alpine Pl	0.25mi	6/4.0 (+1)	2,971 (-6%)	23mo	$515,000	$173	50
2325 Reading Rd	0.67mi	4/3.0 (-1)	3,002 (-5%)	9mo	$365,000	$122	48
1357 Burdette Ave	0.61mi	6/3.0 (+1)	3,170 (+0%)	23mo	$550,000	$174	47
312 Mcgregor Ave	0.74mi	4/— (-1)	2,919 (-8%)	22mo	$180,000	$62	30

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

Projected returns pro-forma

-3.0% appreciation · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 11.7%
• Equity multiple: 1.46×
• Total profit: $48,143
• Equity at exit: $55,899

10-year hold

• IRR: 20.1%
• Equity multiple: 2.64×
• Total profit: $172,172
• Equity at exit: $32,415

Cash invested: $104,972 (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 45206

• Rents YoY: 2.3%
• Active inventory: 66
• Price-to-rent: 17.0×

Monthly cashflow live

• Estimated rent: $5,519 high
• Mortgage (P&I): −$1,966
• Tax from tax record: −$471 /mo · $5,656/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,159
• Net cashflow: $1,766

Break-even live

Break-even rent $3,283

Max offer price $374,900

Occupancy floor 63%

Sensitivity live

Price	-10% $1,979	-5% $1,873	+0% $1,766	+5% $1,660	+10% $1,554
Rent	-10% $1,330	-5% $1,548	+0% $1,766	+5% $1,984	+10% $2,202
Rate	-1.0pp $1,955	-0.5pp $1,862	base $1,766	+0.5pp $1,669	+1.0pp $1,570

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	3	$5,520
Total (3 units)			$5,519

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: $93,725
• Closing costs: $11,247
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2105 Burnet Ave Unit 1056017P Cincinnati, OH	4.0	2.0	2960	$7,384	$2.49	2d	1	0.79mi
258 Dorchester Ave Unit 1056079P Cincinnati, OH	6.0	3.0	3498	$7,661	$2.19	15d	1	1.00mi
2813 Gerard St Unit 1540075P Cincinnati, OH	4.0	3.0	2152	$6,281	$2.92	21d	1	1.06mi
1718 Dexter Ave Cincinnati, OH	4.0	2.0	2539	$2,100	$0.83	24d	1	1.13mi
1354 Broadway Unit 1056136P Cincinnati, OH	4.0	3.0	2529	$7,307	$2.89	4d	1	1.29mi
2800 Jefferson Ave Cincinnati, OH	4.0	2.0	2500	$625	$0.25	21d	1	1.32mi
1304 Broadway Unit 1056130P Cincinnati, OH	1.0–5.0	1.0–4.0	2072	$8,495	$4.10	11d	2	1.35mi
2271 Vine St Cincinnati, OH	4.0	2.0	2268	$1,525	$0.67	5d	1	1.40mi

Listing history 25 events

1. 2026-06-21
   days on market $374,900 Active 52 DOM
2. 2026-06-18
   days on market $374,900 Active 49 DOM
3. 2026-06-17
   days on market $374,900 Active 48 DOM
4. 2026-06-16
   days on market $374,900 Active 47 DOM
5. 2026-06-15
   days on market $374,900 Active 46 DOM
6. 2026-06-13
   days on market $374,900 Active 44 DOM
7. 2026-06-13
   pricedays on market $374,900 Active 43 DOM
8. 2026-06-09
   days on market $399,900 Active 40 DOM
9. 2026-06-08
   days on market $399,900 Active 39 DOM
10. 2026-06-07
    days on market $399,900 Active 38 DOM
11. 2026-06-03
    days on market $399,900 Active 34 DOM
12. 2026-06-02
    days on market $399,900 Active 33 DOM
13. 2026-06-01
    days on market $399,900 Active 32 DOM
14. 2026-05-31
    days on market $399,900 Active 31 DOM
15. 2026-04-30
    historical 556-char remark

    Show marketing remark (556 chars)

    Opportunity is knocking in the heart of Walnut Hills. This three-unit multifamily property blends location, updates, and future potential all in one. Each unit features tasteful kitchen and bath updates. Surrounded by parks, local shops, dining, and quick highway access. What sets this apart? Two parcels included. The additional vacant lot gives you flexibility to create extra parking or explore a new build opportunity and expand your portfolio. Don't miss your chance to own in one of Cincinnati's most vibrant and growing areas. New Sewer in 2023.

16. 2026-04-30
    listed $399,900 Active

    Show marketing remark (556 chars)

    Opportunity is knocking in the heart of Walnut Hills. This three-unit multifamily property blends location, updates, and future potential all in one. Each unit features tasteful kitchen and bath updates. Surrounded by parks, local shops, dining, and quick highway access. What sets this apart? Two parcels included. The additional vacant lot gives you flexibility to create extra parking or explore a new build opportunity and expand your portfolio. Don't miss your chance to own in one of Cincinnati's most vibrant and growing areas. New Sewer in 2023.

17. 2026-04-03
    listed $450,000 Active 556-char remark

    Show marketing remark (556 chars)

    Opportunity is knocking in the heart of Walnut Hills. This three-unit multifamily property blends location, updates, and future potential all in one. Each unit features tasteful kitchen and bath updates. Surrounded by parks, local shops, dining, and quick highway access. What sets this apart? Two parcels included. The additional vacant lot gives you flexibility to create extra parking or explore a new build opportunity and expand your portfolio. Don't miss your chance to own in one of Cincinnati's most vibrant and growing areas. New Sewer in 2023.

18. 2022-09-12
    soldstatus $255,000
19. 2017-10-17
    soldstatus $40,000
20. 2007-07-01
    historical
21. 2006-11-07
    listed $149,900
22. 1995-03-02
    soldstatus $115,800
23. 1989-02-23
    soldstatus $70,000
24. 1987-04-01
    soldstatus $63,500
25. 1985-09-04
    soldstatus $64,500

ⓘ 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: $5,656 · $471/mo
• Projected year-2 tax: $5,752 · $479/mo
• Expected delta: +$96/yr (+$8/mo · 1.7%)

ⓘ 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 · 17 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: $66,228
• − Mortgage interest: −$21,000
• − Property taxes: −$5,656
• − Insurance: −$1,874
• − Repairs & maintenance: −$5,298
• − Management: −$5,298
• − Depreciation: −$10,906
• Taxable income: $16,194
• Est. tax owed @ 24.0%: −$3,887
• After-tax cash flow: $17,310/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): 10,299
• Household income: $62,648
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 618.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 50% Black 37% Two or more races 8% Hispanic / Latino 4% Asian 3%
• Common ancestry: Slovak 2% Romanian 2% Iranian 1%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 94% English-only · Spanish 2% Vietnamese 2% 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: ▼ -200.07%
• Current HPI: 227.6837
• Rent YoY: ▲ 2.33%
• 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

+520.0% since first listed

11 events — show timeline

• 2026-04-30 Listed $399,900 Cincy MLS
• 2026-04-30 Listing Removed — Cincy MLS
• 2026-04-03 Listed $450,000 Cincy MLS
• 2022-09-12 Sold (Public Records) $255,000 Public Records
• 2017-10-17 Sold (Public Records) $40,000 Public Records
• 2007-07-01 Listing Removed — Cincy MLS
• 2006-11-07 Listed $149,900 Cincy MLS
• 1995-03-02 Sold (Public Records) $115,800 Public Records
• 1989-02-23 Sold (Public Records) $70,000 Public Records
• 1987-04-01 Sold (Public Records) $63,500 Public Records
• 1985-09-04 Sold (Public Records) $64,500 Public Records

Property tax history

+11.2%/yr

Latest (2025): $5,656 · +0.1% YoY. Source: county tax records.