17 Flanders · Greenhills, OH 45218

$589,900

8 bd · None ba · — sqft · MultiFamily · 72 Days on market

Built 1938 0.58 ac 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 +9.4/10.0
• ARV discount +7.5/15.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Schools +2.3/10.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

100% occupied. 8 One bedroom apartments, all updated, hardwood floors, off street parking in easy to rent neighborhood. Room to increase rents for additional cashflow. All leases are month to month. Owner pays water and heat. 48 hours notice to show. IMPORTANT - Agents please read under agent remarks

Key facts

• 0.58 acre lot
• 8 parking spots
• Built 1938

What this means for you Summary

Snapshot

• This is a 8-bed/?-bath multifamily listed at $590k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $590k).
• Recommended offer: $555k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 71/100 on livability (#430 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment B; Watch: health & safety C-, amenities F, commute F.
• Winton Woods City (suburban): math 19% / reading 33% proficiency, ranked #591 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 7 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $8,495/mo this rent would consume 137% of the median local household income ($75k/yr) — 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 $4k of loan paydown is wiped out by about $18k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $165k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($555k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 10y 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 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $554,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.44% ✓
• Cap rate: 12.27%
• Cash-on-cash: 21.33%
• DSCR: 1.95
• GRM: 5.8

CMA / ARV

• ARV (median comp): $282,799
• List price: $589,900
• Delta: 108.59%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 13.8%
• Equity multiple: 1.55×
• Total profit: $91,343
• Equity at exit: $87,956

10-year hold

• IRR: 22.6%
• Equity multiple: 2.94×
• Total profit: $320,087
• Equity at exit: $51,004

Cash invested: $165,172 (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 45218

• Home prices YoY: -25.0%
• Active inventory: 7
• Price-to-rent: 46.3×

Monthly cashflow live

• Estimated rent: $8,495 high
• Mortgage (P&I): −$3,093
• Tax from tax record: −$436 /mo · $5,230/yr
• Insurance: −$246
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,784
• Net cashflow: $2,936

Break-even live

Break-even rent $4,779

Max offer price $589,900

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$8,496
Total (8 units)			$8,495

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: $147,475
• Closing costs: $17,697
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-03
   days on market $589,900 Active 72 DOM
2. 2026-06-02
   days on market $589,900 Active 71 DOM
3. 2026-06-01
   days on market $589,900 Active 70 DOM
4. 2026-05-31
   days on market $589,900 Active 69 DOM
5. 2026-04-18
   price $589,900 302-char remark

   Show marketing remark (302 chars)

   100% occupied. 8 One bedroom apartments, all updated, hardwood floors, off street parking in easy to rent neighborhood. Room to increase rents for additional cashflow. All leases are month to month. Owner pays water and heat. 48 hours notice to show. IMPORTANT - Agents please read under agent remarks

6. 2026-03-23
   listed $598,900 Active 302-char remark

   Show marketing remark (302 chars)

   100% occupied. 8 One bedroom apartments, all updated, hardwood floors, off street parking in easy to rent neighborhood. Room to increase rents for additional cashflow. All leases are month to month. Owner pays water and heat. 48 hours notice to show. IMPORTANT - Agents please read under agent remarks

7. 2026-01-01
   historical $925
8. 2025-12-20
   listed $925
9. 2025-08-31
   historical $850
10. 2025-08-26
    listed $850
11. 2025-02-15
    historical $850
12. 2025-01-25
    price $850
13. 2025-01-02
    listed $875
14. 2024-11-17
    historical $875
15. 2024-10-17
    listed $875
16. 2024-05-02
    historical $840
17. 2024-04-30
    listed $840
18. 2024-04-10
    historical $875
19. 2024-03-13
    listed $875
20. 2024-03-13
    historical $840
21. 2024-01-09
    listed $840
22. 2023-12-22
    historical $840
23. 2023-12-02
    listed $840
24. 2017-10-30
    historical
25. 2017-07-07
    price $140,000
26. 2017-07-03
    price $140,500
27. 2017-07-03
    status Active
28. 2017-06-30
    historical
29. 2017-01-23
    price $147,500
30. 2016-12-12
    listed $165,000 Active

ⓘ 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: $5,230 · $436/mo
• Projected year-2 tax: $7,216 · $601/mo
• Expected delta: +$1,986/yr (+$166/mo · 38.0%)

ⓘ 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 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 4/10 Moderate 4 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $101,940
• − Mortgage interest: −$33,044
• − Property taxes: −$5,230
• − Insurance: −$2,950
• − Repairs & maintenance: −$8,155
• − Management: −$8,155
• − Depreciation: −$17,161
• Taxable income: $27,246
• Est. tax owed @ 24.0%: −$6,539
• After-tax cash flow: $28,692/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: Winton Woods City
• NCES district ID: 3904408
• Math proficiency: 19% ▼ -14.00%
• Reading proficiency: 33% ▼ -7.00%
• Median HH income: $54,318
• Composite: 23.24/100
• National rank: #7936
• State rank: #591 of 656 in OH

Livability — Greenhills

• Score: 71/100
• State rank: #430
• US rank: #7119

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Greenhills, OH
• County: Hamilton · 838,887 people
• City population: 3,815
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 3,815
• Household income: $74,617
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 11.9

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 White (69%)
• Race & ethnicity: White 69% Black 17% Two or more races 11% Hispanic / Latino 4%
• Common ancestry: Slovak 1% Lithuanian 1% Danish 1%
• Foreign-born: 3% · Canada, Jamaica
• Languages at home: 96% English-only · Spanish 3%

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: ▼ -78.35%
• Current HPI: 235.0463
• Rent YoY: —
• Metro: —
• 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

+257.5% since first listed

26 events — show timeline

• 2026-04-18 Price Changed $589,900 Cincy MLS
• 2026-03-23 Listed $598,900 Cincy MLS
• 2026-01-01 Rental Removed $925 APPFOLIO
• 2025-12-20 Listed for Rent $925 APPFOLIO
• 2025-08-31 Rental Removed $850 APPFOLIO
• 2025-08-26 Listed for Rent $850 APPFOLIO
• 2025-02-15 Rental Removed $850 APPFOLIO
• 2025-01-25 Price Changed $850 APPFOLIO
• 2025-01-02 Listed for Rent $875 APPFOLIO
• 2024-11-17 Rental Removed $875 APPFOLIO
• 2024-10-17 Listed for Rent $875 APPFOLIO
• 2024-05-02 Rental Removed $840 APPFOLIO
• 2024-04-30 Listed for Rent $840 APPFOLIO
• 2024-04-10 Rental Removed $875 APPFOLIO
• 2024-03-13 Listed for Rent $875 APPFOLIO
• 2024-03-13 Rental Removed $840 APPFOLIO
• 2024-01-09 Listed for Rent $840 APPFOLIO
• 2023-12-22 Rental Removed $840 APPFOLIO
• 2023-12-02 Listed for Rent $840 APPFOLIO
• 2017-10-30 Listing Removed — Cincy MLS
• 2017-07-07 Price Changed $140,000 Cincy MLS
• 2017-07-03 Price Changed $140,500 Cincy MLS
• 2017-07-03 Relisted — Cincy MLS
• 2017-06-30 Listing Removed — Cincy MLS
• 2017-01-23 Price Changed $147,500 Cincy MLS
• 2016-12-12 Listed $165,000 Cincy MLS

Property tax history

+1.9%/yr

Latest (2025): $5,230 · +3.0% YoY. Source: county tax records.