8509 St Rt 73 · Hillsboro, OH 45133

$199,900

5 bd · 2.0 ba · 2,237 sqft · MultiFamily public records · 89 Days on market

Built 1966 1.11 ac lot ↓ 43% since listing

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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 +8.0/10.0
• ARV discount +7.5/15.0
• Schools +5.8/10.0
• Livability +3.4/5.0
• Rent growth +2.5/5.0
• 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 MLS

Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

Key facts

• Single story duplex
• Full basement
• Separate entrances

Tags

• SINGLE STORY DUPLEX
• SEPARATE ENTRANCES
• FULL BASEMENT
• ATTACHED ENCLOSED PORCH

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $780 ($9k/yr) — positive. Per door: $390/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.0% vs local median 3.2% in Hillsboro — 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 67/100 on livability (#621 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A+; Watch: amenities F, commute F, employment D-.
• Hillsboro City (rural): math 66% / reading 73% proficiency, ranked #175 of 656 in OH (top 27%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 125 active listings in the ZIP; 20 units permitted in Highland County in 2024 (0 in 5+ unit buildings).
• At $2,594/mo this rent would consume 53% of the median local household income ($59k/yr) (locally 16% 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.
• Highland County population projected at -21% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $56k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 89 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $120k (38%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 89 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 1966 — 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 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?
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: 1.30% ✓
• Cap rate: 10.98%
• Cash-on-cash: 16.73%
• DSCR: 1.74
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 7.9%
• Equity multiple: 1.31×
• Total profit: $17,279
• Equity at exit: $29,806

10-year hold

• IRR: 17.1%
• Equity multiple: 2.41×
• Total profit: $78,923
• Equity at exit: $17,284

Cash invested: $55,972 (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 45133

• Home prices YoY: -19.4%
• Active inventory: 125
• Price-to-rent: 12.8×

Monthly cashflow live

• Estimated rent: $2,594 medium
• Mortgage (P&I): −$1,048
• Tax from tax record: −$137 /mo · $1,648/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $780

Break-even live

Break-even rent $1,606

Max offer price $199,900

Occupancy floor 65%

Sensitivity live

Price	-10% $894	-5% $837	+0% $780	+5% $724	+10% $667
Rent	-10% $575	-5% $678	+0% $780	+5% $883	+10% $985
Rate	-1.0pp $881	-0.5pp $831	base $780	+0.5pp $729	+1.0pp $676

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,594
Total (2 units)			$2,594

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   pricedays on market $199,900 Active 89 DOM
2. 2026-06-18
   days on market $219,900 Active 87 DOM
3. 2026-06-17
   days on market $219,900 Active 86 DOM
4. 2026-06-16
   days on market $219,900 Active 85 DOM
5. 2026-06-15
   days on market $219,900 Active 84 DOM
6. 2026-06-13
   days on market $219,900 Active 82 DOM
7. 2026-06-12
   days on market $219,900 Active 81 DOM
8. 2026-06-09
   days on market $219,900 Active 78 DOM
9. 2026-06-08
   days on market $219,900 Active 77 DOM
10. 2026-06-08
    days on market $219,900 Active 76 DOM
11. 2026-06-07
    days on market $219,900 Active 75 DOM
12. 2026-06-04
    days on market $219,900 Active 72 DOM
13. 2026-06-02
    days on market $219,900 Active 71 DOM
14. 2026-06-01
    days on market $219,900 Active 70 DOM
15. 2026-05-31
    days on market $219,900 Active 69 DOM
16. 2026-04-19
    price $229,900 240-char remark

    Show marketing remark (240 chars)

    Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

17. 2026-04-17
    price $279,900 240-char remark

    Show marketing remark (240 chars)

    Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

18. 2026-03-31
    price $299,900 240-char remark

    Show marketing remark (240 chars)

    Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

19. 2026-03-23
    listed $319,900 Active 240-char remark

    Show marketing remark (240 chars)

    Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

20. 2025-05-19
    historical 240-char remark

    Show marketing remark (240 chars)

    Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

21. 2025-03-31
    listed $400,000 Active 240-char remark

    Show marketing remark (240 chars)

    Rare single story duplex located just outside of Hillsboro. Property has separate entrances, utilities. Each unit has 2 bedrooms and 1 full bathrooms with 1 car attached garage. Left side unit has full basement and attached enclosed porch.

ⓘ 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: $1,648 · $137/mo
• Projected year-2 tax: $2,383 · $199/mo
• Expected delta: +$735/yr (+$61/mo · 44.6%)

ⓘ 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 2/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥98°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $31,128
• − Mortgage interest: −$11,198
• − Property taxes: −$1,648
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,490
• − Management: −$2,490
• − Depreciation: −$5,815
• Taxable income: $6,487
• Est. tax owed @ 24.0%: −$1,557
• After-tax cash flow: $7,807/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: Hillsboro City
• NCES district ID: 3904412
• Math proficiency: 66% ▬ 0.00%
• Reading proficiency: 73% ▲ 1.00%
• Median HH income: $37,342
• Composite: 57.72/100
• National rank: #1056
• State rank: #175 of 656 in OH

Livability — Hillsboro

• Score: 67/100
• State rank: #621
• US rank: #10783

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Highland · 42,279 people
• Population (ZIP): 23,604
• Household income: $58,813
• Rent vs Own: 27.5% rent · 72.5% own
• Severe rent burden: 15.9

Population outlook (Highland County) Hauer SSP2

• Today (2025): 41,165 people
• By 2030: 39,726 · -3.5%
• By 2040: 36,377 · -11.6%
• By 2050: 32,572 · -20.9%
• By 2075: 23,690 · -42.5%
• By 2100: 16,220 · -60.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (94%)
• Race & ethnicity: White 94% Two or more races 4% Hispanic / Latino 1% Black 1%
• Common ancestry: Serbian 2% Slovak 1% Iranian 1%
• Foreign-born: 1% · Canada
• Languages at home: 96% English-only · German/W. Germanic 3% Spanish 1%

Political lean MEDSL · Highland

• 2024 margin: Solid R (+63.4) · D 18.1% · R 81.4%
• 2008→2024 swing: -37.0pp toward R · 2008: -26.3pp · 2024: -63.4pp
• All cycles: 2024: R+63.4 2020: R+60.4 2016: R+56.1 2012: R+30.7 2008: R+26.3

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -66.94%
• Current HPI: 278.012
• 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

-42.5% since first listed

6 events — show timeline

• 2026-04-19 Price Changed $229,900 Cincy MLS
• 2026-04-17 Price Changed $279,900 Cincy MLS
• 2026-03-31 Price Changed $299,900 Cincy MLS
• 2026-03-23 Listed $319,900 Cincy MLS
• 2025-05-19 Listing Removed — Cincy MLS
• 2025-03-31 Listed $400,000 Cincy MLS

Property tax history

+5.2%/yr

Latest (2025): $1,648 · +0.0% YoY. Source: county tax records.