3420 Lumardo Ave Unit A B C · Cincinnati, OH 45238

$279,000

12 bd · 6.0 ba · 2,142 sqft · MultiFamily · 30 Days on market

Built 1938 Fair condition 9,191 sqft lot

---

Why this score? — see what drove the D+ 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 +18.6/30.0
• ARV discount +7.5/15.0
• DSCR +5.8/10.0
• 1% rule +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.7/5.0
• Schools +2.5/10.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

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

Listing remarks

NEW ROOF!!! Check out this Amazing Multi-Family Building on a quiet street next to Our Lady of Lourdes, Features 3 units. A 2 bedroom Unit On The 1st Floor, 1 Bedroom Unit On The Second Floor Unit, and Efficiency in Lower Level. Off Street Parking and large deck in back yard. All three units are occupied with long term tenants that are on a month to month basis. New roof is scheduled to be installed the first week of June.

Key facts

• Large deck
• Off street parking
• New roof

Tags

• MULTI-FAMILY BUILDING
• OFF STREET PARKING
• LARGE DECK
• NEW ROOF

Property features AI

Finance

• Other: Property contains one building; Lot approximately 0.211 acres
• Financial info: Triplex with 3 total units; One 2-bedroom unit currently listed with rent of $1,045; One 1-bedroom unit currently listed with rent of $745; One efficiency unit currently listed with rent of $515
• HOA & community: HOA details not provided

Exterior

• Parking: Built-in rear garage with 2 garage spaces; Approximately 5 open parking spaces; Asphalt driveway, off-street and on-street parking available, private parking
• Security: Security details not provided
• Utilities: Public water; Public sewer; Natural gas; Electric service (standard, details not provided)
• Home design: Triplex; Two levels; Poured foundation; Shingle roof; Residential zoning
• Construction: Brick construction; Poured foundation; Shingle roof; Two-story structure
• Exterior features: Deck; Metal fence; Vinyl double-hung windows

Interior

• Kitchen: Kitchen details not provided
• Bedrooms: Triplex with three units: one 2-bedroom unit, one 1-bedroom unit, and one efficiency/studio unit; Unit 1: 2 bedrooms (6 total rooms); Unit 2: 1 bedroom (3 total rooms); Unit 3: 1 bedroom (2 total rooms)
• Flooring: Flooring details not provided
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom; Unit 3: (bathroom info not provided)
• Heating & cooling: Forced air heating (gas); Central air conditioning; Natural gas service; Heat paid by owner; Water paid by owner
• Interior features: Full basement
• Laundry & utility: Laundry/utility details not provided

What this means for you Summary

Snapshot

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $279k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $270 ($3k/yr) — positive. Per door: $90/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $278k (0.3% below list).
• Recommended offer: $275k (1.5% below list) — sets the bar for market timing.
• Cap rate 7.5% 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 (+4.9%/yr); 78 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $2,783/mo this rent would consume 50% of the median local household income ($66k/yr) (locally 2012% 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 $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $274,815 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1938 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 1.00% ✗
• Cap rate: 7.46%
• Cash-on-cash: 4.15%
• DSCR: 1.18
• GRM: 8.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.71×
• Total profit: $-22,608
• Equity at exit: $41,600

10-year hold

• IRR: 4.1%
• Equity multiple: 1.33×
• Total profit: $25,405
• Equity at exit: $24,123

Cash invested: $78,120 (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 45238

• Rents YoY: 4.9%
• Active inventory: 78
• Price-to-rent: 23.9×

Monthly cashflow live

• Estimated rent: $2,783 high
• Mortgage (P&I): −$1,463
• Tax est. 1.5%: −$349 /mo · $4,185/yr
• Insurance: −$116
• HOA: −$0
• Vacancy / Maint / Mgmt: −$584
• Net cashflow: $270

Break-even live

Break-even rent $2,441

Max offer price $279,000

Occupancy floor 85%

Sensitivity live

Price	-10% $463	-5% $367	+0% $270	+5% $174	+10% $78
Rent	-10% $51	-5% $161	+0% $270	+5% $380	+10% $490
Rate	-1.0pp $411	-0.5pp $341	base $270	+0.5pp $198	+1.0pp $125

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$971
▸ 2× units	1	1	$1,812
Total (3 units)			$2,783

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: $69,750
• Closing costs: $8,370
• Reserves months: —
• Total cash needed: —

Listing history 10 events

1. 2026-06-21
   days on market $279,000 Active 30 DOM
2. 2026-06-18
   days on market $279,000 Active 27 DOM
3. 2026-06-17
   days on market $279,000 Active 26 DOM
4. 2026-06-16
   days on market $279,000 Active 25 DOM
5. 2026-06-15
   days on market $279,000 Active 24 DOM
6. 2026-06-13
   remarks 427-char remark
7. 2026-06-13
   days on market $279,000 Active 22 DOM
8. 2026-06-13
   days on market $279,000 Active 21 DOM
9. 2026-06-09
   remarks 404-char remark
10. 2026-06-09
    listed $279,000 Active 18 DOM

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

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 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $33,396
• − Mortgage interest: −$15,628
• − Property taxes: −$4,185
• − Insurance: −$1,395
• − Repairs & maintenance: −$2,672
• − Management: −$2,672
• − Depreciation: −$8,116
• Taxable loss: −$1,272
• Est. tax savings @ 24.0%: +$305
• After-tax cash flow: $3,551/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.

Condition & rehab AI · 1 photo

Fair 45/100 Moderate rehab

This multi-family property requires moderate repairs to concrete and landscaping, with potential for significant value increase through interior updates and landscaping improvements.

Repairs flagged

• Major Concrete steps and sidewalk — Worn and uneven, likely unsafe
• Minor Landscaping — Some overgrown areas

Value-add opportunities

• Both Landscaping and concrete repairs — Improves curb appeal and safety
• Both Interior updates — Enhances living space and appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
Concrete steps and sidewalk · Worn and uneven, likely unsafe	Major	$15,000–50,000
Landscaping · Some overgrown areas	Minor	$500–3,000
Total estimated repair cost · 2 items		$15,500–53,000

Value-add ROI direction

• Both Landscaping and concrete repairs — Improves curb appeal and safety ↑
• Both Interior updates — Enhances living space and appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 48,351
• Household income: $66,277
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 2012.0

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 White (64%)
• Race & ethnicity: White 64% Black 28% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · French/Haitian/Cajun 4% Spanish 2% German/W. Germanic 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: ▼ -197.57%
• Current HPI: 213.5097
• Rent YoY: ▲ 4.87%
• 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

1 event — show timeline

• 2026-05-22 Listed $279,000 Cincy MLS