3420 Lumardo Ave Unit A B C

Cincinnati, OH 45238

$279,000D+

12 bd · 6.0 ba · 2,142 sqft · Built 1938 · MultiFamily · Active · 30 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,783/mo
• Mortgage (P&I): −$1,463
• Tax + insurance: −$465
• HOA: −$0
• Vac / Maint / Mgmt: −$584
• Net cashflow: $270/mo
• Annual: $3,246/yr
• Cap rate: 7.46%
• Cash-on-cash: 4.15%
• DSCR: 1.18
• 1% rule: 1.00%
• Cash to close: $78,120

Investor read

• This is a 1×2bd/1.0ba + 2×1bd/1.0ba units multifamily listed at $279k. Condition is rated fair.
• 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).
• It's been on market 30 days — a 2% lower offer ($275k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $275k (1.5% below list) — sets the bar for market timing.
• 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.
• 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.
• Watch-outs: built in 1938 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• 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.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1938 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?

Repairs flagged (vision-AI assessment)

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