693 Gholson Ave · Cincinnati, OH 45229

$60,000

5 bd · 3.0 ba · 3,867 sqft · MultiFamily public records · 4 Days on market

Built 1870 0.47 ac lot

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Discover this promising investment opportunity: a two-family property with triplex potential, currently featuring two spacious units. The first-floor unit offers 3 bedrooms and 1 bathroom, while the second unit spans two floors with 5-6 bedrooms and 2 bathrooms. Transform the third floor into an additional 2-bedroom, 1-bathroom unit by simply adding a kitchen, unlocking a grand total potential revenue of $3,800 per month. Centrally located in a vibrant area, just minutes from the zoo, University of Cincinnati, and downtown Cincinnati. Cash only, sold as is - part of the property sustained significant fire damage and requires updates to meet City code standards.

Key facts

• Triplex potential
• Two family property
• Vibrant area

Tags

• TWO FAMILY PROPERTY
• TRIPLEX POTENTIAL
• SPACIOUS UNITS
• VIBRANT AREA
• MINUTES FROM ZOO

Property features AI

Finance

• Other: Two total units (both are 3+ bedroom units); Second floor area listed as 1,652

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Three or more levels
• Construction: Stone foundation
• Exterior features: Shingle roof; Vinyl siding; Other window type; Lot approximately 0.47 acres

Interior

• Bedrooms: Unit 1: 3 bedrooms; Unit 2: 5 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Heating & cooling: Forced air heating (gas)
• Interior features: Full basement; Inoperable fireplace

🏷️ Possibly a rental listed for sale. The $60,000 price doesn't fit this home's estimated sale value (~$216,552) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 4-bed/1.5-bath units multifamily listed at $60k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $1k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $60k).
• Cap rate 58.9% 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 fast (+5.5%/yr); 49 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $3,855/mo this rent would consume 143% of the median local household income ($32k/yr) (locally 1730% 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 $415 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $17k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 5y 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 1870 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $60,000

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. Built in 1870 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
7. 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?
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: 6.42% ✓
• Cap rate: 58.91%
• Cash-on-cash: 187.91%
• DSCR: 9.36
• GRM: 1.3

CMA / ARV

• ARV (on-the-fly): $216,552
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
705 Greenwood Ave	0.28mi	6/3.0 (+1)	3,817 (-1%)	14mo	$213,600	$56	68
3655 Reading Rd	0.18mi	6/3.0 (+1)	3,380 (-13%)	9mo	$215,000	$64	58
766 E Mitchell Ave	0.68mi	4/— (-1)	3,820 (-1%)	9mo	$205,000	$54	53
3474 Harvey Ave	0.52mi	5/2.0	4,288 (+11%)	13mo	$126,000	$29	43
1041 Dana Ave	0.55mi	5/4.0	4,265 (+10%)	21mo	$379,900	$89	36

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 · 5.55% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 11.00×
• Total profit: $168,035
• Equity at exit: $8,946

10-year hold

• IRR: —
• Equity multiple: 25.18×
• Total profit: $406,169
• Equity at exit: $5,188

Cash invested: $16,800 (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 45229

• Home prices YoY: -24.0%
• Rents YoY: 5.5%
• Active inventory: 49
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $3,855 high
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$0
• Vacancy / Maint / Mgmt: −$810
• Net cashflow: $2,631

Break-even live

Break-even rent $525

Max offer price $60,000

Occupancy floor 27%

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

Units	Beds	Baths	Est. rent
▸ 2× units	4	1.5	$3,856
Total (2 units)			$3,855

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
223 Woolper Ave Cincinnati, OH	6.0	3.0	3000	$3,500	$1.17	12d	1	1.34mi

Listing history 5 events

1. 2026-06-18
   days on market $60,000 Active 4 DOM
2. 2026-06-17
   days on market $60,000 Active 3 DOM
3. 2026-06-16
   days on market $60,000 Active 2 DOM
4. 2026-06-15
   remarks 669-char remark
5. 2026-06-15
   listed $60,000 Active 1 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,260
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$3,701
• − Management: −$3,701
• − Depreciation: −$1,745
• Taxable income: $32,552
• Est. tax owed @ 24.0%: −$7,812
• After-tax cash flow: $23,757/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): 13,529
• Household income: $32,263
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 1730.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 24% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Italian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% 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: ▼ -80.34%
• Current HPI: 254.492
• Rent YoY: ▲ 5.55%
• 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

+100.0% since first listed

15 events — show timeline

• 2026-06-13 Listed $60,000 Cincy MLS
• 2026-05-05 Listing Removed — Cincy MLS
• 2026-04-14 Relisted — Cincy MLS
• 2026-03-06 Listing Removed — Cincy MLS
• 2026-03-05 Contingent — Cincy MLS
• 2026-02-28 Listed $60,000 Cincy MLS
• 2021-09-21 Sold (Public Records) $95,000 Public Records
• 2021-09-03 Sold (MLS) $95,000 Cincy MLS
• 2021-08-25 Contingent — Cincy MLS
• 2021-08-04 Relisted — Cincy MLS
• 2021-08-03 Listing Removed — Cincy MLS
• 2021-07-12 Relisted — Cincy MLS
• 2021-04-15 Contingent — Cincy MLS
• 2021-04-03 Listed $95,000 Cincy MLS
• 1988-10-25 Sold (Public Records) $30,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $3,211 · +51.1% YoY. Source: county tax records.