378 Howell Ave · Cincinnati, OH 45220

$455,000

5 bd · 3.5 ba · 3,094 sqft · MultiFamily public records · 167 Days on market

Built 1905 Est $390k · 17% over

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Why this score? — see what drove the C- 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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.7/10.0
• Livability +4.0/5.0
• Rent growth +2.6/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• 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 MLS

Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

Key facts

• Numerous updates
• Hardwood floors
• 2 garage spots

Tags

• MOVE-IN-READY TRIPLEX
• NUMEROUS UPDATES
• HARDWOOD FLOORS

Property features AI

Finance

• Financial info: Three-unit property with current rents: two 2-bedroom units at $1,000 each and one 1-bedroom unit at $600; Tenants are month-to-month

Exterior

• Parking: Detached 2-car garage; Off-street parking and driveway
• Utilities: Public water; Public sewer; Natural gas
• Home design: Triplex; Three or more levels; Multi-family zoning
• Construction: Stone foundation; Stone and brick construction; Shingle roof; Double-hung wood windows
• Exterior features: Patio; Porch; Balcony; Wood fence

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms; Unit 3: 1 bedroom
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom; Unit 3: 1 full bathroom
• Heating & cooling: Forced air gas heating; Separate furnaces for units; Central air plus window units; Separate gas and electric for units; Heat paid by tenants, water paid by owner
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $455k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $369/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $455k).
• Recommended offer: $400k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.2% 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 flat; 36 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $5,333/mo this rent would consume 120% of the median local household income ($53k/yr) (locally 1186% 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 $3k of loan paydown is wiped out by about $14k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 167 days — a 12% lower offer ($400k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y 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.
• Current owner paid $287k; list at $455k implies a 59% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $400,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 167 days. Have you received any prior offers? Is the seller open to a 12% 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 1905 — 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. 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?
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: 1.17% ✓
• Cap rate: 9.21%
• Cash-on-cash: 10.42%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (on-the-fly): $389,844
• Comps found: 9

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 Terrace Ave	0.11mi	4/2.0 (-1)	3,348 (+8%)	1mo	$295,000	$88	69
508 Terrace Ave	0.10mi	5/3.0	3,512 (+14%)	2mo	$475,000	$135	69
502 Riddle Rd	0.50mi	5/3.0	2,949 (-5%)	6mo	$475,000	$161	62
3429 Ruther Ave	0.55mi	6/3.0 (+1)	3,064 (-1%)	11mo	$281,500	$92	56
3450 Ruther Ave	0.57mi	4/4.0 (-1)	2,800 (-10%)	2mo	$352,000	$126	49
3384 Bishop St	0.53mi	6/3.0 (+1)	3,058 (-1%)	22mo	$740,000	$242	48
3400 Bishop St	0.53mi	6/4.5 (+1)	2,938 (-5%)	13mo	$513,000	$175	47
3552 Vine St	0.62mi	4/2.0 (-1)	2,848 (-8%)	3mo	$225,000	$79	45
1212 Bates Ave	0.71mi	4/3.0 (-1)	3,536 (+14%)	5mo	$299,900	$85	32

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 · 0.41% rent growth · sell at horizon

5-year hold

• IRR: -3.6%
• Equity multiple: 0.87×
• Total profit: $-16,742
• Equity at exit: $67,842

10-year hold

• IRR: 2.9%
• Equity multiple: 1.19×
• Total profit: $23,624
• Equity at exit: $39,340

Cash invested: $127,400 (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 45220

• Rents YoY: 0.4%
• Active inventory: 36
• Price-to-rent: 21.3×

Monthly cashflow live

• Estimated rent: $5,333 medium
• Mortgage (P&I): −$2,386
• Tax from tax record: −$531 /mo · $6,370/yr
• Insurance: −$190
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,120
• Net cashflow: $1,107

Break-even live

Break-even rent $3,932

Max offer price $455,000

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 3× units	5	3	$5,334
Total (3 units)			$5,333

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: $113,750
• Closing costs: $13,650
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3476 Cornell Pl Cincinnati, OH	5.0	2.5	2930	$3,095	$1.06	4d	1	0.28mi
223 Woolper Ave Cincinnati, OH	6.0	3.0	3000	$3,500	$1.17	12d	1	0.61mi
2800 Jefferson Ave Cincinnati, OH	4.0	2.0	2500	$625	$0.25	20d	1	1.01mi
2421 Fairview Ave Cincinnati, OH	5.0	2.0	2400	$3,300	$1.38	23d	1	1.13mi
2317 Chickasaw St Cincinnati, OH	5.0	2.0	2826	$2,750	$0.97	14d	1	1.21mi
2813 Gerard St Unit 1540075P Cincinnati, OH	4.0	3.0	2152	$6,281	$2.92	20d	1	1.23mi
2271 Vine St Cincinnati, OH	4.0	2.0	2268	$1,525	$0.67	4d	1	1.45mi

Listing history 25 events

1. 2026-06-18
   days on market $455,000 Active 167 DOM
2. 2026-06-17
   days on market $455,000 Active 166 DOM
3. 2026-06-16
   days on market $455,000 Active 165 DOM
4. 2026-06-15
   days on market $455,000 Active 164 DOM
5. 2026-06-13
   days on market $455,000 Active 162 DOM
6. 2026-06-13
   days on market $455,000 Active 161 DOM
7. 2026-06-09
   days on market $455,000 Active 158 DOM
8. 2026-06-08
   days on market $455,000 Active 157 DOM
9. 2026-06-07
   days on market $455,000 Active 156 DOM
10. 2026-06-03
    days on market $455,000 Active 152 DOM
11. 2026-06-02
    days on market $455,000 Active 151 DOM
12. 2026-06-01
    days on market $455,000 Active 150 DOM
13. 2026-05-31
    days on market $455,000 Active 149 DOM
14. 2026-02-03
    price $455,000
15. 2025-12-23
    listed $470,000 Active
16. 2021-05-12
    soldstatus $287,000
17. 2021-05-06
    soldstatus $287,000 Sold 331-char remark

    Show marketing remark (331 chars)

    Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

18. 2021-04-05
    historical Contingency Pending 331-char remark

    Show marketing remark (331 chars)

    Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

19. 2021-03-26
    price $295,000 331-char remark

    Show marketing remark (331 chars)

    Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

20. 2021-03-16
    status Active 331-char remark

    Show marketing remark (331 chars)

    Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

21. 2021-03-08
    historical Contingency Pending 331-char remark

    Show marketing remark (331 chars)

    Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

22. 2021-02-25
    listed $325,000 Active 331-char remark

    Show marketing remark (331 chars)

    Triplex in the Gaslight district! Convenient to UC, Downtown, and Clifton Business District. 1st fl unit includes brand new kitchen cabinets and appliances, refinished hardwood and paint. Perfect unit for owner occupied. Two 2 bed units and One 1 bed. 2 car garage and driveway parking. Please allow 24 hrs. response to all offers.

23. 2006-05-02
    soldstatus $263,000
24. 2004-09-23
    historical
25. 2004-07-25
    listed $279,900

ⓘ 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: $6,370 · $531/mo
• Projected year-2 tax: $6,734 · $561/mo
• Expected delta: +$364/yr (+$30/mo · 5.7%)

ⓘ 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 5/10 Major 7 d/yr ≥103°F today · 20 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: $63,996
• − Mortgage interest: −$25,487
• − Property taxes: −$6,370
• − Insurance: −$2,275
• − Repairs & maintenance: −$5,120
• − Management: −$5,120
• − Depreciation: −$13,236
• Taxable income: $6,388
• Est. tax owed @ 24.0%: −$1,533
• After-tax cash flow: $11,746/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): 14,109
• Household income: $53,440
• Rent vs Own: 71.0% rent · 29.0% own
• Severe rent burden: 1186.0

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: Diverse neighborhood (Simpson 0.58)
• Race & ethnicity: White 60% Black 20% Asian 14% Hispanic / Latino 4% Two or more races 4%
• Common ancestry: Lithuanian 2% Serbian 1% Italian 1%
• Foreign-born: 19% · China, Canada, Vietnam
• Languages at home: 80% English-only · Other Indo-European 6% Chinese 3% Spanish 2%

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: ▼ -196.81%
• Current HPI: 246.0631
• Rent YoY: ▲ 0.41%
• 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

+62.6% since first listed

12 events — show timeline

• 2026-02-03 Price Changed $455,000 Cincy MLS
• 2025-12-23 Listed $470,000 Cincy MLS
• 2021-05-12 Sold (Public Records) $287,000 Public Records
• 2021-05-06 Sold (MLS) $287,000 Cincy MLS
• 2021-04-05 Contingent — Cincy MLS
• 2021-03-26 Price Changed $295,000 Cincy MLS
• 2021-03-16 Relisted — Cincy MLS
• 2021-03-08 Contingent — Cincy MLS
• 2021-02-25 Listed $325,000 Cincy MLS
• 2006-05-02 Sold (Public Records) $263,000 Public Records
• 2004-09-23 Listing Removed — Cincy MLS
• 2004-07-25 Listed $279,900 Cincy MLS

Property tax history

-0.1%/yr

Latest (2025): $6,370 · +0.1% YoY. Source: county tax records.