341 Manitee St · Middletown, OH 45044

$65,000

2 bd · 1.0 ba · 800 sqft · SingleFamily public records · 55 Days on market

Built 1950 7,275 sqft lot $81/sqft · 48% below area Est $125k · 48% under

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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
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Endless potential awaits in this partially renovated property ready for its next chapter. Interior demolition has been completed, with major improvements including a new roof, windows, and doors already in place. Flooring has been started, and the open interior allows you to create your own floor plan by adding walls for bedrooms, bathrooms, and living spaces. A rare opportunity to finish and customize to your vision. Seller is also including electric and plumbing supplies.

Key facts

• New doors
• Open interior
• New roof

Tags

• NEW ROOF
• NEW WINDOWS
• NEW DOORS
• PARTIALLY RENOVATED
• OPEN INTERIOR
• ELECTRIC AND PLUMBING SUPPLIES

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: No garage
• Home design: Single-story home
• Construction: Fiber cement exterior
• Exterior features: Residential zoning

Interior

• Bedrooms: 1 bedroom on the main level
• Heating & cooling: Electric heating; Natural gas heating
• Interior features: Crawl space basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $684 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 18.9% vs local median 4.5% in Middletown — 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 72/100 on livability (#389 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D+, amenities D+.
• Middletown City (suburban): math 21% / reading 28% proficiency, ranked #610 of 656 in OH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.3%/yr); 203 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $18k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 55 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $43k; list at $65k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 55 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.14% ✓
• Cap rate: 18.92%
• Cash-on-cash: 45.08%
• DSCR: 3.01
• GRM: 3.9

CMA / ARV

• ARV (median comp): $124,635
• List price: $65,000
• Delta: -47.85%
• Verdict: UNDERPRICED
• Comps: 17 within 1.0 mi

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
512 Buena Ave	0.62mi	2/1.0	864 (+8%)	10mo	$135,000	$156	50
703 Granada Ave	0.67mi	2/1.0	846 (+6%)	14mo	$141,000	$167	48
3014 Ben Harrison St	0.74mi	2/1.0	762 (-5%)	12mo	$134,000	$176	48
2506 Minnesota St	0.70mi	3/1.0 (+1)	768 (-4%)	12mo	$52,000	$68	45
603 Buena Ave	0.67mi	3/1.0 (+1)	910 (+14%)	19mo	$70,000	$77	25

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 · 6.31% rent growth · sell at horizon

5-year hold

• IRR: 45.8%
• Equity multiple: 3.08×
• Total profit: $37,807
• Equity at exit: $9,692

10-year hold

• IRR: 53.0%
• Equity multiple: 7.05×
• Total profit: $110,048
• Equity at exit: $5,620

Cash invested: $18,200 (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 45044

• Rents YoY: 6.3%
• Active inventory: 203
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,393 high
• Mortgage (P&I): −$341
• Tax from tax record: −$49 /mo · $583/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$292
• Net cashflow: $684

Break-even live

Break-even rent $527

Max offer price $65,000

Occupancy floor 46%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2101 S Main St Middletown, OH	1.0–2.0	1.0	757	$900	$1.19	2d	1	0.73mi
1109 Oxford State Rd Middletown, OH	2.0	1.0	744	$995	$1.34	2d	1	0.77mi
1419 Oxford State Rd Middletown, OH	2.0	1.0	900	$2,495	$2.77	2d	1	1.12mi
104 Poplin Pl Unit 1 Trenton, OH	2.0	1.5	1100	$1,075	$0.98	44d	1	1.21mi
2206 Baltimore St Middletown, OH	1.0	1.0	596	$900	$1.51	44d	1	1.31mi
1904 Baltimore St Middletown, OH	2.0	1.0	624	$975	$1.56	44d	1	1.40mi
476 Peyton Dr Trenton, OH	3.0	1.0	1008	$1,731	$1.72	24d	1	1.41mi
417 Sal Blvd Trenton, OH	3.0	2.0	1000	$1,530	$1.53	2d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $65,000 Active 55 DOM
2. 2026-06-17
   days on market $65,000 Active 54 DOM
3. 2026-06-16
   days on market $65,000 Active 53 DOM
4. 2026-06-15
   days on market $65,000 Active 52 DOM
5. 2026-06-13
   days on market $65,000 Active 50 DOM
6. 2026-06-09
   days on market $65,000 Active 46 DOM
7. 2026-06-08
   days on market $65,000 Active 45 DOM
8. 2026-06-07
   days on market $65,000 Active 44 DOM
9. 2026-06-03
   days on market $65,000 Active 40 DOM
10. 2026-06-02
    days on market $65,000 Active 39 DOM
11. 2026-06-01
    days on market $65,000 Active 38 DOM
12. 2026-05-31
    days on market $65,000 Active 37 DOM
13. 2026-05-03
    price $65,000 478-char remark
14. 2026-04-23
    listed $85,000 Active 478-char remark
15. 2001-07-18
    soldstatus $43,000
16. 1993-12-27
    soldstatus $35,500
17. 1992-06-02
    soldstatus $36,000
18. 1988-06-01
    soldstatus $35,700
19. 1981-07-01
    soldstatus $26,800

ⓘ 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: $583 · $49/mo
• Projected year-2 tax: $798 · $67/mo
• Expected delta: +$216/yr (+$18/mo · 37.0%)

ⓘ 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 · 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: $16,712
• − Mortgage interest: −$3,641
• − Property taxes: −$583
• − Insurance: −$325
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$1,891
• Taxable income: $7,599
• Est. tax owed @ 24.0%: −$1,824
• After-tax cash flow: $6,381/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: Middletown City
• NCES district ID: 3904440
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 28% ▼ -15.00%
• Median HH income: $36,650
• Composite: 20.35/100
• National rank: #8605
• State rank: #610 of 656 in OH

Livability — Middletown

• Score: 72/100
• State rank: #389
• US rank: #6338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Butler County · 381,674 people
• City population: 96,117
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 56,217
• Household income: $73,732
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 1532.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 387,706 people
• By 2030: 392,028 · +1.1%
• By 2040: 395,307 · +2.0%
• By 2050: 391,116 · +0.9%
• By 2075: 378,642 · -2.3%
• By 2100: 343,248 · -11.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Butler

• 2024 margin: Strong R (+26.3) · D 36.4% · R 62.7%
• 2008→2024 swing: -3.6pp toward R · 2008: -22.6pp · 2024: -26.3pp
• All cycles: 2024: R+26.3 2020: R+24.0 2016: R+28.3 2012: R+26.2 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -164.07%
• Current HPI: 219.0479
• Rent YoY: ▲ 6.31%
• 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

+142.5% since first listed

7 events — show timeline

• 2026-05-03 Price Changed $65,000 Dayton MLS
• 2026-04-23 Listed $85,000 Dayton MLS
• 2001-07-18 Sold (Public Records) $43,000 Public Records
• 1993-12-27 Sold (Public Records) $35,500 Public Records
• 1992-06-02 Sold (Public Records) $36,000 Public Records
• 1988-06-01 Sold (Public Records) $35,700 Public Records
• 1981-07-01 Sold (Public Records) $26,800 Public Records

Property tax history

-15.6%/yr

Latest (2025): $583 · +3.0% YoY. Source: county tax records.