451 Purcell · Cincinnati, OH 45205

$150,000

4 bd · 2.0 ba · 3,632 sqft · MultiFamily public records · 1 Days on market

Built 1908 7,754 sqft lot Est $178k · 16% 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 +14.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Investor Wanted! Great 2 family potential or rehab into a single family. Most demo work is done, time for your finishes. Reserve Auction, Min. bid is $25,000. $5,000 deposit is due within 24 hours of auction end. Auction ends December 6, 2018 at 12:00PM. Online only. 10% buyer's premium will be added to the high bid. Sold 100% AS IS.

Key facts

• Large lot
• Stone foundation
• New roof

Tags

• BRICK AMERICAN FOURSQUARE HOME
• LARGE LOT
• NEW ROOF
• FULL BRICK EXTERIOR WALLS
• STONE FOUNDATION
• PREVIOUSLY USED AS A DUPLEX

Property features AI

Finance

• Other: Zoned residential and multi-family
• HOA & community: No HOA

Exterior

• Parking: Detached garage with 1 garage space; Driveway parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Victorian architectural style; Single family residence
• Construction: Brick construction; Stone foundation; Shingle roof; Second floor area reported
• Exterior features: Double-hung windows

Interior

• Kitchen: Kitchen measuring 14 x 15; Breakfast room 10 x 17; Dining room 16 x 16
• Bedrooms: 8 bedrooms total; Primary bedroom is 15 x 15 on level 2; Bedroom (15 x 15) on level 1; Bedroom (14 x 12) on level 2; Bedroom (16 x 17) on level 2; Bedroom (17 x 18) on level 3
• Flooring: Wood floor in the foyer/entry
• Bathrooms: 3 full bathrooms; One full bathroom on level 1; One full bathroom on level 2; One full bathroom on level 3
• Heating & cooling: Forced air heating; Central air conditioning; Gas water heating
• Interior features: 14 total rooms; Full basement
• Laundry & utility: Laundry room 12 x 12

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $150k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Cap rate 15.9% 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 (+3.3%/yr); 69 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 $2,843/mo this rent would consume 78% of the median local household income ($44k/yr) (locally 980% 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 $1k of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 23y 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 $60k; list at $150k implies a 148% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,000

Questions for the listing agent

1. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.90% ✓
• Cap rate: 15.91%
• Cash-on-cash: 34.34%
• DSCR: 2.53
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $177,968
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
930 Eatondale Dr	0.69mi	4/2.0	3,680 (+1%)	1mo	$180,000	$49	65

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 · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 30.1%
• Equity multiple: 2.27×
• Total profit: $53,150
• Equity at exit: $22,365

10-year hold

• IRR: 37.6%
• Equity multiple: 4.54×
• Total profit: $148,596
• Equity at exit: $12,969

Cash invested: $42,000 (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 45205

• Rents YoY: 3.3%
• Active inventory: 69
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $2,843 high
• Mortgage (P&I): −$787
• Tax from tax record: −$195 /mo · $2,340/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$597
• Net cashflow: $1,202

Break-even live

Break-even rent $1,322

Max offer price $150,000

Occupancy floor 53%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,842
Total (2 units)			$2,843

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
775 Summit Ave Cincinnati, OH	3.0	2.0	2700	$2,100	$0.78	14d	1	0.51mi

Listing history 2 events

1. 2026-06-19
   remarks 695-char remark
2. 2026-06-19
   listed $150,000 Active 1 DOM

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

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $2,340 · $195/mo
• Projected year-2 tax: $2,340 · $195/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°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: $34,116
• − Mortgage interest: −$8,402
• − Property taxes: −$2,340
• − Insurance: −$750
• − Repairs & maintenance: −$2,729
• − Management: −$2,729
• − Depreciation: −$4,364
• Taxable income: $12,802
• Est. tax owed @ 24.0%: −$3,072
• After-tax cash flow: $11,350/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): 18,651
• Household income: $43,682
• Rent vs Own: 63.1% rent · 36.9% own
• Severe rent burden: 980.0

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 0.69)
• Race & ethnicity: Black 43% White 32% Hispanic / Latino 16% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 1% Slovak 1% Serbian 1%
• Foreign-born: 9% · Canada, India, China
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 2% 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: ▼ -138.67%
• Current HPI: 163.3375
• Rent YoY: ▲ 3.30%
• 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

+66.9% since first listed

19 events — show timeline

• 2026-06-18 Listed $150,000 Cincy MLS
• 2019-01-25 Sold (MLS) $60,500 Cincy MLS
• 2018-12-26 Sold (Public Records) $60,500 Public Records
• 2018-12-07 Contingent — Cincy MLS
• 2018-11-15 Listed $25,000 Cincy MLS
• 2018-11-15 Listing Removed — Cincy MLS
• 2018-10-24 Price Changed $62,400 Cincy MLS
• 2018-08-15 Price Changed $63,400 Cincy MLS
• 2018-07-19 Price Changed $65,400 Cincy MLS
• 2018-06-26 Price Changed $67,400 Cincy MLS
• 2018-06-05 Price Changed $69,900 Cincy MLS
• 2018-05-16 Listed $74,900 Cincy MLS
• 2006-02-13 Listing Removed — Cincy MLS
• 2005-08-09 Listed $105,900 Cincy MLS
• 2005-05-24 Listing Removed — Cincy MLS
• 2005-04-09 Listed $95,900 Cincy MLS
• 2003-08-28 Sold (Public Records) $87,000 Public Records
• 2003-08-20 Sold (MLS) $87,000 Cincy MLS
• 2003-05-26 Listed $89,900 Cincy MLS

Property tax history

+1.7%/yr

Latest (2025): $2,340 · +0.1% YoY. Source: county tax records.