87 E State Rd · Cleves, OH 45002

$850,000

16 bd · None ba · 832 sqft · MultiFamily · 252 Days on market

Built 1930 Fair condition 0.76 ac lot $1022/sqft · 594% above area

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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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.9/10.0
• ARV discount +7.5/15.0
• Schools +5.3/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Turnkey townhome complex, 8 units, 2 bed, 1.5 bath with finished basement for a possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Well maintained, easy to lease with long term tenants. Room to increase rents to market rates.

Key facts

• 0.76 acre lot
• 10 parking spots
• Built 1930

What this means for you Summary

Snapshot

• This is a 16-bed/?-bath multifamily listed at $850k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $3k ($33k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $850k).
• Recommended offer: $748k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#701 in OH) — a middle-class / working-renter tenant base. Strengths: crime A+, cost of living A+, housing A; Watch: amenities F, commute F, health & safety F.
• Three Rivers Local (rural): math 58% / reading 61% proficiency, ranked #256 of 656 in OH (top 39%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 68 active listings in the ZIP; solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $10,957/mo this rent would consume 155% of the median local household income ($85k/yr) — 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 $6k of loan paydown is wiped out by about $26k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $238k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 252 days — a 12% lower offer ($748k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $50k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $610k; 39% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $748,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 252 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.29% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.03%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

• ARV (median comp): $122,565
• List price: $850,000
• Delta: 593.51%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 4.3%
• Equity multiple: 1.17×
• Total profit: $39,608
• Equity at exit: $126,738

10-year hold

• IRR: 13.8%
• Equity multiple: 2.11×
• Total profit: $263,307
• Equity at exit: $73,492

Cash invested: $238,000 (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 45002

• Home prices YoY: -28.9%
• Active inventory: 68
• Price-to-rent: 51.7×

Monthly cashflow live

• Estimated rent: $10,957 medium
• Mortgage (P&I): −$4,457
• Tax est. 1.5%: −$1,062 /mo · $12,750/yr
• Insurance: −$354
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,301
• Net cashflow: $2,782

Break-even live

Break-even rent $7,436

Max offer price $850,000

Occupancy floor 70%

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

Units	Beds	Baths	Est. rent
▸ 8× units	2	1.5	$10,960
Total (8 units)			$10,957

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: $212,500
• Closing costs: $25,500
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $850,000 Active 252 DOM
2. 2026-06-17
   days on market $850,000 Active 251 DOM
3. 2026-06-16
   days on market $850,000 Active 250 DOM
4. 2026-06-15
   days on market $850,000 Active 249 DOM
5. 2026-06-13
   days on market $850,000 Active 247 DOM
6. 2026-06-12
   days on market $850,000 Active 246 DOM
7. 2026-06-09
   days on market $850,000 Active 243 DOM
8. 2026-06-08
   days on market $850,000 Active 242 DOM
9. 2026-06-08
   days on market $850,000 Active 241 DOM
10. 2026-06-04
    days on market $850,000 Active 237 DOM
11. 2026-06-02
    days on market $850,000 Active 236 DOM
12. 2026-06-01
    days on market $850,000 Active 235 DOM
13. 2026-05-31
    days on market $850,000 Active 234 DOM
14. 2026-03-22
    price $850,000 260-char remark

    Show marketing remark (260 chars)

    Turnkey townhome complex, 8 units, 2 bed, 1.5 bath with finished basement for a possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Well maintained, easy to lease with long term tenants. Room to increase rents to market rates.

15. 2025-11-19
    price $875,000 260-char remark

    Show marketing remark (260 chars)

    Turnkey townhome complex, 8 units, 2 bed, 1.5 bath with finished basement for a possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Well maintained, easy to lease with long term tenants. Room to increase rents to market rates.

16. 2025-10-08
    listed $900,000 Active 260-char remark

    Show marketing remark (260 chars)

    Turnkey townhome complex, 8 units, 2 bed, 1.5 bath with finished basement for a possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Well maintained, easy to lease with long term tenants. Room to increase rents to market rates.

17. 2020-09-01
    soldstatus $610,000 Sold 352-char remark

    Show marketing remark (352 chars)

    100% Occupied! Value add opportunity turnkey townhome complex, 8 units, 2 bed, 1.5 bath finished basement for possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Several capital improvements over the last 2 years, some new HVAC, hot water tanks, flooring, duct work, sewer line etc. Each unit is separately deed 8% CAP

18. 2020-07-06
    historical Contingency Pending 352-char remark

    Show marketing remark (352 chars)

    100% Occupied! Value add opportunity turnkey townhome complex, 8 units, 2 bed, 1.5 bath finished basement for possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Several capital improvements over the last 2 years, some new HVAC, hot water tanks, flooring, duct work, sewer line etc. Each unit is separately deed 8% CAP

19. 2020-06-02
    listed $675,000 Active 352-char remark

    Show marketing remark (352 chars)

    100% Occupied! Value add opportunity turnkey townhome complex, 8 units, 2 bed, 1.5 bath finished basement for possible 3rd bedroom. Tenants pay all utilities including water, heat & electric. Several capital improvements over the last 2 years, some new HVAC, hot water tanks, flooring, duct work, sewer line etc. Each unit is separately deed 8% CAP

ⓘ 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 ≥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 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $131,484
• − Mortgage interest: −$47,613
• − Property taxes: −$12,750
• − Insurance: −$4,250
• − Repairs & maintenance: −$10,519
• − Management: −$10,519
• − Depreciation: −$24,727
• Taxable income: $21,106
• Est. tax owed @ 24.0%: −$5,065
• After-tax cash flow: $28,317/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to update the kitchen and bathrooms, and paint the interior walls. The property is currently in fair condition and has potential for significant value increase with these updates.

Repairs flagged

• Major kitchen appliances — outdated and worn
• Major bathroom fixtures — dated and small
• Moderate exterior siding — moderate wear

Value-add opportunities

• Both update kitchen appliances — modern appliances increase both resale and rental value
• Both update bathroom fixtures — modern fixtures increase both resale and rental value
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · outdated and worn	Major	$15,000–50,000
bathroom fixtures · dated and small	Major	$15,000–50,000
exterior siding · moderate wear	Moderate	$3,000–15,000
Total estimated repair cost · 3 items		$33,000–115,000

Value-add ROI direction

• Both update kitchen appliances — modern appliances increase both resale and rental value ↑
• Both update bathroom fixtures — modern fixtures increase both resale and rental value ↑
• Both paint interior walls — fresh paint enhances curb appeal and interior aesthetics ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Three Rivers Local
• NCES district ID: 3904739
• Math proficiency: 58% ▼ -9.00%
• Reading proficiency: 61% ▼ -10.00%
• Median HH income: $72,973
• Composite: 52.85/100
• National rank: #1533
• State rank: #256 of 656 in OH

Livability — Cleves

• Score: 65/100
• State rank: #701
• US rank: #12525

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cleves, OH
• County: Hamilton · 838,887 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 14,647
• Household income: $84,597
• Rent vs Own: 24.8% rent · 75.2% own
• Severe rent burden: 12.0

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 White (93%)
• Race & ethnicity: White 93% Two or more races 6% Hispanic / Latino 2%
• Common ancestry: Romanian 2% Slovak 2% Italian 2%
• Foreign-born: 1%
• Languages at home: 98% English-only · Spanish 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: ▼ -85.62%
• Current HPI: 210.9397
• Rent YoY: —
• Metro: —
• 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

+25.9% since first listed

6 events — show timeline

• 2026-03-22 Price Changed $850,000 Cincy MLS
• 2025-11-19 Price Changed $875,000 Cincy MLS
• 2025-10-08 Listed $900,000 Cincy MLS
• 2020-09-01 Sold (MLS) $610,000 Cincy MLS
• 2020-07-06 Contingent — Cincy MLS
• 2020-06-02 Listed $675,000 Cincy MLS