538 Grand Ave · Cincinnati, OH 45205

$200,000

2 bd · 2.0 ba · 2,016 sqft · MultiFamily public records · 185 Days on market

Built 1870 3,485 sqft lot

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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 +27.7/30.0
• DSCR +9.7/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Great duplex in the heart of the Incline District ready for you! Each unit offers 2 bedrooms and 1 bathroom with many recent improvements, including newer siding, a rebuilt front porch, updated sink and cabinets, and fresh paint throughout Unit 1. Features include separate entrances, hardwood floors, a full walk-out basement, and a private backyard. Ideally located near Incline House, Somm Wine Bar, Veracruz Mexican Grill, local parks, and the theater. Live in one unit and rent out the other, or kickstart your investment portfolio with this move-in-ready property!

Key facts

• Strong cash flow
• Recent updates
• Turnkey duplex

Tags

• TURNKEY DUPLEX
• FULLY OCCUPIED
• STRONG CASH FLOW
• WELL-MAINTAINED
• RECENT UPDATES
• SEPARATE ENTRANCES

Property features AI

Finance

• Other: Total buildings: 1; Semi-annual taxes reported (amount excluded per instructions)
• Financial info: Two total units; Both units are 2-bedroom/1-bath (4 rooms each); Unit 1 rent reported at $1,050; Unit 2 rent reported at $881

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two levels; Second-floor area reported as 1,008 sq ft
• Construction: Vinyl siding; Shingle roof; Stone foundation; Built as a duplex (no specific year provided)
• Exterior features: Vinyl windows; Lot approximately 0.08 acres (3,485 sq ft); Zoned residential, multi-family

Interior

• Kitchen: No specific appliance details provided
• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Gas heating; Window A/C units; Separate A/C for units
• Interior features: Full basement
• Laundry & utility: Separate furnace and utilities for units (separate gas/electric); Heat paid by tenants; Water paid by owner

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive. Per door: $301/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $176k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.9% 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; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $2,605/mo this rent would consume 72% 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 $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $56k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 185 days — a 12% lower offer ($176k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 18y 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 $176,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 185 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 1870 — 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: 1.30% ✓
• Cap rate: 9.91%
• Cash-on-cash: 12.90%
• DSCR: 1.57
• GRM: 6.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 3.2%
• Equity multiple: 1.12×
• Total profit: $6,819
• Equity at exit: $29,821

10-year hold

• IRR: 13.0%
• Equity multiple: 2.05×
• Total profit: $58,925
• Equity at exit: $17,292

Cash invested: $56,000 (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: 12.8×

Monthly cashflow live

• Estimated rent: $2,605 high
• Mortgage (P&I): −$1,049
• Tax from tax record: −$324 /mo · $3,883/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$547
• Net cashflow: $602

Break-even live

Break-even rent $1,843

Max offer price $200,000

Occupancy floor 72%

Sensitivity live

Price	-10% $715	-5% $659	+0% $602	+5% $546	+10% $489
Rent	-10% $396	-5% $499	+0% $602	+5% $705	+10% $808
Rate	-1.0pp $703	-0.5pp $653	base $602	+0.5pp $550	+1.0pp $498

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,606
Total (2 units)			$2,605

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: $50,000
• Closing costs: $6,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
775 Summit Ave Cincinnati, OH	3.0	2.0	2700	$2,100	$0.78	15d	1	0.24mi
931 Olive Ave Cincinnati, OH	3.0	1.0	1852	$1,500	$0.81	3d	1	0.83mi
1233 Dewey Ave Cincinnati, OH	3.0	1.0	1411	$1,375	$0.97	5d	1	1.48mi

Listing history 39 events

1. 2026-06-18
   days on market $200,000 Active 185 DOM
2. 2026-06-17
   days on market $200,000 Active 184 DOM
3. 2026-06-16
   days on market $200,000 Active 183 DOM
4. 2026-06-15
   days on market $200,000 Active 182 DOM
5. 2026-06-13
   days on market $200,000 Active 180 DOM
6. 2026-06-13
   days on market $200,000 Active 179 DOM
7. 2026-06-09
   days on market $200,000 Active 176 DOM
8. 2026-06-08
   days on market $200,000 Active 175 DOM
9. 2026-06-07
   days on market $200,000 Active 174 DOM
10. 2026-06-03
    days on market $200,000 Active 170 DOM
11. 2026-06-02
    days on market $200,000 Active 169 DOM
12. 2026-06-01
    days on market $200,000 Active 168 DOM
13. 2026-05-31
    days on market $200,000 Active 167 DOM
14. 2026-05-19
    price $200,000
15. 2025-12-15
    listed $210,000 Active
16. 2025-08-08
    historical 570-char remark

    Show marketing remark (570 chars)

    Great duplex in the heart of the Incline District ready for you! Each unit offers 2 bedrooms and 1 bathroom with many recent improvements, including newer siding, a rebuilt front porch, updated sink and cabinets, and fresh paint throughout Unit 1. Features include separate entrances, hardwood floors, a full walk-out basement, and a private backyard. Ideally located near Incline House, Somm Wine Bar, Veracruz Mexican Grill, local parks, and the theater. Live in one unit and rent out the other, or kickstart your investment portfolio with this move-in-ready property!

17. 2025-07-30
    price $210,000 570-char remark

    Show marketing remark (570 chars)

    Great duplex in the heart of the Incline District ready for you! Each unit offers 2 bedrooms and 1 bathroom with many recent improvements, including newer siding, a rebuilt front porch, updated sink and cabinets, and fresh paint throughout Unit 1. Features include separate entrances, hardwood floors, a full walk-out basement, and a private backyard. Ideally located near Incline House, Somm Wine Bar, Veracruz Mexican Grill, local parks, and the theater. Live in one unit and rent out the other, or kickstart your investment portfolio with this move-in-ready property!

18. 2025-06-28
    price $220,000 570-char remark

    Show marketing remark (570 chars)

    Great duplex in the heart of the Incline District ready for you! Each unit offers 2 bedrooms and 1 bathroom with many recent improvements, including newer siding, a rebuilt front porch, updated sink and cabinets, and fresh paint throughout Unit 1. Features include separate entrances, hardwood floors, a full walk-out basement, and a private backyard. Ideally located near Incline House, Somm Wine Bar, Veracruz Mexican Grill, local parks, and the theater. Live in one unit and rent out the other, or kickstart your investment portfolio with this move-in-ready property!

19. 2025-05-30
    listed $230,000 Active 570-char remark

    Show marketing remark (570 chars)

    Great duplex in the heart of the Incline District ready for you! Each unit offers 2 bedrooms and 1 bathroom with many recent improvements, including newer siding, a rebuilt front porch, updated sink and cabinets, and fresh paint throughout Unit 1. Features include separate entrances, hardwood floors, a full walk-out basement, and a private backyard. Ideally located near Incline House, Somm Wine Bar, Veracruz Mexican Grill, local parks, and the theater. Live in one unit and rent out the other, or kickstart your investment portfolio with this move-in-ready property!

20. 2024-09-12
    historical 86-char remark

    Show marketing remark (86 chars)

    Updated 2 Family, just blocks from the Incline District! Both units are 2 beds/1 bath.

21. 2024-07-09
    listed $220,000 Active 86-char remark

    Show marketing remark (86 chars)

    Updated 2 Family, just blocks from the Incline District! Both units are 2 beds/1 bath.

22. 2022-09-28
    historical
23. 2022-07-26
    listed $250,000 Active
24. 2022-02-28
    soldstatus $175,000
25. 2022-02-15
    soldstatus $175,000 Sold
26. 2022-01-24
    historical Contingency Pending
27. 2022-01-20
    status Active
28. 2021-11-29
    historical Contingency Pending
29. 2021-11-17
    listed $179,000 Active
30. 2017-05-23
    soldstatus $25,000
31. 2017-05-15
    soldstatus $25,000 Sold
32. 2017-05-01
    historical Accept Backup Offers
33. 2017-04-07
    price $39,700
34. 2017-03-22
    listed $39,900 Active
35. 2014-09-30
    soldstatus $14,000
36. 2014-09-23
    soldstatus $14,000
37. 2014-07-31
    listed $15,000
38. 2009-07-23
    historical
39. 2008-01-22
    listed $15,000

ⓘ 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: $3,883 · $324/mo
• Projected year-2 tax: $3,883 · $324/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: $31,260
• − Mortgage interest: −$11,203
• − Property taxes: −$3,883
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,501
• − Management: −$2,501
• − Depreciation: −$5,818
• Taxable income: $4,354
• Est. tax owed @ 24.0%: −$1,045
• After-tax cash flow: $6,181/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

+1233.3% since first listed

26 events — show timeline

• 2026-05-19 Price Changed $200,000 Cincy MLS
• 2025-12-15 Listed $210,000 Cincy MLS
• 2025-08-08 Listing Removed — Cincy MLS
• 2025-07-30 Price Changed $210,000 Cincy MLS
• 2025-06-28 Price Changed $220,000 Cincy MLS
• 2025-05-30 Listed $230,000 Cincy MLS
• 2024-09-12 Listing Removed — Cincy MLS
• 2024-07-09 Listed $220,000 Cincy MLS
• 2022-09-28 Listing Removed — Cincy MLS
• 2022-07-26 Listed $250,000 Cincy MLS
• 2022-02-28 Sold (Public Records) $175,000 Public Records
• 2022-02-15 Sold (MLS) $175,000 Cincy MLS
• 2022-01-24 Contingent — Cincy MLS
• 2022-01-20 Relisted — Cincy MLS
• 2021-11-29 Contingent — Cincy MLS
• 2021-11-17 Listed $179,000 Cincy MLS
• 2017-05-23 Sold (Public Records) $25,000 Public Records
• 2017-05-15 Sold (MLS) $25,000 Cincy MLS
• 2017-05-01 Contingent — Cincy MLS
• 2017-04-07 Price Changed $39,700 Cincy MLS
• 2017-03-22 Listed $39,900 Cincy MLS
• 2014-09-30 Sold (Public Records) $14,000 Public Records
• 2014-09-23 Sold (MLS) $14,000 Cincy MLS
• 2014-07-31 Listed $15,000 Cincy MLS
• 2009-07-23 Listing Removed — Cincy MLS
• 2008-01-22 Listed $15,000 Cincy MLS

Property tax history

+26.7%/yr

Latest (2025): $3,883 · +0.1% YoY. Source: county tax records.