1589 Summit Rd · Cincinnati, OH 45237

$445,000

20 bd · 20.0 ba · 2,798 sqft · MultiFamily · 2 Days on market

Built 1942 5,837 sqft lot

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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 +19.8/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.1/10.0
• Rent growth +4.2/5.0
• Livability +4.0/5.0
• 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 (5+ Unit). Listing-text estimate: 5 units. confirmed

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

This four family property is located in an opportunity zone, within Cincinnati's Golf Manor submarket. Units have been renovated as turned. Property is agent owned.

Key facts

• 5,837 sq ft lot
• 4 garage spots
• Built 1942

Property features AI

Finance

• Other: Total buildings: 1; Listing provided by Coldwell Banker Realty
• Financial info: Total of 5 units: four 1-bedroom units and one efficiency; Four 1-bedroom units (approximately 675 sq ft) currently listed at $900 rent each; One efficiency unit (approximately 525 sq ft) currently listed at $800 rent

Exterior

• Parking: Four garage spaces; Four open parking spaces; Off-street parking and on-street parking available
• Security: Security system
• Utilities: Public water; Public sewer; Natural gas; Owner pays water; Tenants pay heat; Separate gas/electric meters
• Home design: Multi-family property; Two levels; Single building with five units
• Construction: Brick construction; Shingle roof; Poured foundation; Vinyl, insulated windows; Built or configured as multi-unit (five units)
• Exterior features: Busline nearby; Full basement

Interior

• Kitchen: No specific kitchen appliance details provided
• Bedrooms: Five-unit building with four 1-bedroom units and one efficiency unit; Each 1-bedroom unit includes one bedroom; Efficiency unit includes one efficiency bedroom
• Bathrooms: Each 1-bedroom unit has one full bathroom; Each unit has one full bath (where applicable)
• Heating & cooling: Forced air heating (gas); Separate furnaces for units; Central air conditioning; Separate A/C for units; Natural gas service
• Interior features: Security system; 220 volt electrical; Storage area; Coin laundry; Smoke alarm
• Laundry & utility: Coin laundry on-site

What this means for you Summary

Snapshot

• This is a 5 × 1-bed/1.0-bath units multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $528 ($6k/yr) — positive. Per door: $106/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $445k).
• Cap rate 7.7% 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 fast (+6.6%/yr); 44 active listings in the ZIP; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $4,480/mo this rent would consume 120% of the median local household income ($45k/yr) (locally 1467% 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 $13k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.6% rent growth), your $125k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 30y 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 $203k; list at $445k implies a 119% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $445,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1942 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
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: 1.01% ✓
• Cap rate: 7.72%
• Cash-on-cash: 5.09%
• DSCR: 1.23
• GRM: 8.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.62% rent growth · sell at horizon

5-year hold

• IRR: -4.5%
• Equity multiple: 0.83×
• Total profit: $-21,521
• Equity at exit: $66,351

10-year hold

• IRR: 9.0%
• Equity multiple: 1.80×
• Total profit: $99,466
• Equity at exit: $38,475

Cash invested: $124,600 (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 45237

• Home prices YoY: -33.0%
• Rents YoY: 6.6%
• Active inventory: 44
• Price-to-rent: 41.4×

Monthly cashflow live

• Estimated rent: $4,480 high
• Mortgage (P&I): −$2,334
• Tax from tax record: −$492 /mo · $5,902/yr
• Insurance: −$185
• HOA: −$0
• Vacancy / Maint / Mgmt: −$941
• Net cashflow: $528

Break-even live

Break-even rent $3,811

Max offer price $445,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 5× units	1	1	$4,480
Total (5 units)			$4,480

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-06-18
   days on market $445,000 Active 2 DOM
2. 2026-06-16
   remarks 699-char remark
3. 2026-06-16
   listed $445,000 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: $5,902 · $492/mo
• Projected year-2 tax: $6,422 · $535/mo
• Expected delta: +$520/yr (+$43/mo · 8.8%)

ⓘ 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 · 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: $53,760
• − Mortgage interest: −$24,927
• − Property taxes: −$5,902
• − Insurance: −$2,225
• − Repairs & maintenance: −$4,301
• − Management: −$4,301
• − Depreciation: −$12,945
• Taxable loss: −$841
• Est. tax savings @ 24.0%: +$202
• After-tax cash flow: $6,542/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): 20,903
• Household income: $44,913
• Rent vs Own: 52.3% rent · 47.7% own
• Severe rent burden: 1467.0

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 Black (71%)
• Race & ethnicity: Black 71% White 22% Two or more races 4% Hispanic / Latino 2%
• Common ancestry: Romanian 2% Italian 1% Scotch-Irish 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · 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: ▼ -110.54%
• Current HPI: 224.4728
• Rent YoY: ▲ 6.62%
• 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

+535.7% since first listed

18 events — show timeline

• 2026-06-16 Listed $445,000 Cincy MLS
• 2026-03-10 Rental Removed $900 CINCYMLS
• 2026-03-01 Listed for Rent $900 CINCYMLS
• 2025-12-31 Rental Removed $850 CINCYMLS
• 2025-08-20 Listed for Rent $850 CINCYMLS
• 2025-08-08 Rental Removed $850 CINCYMLS
• 2025-07-04 Listed for Rent $850 CINCYMLS
• 2024-09-30 Rental Removed $850 CINCYMLS
• 2024-08-16 Listed for Rent $850 CINCYMLS
• 2024-04-15 Rental Removed $850 CINCYMLS
• 2024-04-01 Listed for Rent $850 CINCYMLS
• 2021-05-12 Sold (MLS) $203,000 Cincy MLS
• 2021-04-07 Contingent — Cincy MLS
• 2021-02-24 Listed $239,500 Cincy MLS
• 2018-09-19 Sold (Public Records) $600,000 Public Records
• 1997-03-03 Sold (Public Records) $75,000 Public Records
• 1997-01-28 Sold (MLS) $75,000 Cincy MLS
• 1996-04-24 Listed $70,000 Cincy MLS

Property tax history

+6.0%/yr

Latest (2025): $5,902 · +0.7% YoY. Source: county tax records.