325 Pike St · Reading, OH 45215

$890,000

132 bd · None ba · — sqft · MultiFamily · 17 Days on market

Built 1965 10,585 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 +28.5/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• 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: 12 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

12-unit property in Reading, located right next to the Bridal District. This solidly built building features a rubber roof, boiler heat, and separate electric. The unit mix includes 11 one-bedrooms and 1 studio, with room to increase rents across the board. Three vacancies offer immediate upside potential. The property includes a paved parking lot with 13 spaces, plus additional street parking. A turnkey investment opportunity with strong rental demand and value-add potential.

Key facts

• 0.24 acre lot
• 12 garage spots
• Built 1965

Tags

• PAVED 13-SPACE PARKING LOT

Property features AI

Finance

• Other: Listed by Keller Williams Advisors; Located in Reading, OH
• Financial info: Semi-annual taxes listed (see broker for details)

Exterior

• Parking: 12 garage spaces; 13 open parking spaces; Parking on a lot with concrete surfaces and on-street options
• Utilities: Public water; Public sewer; Natural gas; Owner pays water
• Home design: Single building (total buildings: 1)
• Construction: Brick construction; Membrane roof; Slab foundation
• Exterior features: Vinyl windows; Concrete and off-street parking; on-street parking available; Lot approximately 0.243 acres (10,585 sq ft)

Interior

• Bedrooms: Twelve-unit property with eleven 1-bedroom units and one efficiency unit
• Heating & cooling: Gas heating with hot water system; Owner pays heat; Separate utilities for gas and electric; Window and wall air conditioning units (separate A/C)
• Interior features: No fireplace; Window and wall air conditioning units

What this means for you Summary

Snapshot

• This is a 11×1bd/1.0ba + 1×1bd/?ba units multifamily listed at $890k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive. Per door: $243/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $890k).
• Recommended offer: $877k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.2% vs local median 4.7% in Reading — 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 (#112 in OH, #1,682 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, amenities F.
• Reading Community City (suburban): math 51% / reading 54% proficiency, ranked #413 of 656 in OH (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.0%/yr); 50 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $11,362/mo this rent would consume 197% of the median local household income ($69k/yr) (locally 1529% 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 $6k of loan paydown is wiped out by about $27k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $249k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($877k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 2y 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 $300k; list at $890k implies a 197% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• 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 $876,650 (1.5% below list)

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 1965 — 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 A-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. 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 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: 1.28% ✓
• Cap rate: 10.22%
• Cash-on-cash: 14.02%
• DSCR: 1.62
• GRM: 6.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 9.8%
• Equity multiple: 1.41×
• Total profit: $101,427
• Equity at exit: $132,702

10-year hold

• IRR: 22.7%
• Equity multiple: 3.41×
• Total profit: $600,929
• Equity at exit: $76,951

Cash invested: $249,200 (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 45215

• Rents YoY: 8.0%
• Active inventory: 50
• Price-to-rent: 78.3×

Monthly cashflow live

• Estimated rent: $11,362 high
• Mortgage (P&I): −$4,667
• Tax from tax record: −$1,026 /mo · $12,308/yr
• Insurance: −$371
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,386
• Net cashflow: $2,912

Break-even live

Break-even rent $7,676

Max offer price $890,000

Occupancy floor 69%

Sensitivity live

Price	-10% $3,416	-5% $3,164	+0% $2,912	+5% $2,660	+10% $2,408
Rent	-10% $2,015	-5% $2,463	+0% $2,912	+5% $3,361	+10% $3,810
Rate	-1.0pp $3,360	-0.5pp $3,139	base $2,912	+0.5pp $2,682	+1.0pp $2,447

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

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$10,417
1× unit	1	0	$947
Total (12 units)			$11,362

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: $222,500
• Closing costs: $26,700
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $890,000 Active 17 DOM
2. 2026-06-18
   days on market $890,000 Active 14 DOM
3. 2026-06-17
   days on market $890,000 Active 13 DOM
4. 2026-06-16
   days on market $890,000 Active 12 DOM
5. 2026-06-15
   days on market $890,000 Active 11 DOM
6. 2026-06-13
   days on market $890,000 Active 9 DOM
7. 2026-06-13
   days on market $890,000 Active 8 DOM
8. 2026-06-09
   days on market $890,000 Active 5 DOM
9. 2026-06-08
   days on market $890,000 Active 4 DOM
10. 2026-06-07
    remarks 550-char remark
11. 2026-06-07
    listed $890,000 Active 3 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: $12,308 · $1,026/mo
• Projected year-2 tax: $13,096 · $1,091/mo
• Expected delta: +$788/yr (+$66/mo · 6.4%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (shaded) · 24% 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 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $136,344
• − Mortgage interest: −$49,854
• − Property taxes: −$12,308
• − Insurance: −$4,450
• − Repairs & maintenance: −$10,908
• − Management: −$10,908
• − Depreciation: −$25,891
• Taxable income: $22,026
• Est. tax owed @ 24.0%: −$5,286
• After-tax cash flow: $29,660/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: Reading Community City
• NCES district ID: 3904469
• Math proficiency: 51% ▼ -12.00%
• Reading proficiency: 54% ▼ -9.00%
• Median HH income: $43,128
• Composite: 44.19/100
• National rank: #2854
• State rank: #413 of 656 in OH

Livability — Reading

• Score: 80/100
• State rank: #112
• US rank: #1682

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reading, OH
• County: Hamilton County · 701,295 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 30,586
• Household income: $69,372
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 1529.0

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: Majority White (63%)
• Race & ethnicity: White 63% Black 26% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -263.50%
• Current HPI: 217.3319
• Rent YoY: ▲ 8.02%
• 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

+196.7% since first listed

15 events — show timeline

• 2026-06-04 Listed $890,000 Cincy MLS
• 2026-04-04 Rental Removed $825 TENANTTURNER2
• 2026-03-06 Price Changed $825 TENANTTURNER2
• 2026-01-29 Listed for Rent $895 TENANTTURNER2
• 2026-01-29 Rental Removed $875 TENANTTURNER2
• 2025-11-02 Listed for Rent $875 TENANTTURNER2
• 2025-04-30 Listing Removed — Cincy MLS
• 2025-04-01 Listing Removed — Cincy MLS
• 2025-04-01 Listed $949,500 Cincy MLS
• 2025-03-19 Listed $1,000,000 Cincy MLS
• 2024-12-17 Rental Removed $825 RENTALBEAST
• 2024-11-27 Listed for Rent $825 RENTALBEAST
• 2024-11-17 Rental Removed $825 RENTALBEAST
• 2024-09-07 Listed for Rent $825 RENTALBEAST
• 2004-01-06 Sold (Public Records) $300,000 Public Records

Property tax history

+4.4%/yr

Latest (2025): $12,308 · +0.2% YoY. Source: county tax records.