115 W Warren St · Lebanon, OH 45036

$137,000

3 bd · 1.0 ba · 1,248 sqft · SingleFamily public records · 6 Days on market

0.40 ac lot Est $248k · 45% 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 +29.3/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• Schools +5.9/10.0
• Rent growth +4.6/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss this unique opportunity to acquire a fixer upper in the Lebanon school District! This home needs a full renovation, but is priced accordingly and full of possibilities. Located on a Private, .4 acre lot. This home has been loved by its renters for many years. There are lots of perennials and a lovely magnolia tree in front. Located in the heart of Lebanon, steps from local stores, restaurants and coffee shops. 3 bedroom ranch floor plan with convenient first floor laundry. Enjoy the covered front porch and expansive covered deck in back overlooking the private backyard. 2019 Water heater, central AC, older roof. Conveniently located on a quiet street near Berry Intermediate. Cash only, strictly as is, no contingencies.

Key facts

• Covered front porch
• Private lot
• Perennials

Tags

• PRIVATE LOT
• PERENNIALS
• MAGNOLIA TREE
• COVERED FRONT PORCH
• EXPANSIVE COVERED DECK
• PRIVATE BACKYARD

Property features AI

Finance

• Other: Residential zoning
• HOA & community: No homeowners association

Exterior

• Parking: Driveway
• Utilities: Public water; Public sewer; Natural gas
• Home design: Ranch-style single family home; One story; Slab foundation
• Construction: Vinyl siding; Shingle roof; Built as a ranch (single-family)
• Exterior features: Covered deck/patio; Patio; Porch; Vinyl windows

Interior

• Kitchen: Tile flooring; Wood cabinets; Oven/Range; Refrigerator
• Bedrooms: Three bedrooms total; Primary bedroom approximately 30 x 11 (Level: 1); Bedroom 2 approximately 10 x 10 (Level: 1); Bedroom 3 approximately 10 x 11 (Level: 1)
• Flooring: Wood flooring (living room); Tile flooring (kitchen)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Central air conditioning; Gas water heating
• Interior features: Seven total rooms; Wood floors in living room; Tile floor and wood cabinets in kitchen
• Laundry & utility: Main-level laundry room approximately 12 x 5

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $137k.

Deal economics

• At list price, monthly cash flow is $413 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $137k).
• Cap rate 10.5% vs local median 2.5% in Lebanon — 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 70/100 on livability (#457 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Lebanon City (suburban): math 67% / reading 69% proficiency, ranked #151 of 656 in OH (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.3%/yr); 289 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $947 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $92k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $137,000

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
5. 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.
6. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.25% ✓
• Cap rate: 10.49%
• Cash-on-cash: 15.00%
• DSCR: 1.67
• GRM: 6.7

CMA / ARV

• ARV (median comp): $247,929
• List price: $137,000
• Delta: -43.94%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
224 W Warren St	0.07mi	3/1.0	1,175 (-6%)	3mo	$200,000	$170	84
114 New St	0.33mi	3/1.5	1,248 (0%)	7mo	$240,000	$192	77
246 Cincinnati Ave	0.43mi	3/1.5	1,178 (-6%)	0mo	$230,000	$195	68
107 Parkview St	0.49mi	3/1.5	1,180 (-5%)	3mo	$255,000	$216	64
444 E Main St	0.62mi	3/2.0	1,240 (-1%)	4mo	$245,000	$198	63
124 S East St	0.49mi	3/2.0	1,242 (-0%)	14mo	$291,000	$234	61
120 Canal St	0.11mi	3/2.0	1,416 (+14%)	10mo	$272,000	$192	60
402 Pleasant St	0.48mi	3/2.0	1,288 (+3%)	20mo	$345,100	$268	52
29 Summit St	0.74mi	2/1.0 (-1)	1,290 (+3%)	7mo	$250,000	$194	50
316 Center St	0.73mi	3/1.0	1,307 (+5%)	10mo	$265,000	$203	49
444 E Silver St	0.59mi	3/1.5	1,200 (-4%)	19mo	$335,000	$279	48
439 E Mulberry St	0.60mi	2/1.0 (-1)	1,070 (-14%)	22mo	$200,000	$187	25

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 8.3%
• Equity multiple: 1.34×
• Total profit: $13,163
• Equity at exit: $20,427

10-year hold

• IRR: 21.4%
• Equity multiple: 3.26×
• Total profit: $86,516
• Equity at exit: $11,845

Cash invested: $38,360 (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 45036

• Rents YoY: 8.3%
• Active inventory: 289
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $1,708 high
• Mortgage (P&I): −$718
• Tax from tax record: −$94 /mo · $1,133/yr
• Insurance: −$57
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$359
• Net cashflow: $413

Break-even live

Break-even rent $1,185

Max offer price $137,000

Occupancy floor 71%

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: $34,250
• Closing costs: $4,110
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15 N West St Lebanon, OH	2.0	1.0	887	$1,150	$1.30	1d	4	0.30mi
800 Franklin Rd Lebanon, OH	2.0	1.0	900	$1,275	$1.42	43d	1	0.53mi
800 Franklin Rd Lebanon, OH	2.0	1.0	900	$1,325	$1.47	1d	4	0.53mi
308 S Mechanic St Unit 308 Lebanon, OH	2.0	1.0	950	$1,495	$1.57	23d	1	0.60mi
870 Franklin Rd Lebanon, OH	2.0	2.0	1225	$2,164	$1.77	1d	8	0.71mi
104 Rough Way Lebanon, OH	2.0	2.0	1200	$1,450	$1.21	43d	1	0.81mi
100 Rough Way Lebanon, OH	2.0	2.0	1200	$1,450	$1.21	43d	1	0.81mi
100 Rough Way Lebanon, OH	2.0	2.0	1120	$1,450	$1.29	14d	1	0.81mi
1111 Deerfield Rd Lebanon, OH	2.0	1.0	885	$1,649	$1.86	1d	15	1.15mi
201 Cook Rd Unit A Lebanon, OH	2.0	1.0	1200	$1,700	$1.42	3d	1	1.29mi
1173 Navaho Dr Unit A Lebanon, OH	3.0	1.5	1189	$1,645	$1.38	43d	1	1.46mi
1173 Navaho Dr Unit B Lebanon, OH	3.0	1.5	1189	$1,695	$1.43	43d	1	1.46mi
1125 Algonquin Dr Unit A Lebanon, OH	2.0	1.0	1250	$1,650	$1.32	23d	1	1.47mi

Listing history 15 events

1. 2026-06-18
   days on market $137,000 Active 6 DOM
2. 2026-06-17
   days on market $137,000 Active 5 DOM
3. 2026-06-16
   days on market $137,000 Active 4 DOM
4. 2026-06-15
   days on market $137,000 Active 3 DOM
5. 2026-06-13
   pricedays on marketlisting id $137,000 Active 1 DOM
6. 2026-06-09
   days on market $139,000 Active 25 DOM
7. 2026-06-08
   days on market $139,000 Active 24 DOM
8. 2026-06-07
   days on market $139,000 Active 23 DOM
9. 2026-06-03
   days on market $139,000 Active 19 DOM
10. 2026-06-02
    days on market $139,000 Active 18 DOM
11. 2026-06-01
    days on market $139,000 Active 17 DOM
12. 2026-05-31
    days on market $139,000 Active 16 DOM
13. 2026-05-15
    listed $149,000 Active 739-char remark

    Show marketing remark (739 chars)

    Don't miss this unique opportunity to acquire a fixer upper in the Lebanon school District! This home needs a full renovation, but is priced accordingly and full of possibilities. Located on a Private, .4 acre lot. This home has been loved by its renters for many years. There are lots of perennials and a lovely magnolia tree in front. Located in the heart of Lebanon, steps from local stores, restaurants and coffee shops. 3 bedroom ranch floor plan with convenient first floor laundry. Enjoy the covered front porch and expansive covered deck in back overlooking the private backyard. 2019 Water heater, central AC, older roof. Conveniently located on a quiet street near Berry Intermediate. Cash only, strictly as is, no contingencies.

14. 2026-04-02
    soldstatus $92,000
15. 2000-05-12
    soldstatus $59,500

ⓘ 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: $1,133 · $94/mo
• Projected year-2 tax: $1,635 · $136/mo
• Expected delta: +$502/yr (+$42/mo · 44.4%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (shaded) · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°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 · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,499
• − Mortgage interest: −$7,674
• − Property taxes: −$1,133
• − Insurance: −$1,482
• − Repairs & maintenance: −$1,640
• − Management: −$1,640
• − Depreciation: −$3,985
• Taxable income: $2,945
• Est. tax owed @ 24.0%: −$707
• After-tax cash flow: $4,251/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: Lebanon City
• NCES district ID: 3904421
• Math proficiency: 67% ▼ -2.00%
• Reading proficiency: 69% ▼ -3.00%
• Median HH income: $66,118
• Composite: 59.25/100
• National rank: #936
• State rank: #151 of 656 in OH

Livability — Lebanon

• Score: 70/100
• State rank: #457
• US rank: #7561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OH
• County: Warren County · 196,906 people
• City population: 42,204
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 42,204
• Household income: $99,128
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 904.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (84%)
• Race & ethnicity: White 84% Black 8% Two or more races 3% Asian 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1% Other Indo-European 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -165.95%
• Current HPI: 239.4833
• Rent YoY: ▲ 8.33%
• 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

+130.3% since first listed

6 events — show timeline

• 2026-06-12 Listed $137,000 Cincy MLS
• 2026-06-12 Listing Removed — Cincy MLS
• 2026-05-28 Price Changed $139,000 Cincy MLS
• 2026-05-15 Listed $149,000 Cincy MLS
• 2026-04-02 Sold (Public Records) $92,000 Public Records
• 2000-05-12 Sold (Public Records) $59,500 Public Records

Property tax history

+2.9%/yr

Latest (2025): $1,133 · -2.2% YoY. Source: county tax records.