2930 Millbank Row Rd · Landen, OH 45039

$199,000

2 bd · 2.0 ba · 1,500 sqft · Townhouse · 1 Days on market

Built 1986 470 sqft lot Est $238k · 17% under $302/mo HOA · 15% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +11.0/30.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• 1% rule +5.1/10.0
• Rent growth +4.4/5.0
• Livability +4.0/5.0
• DSCR +3.2/10.0
• Condition / age +2.5/5.0

Listing remarks

Beautifully updated, move-in ready 2-bedroom townhome in Landen! Remodeled, open concept kitchen. Brand new full bath adjoins primary bedroom. New carpet and paint throughout. Updated 1st floor half bath. Finished walk-out lower level features additional half bath. Fantastic community amenities: pool, tennis, play area, walking trails and more! A great townhome in a wonderful community in a sought-after location - check it out!

Key facts

• Play area
• Tennis
• Open concept kitchen

Tags

• OPEN CONCEPT KITCHEN
• FINISHED WALK-OUT LOWER LEVEL
• COMMUNITY AMENITIES
• POOL
• TENNIS
• PLAY AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $199k.

Deal economics

• At list price, monthly cash flow is $-83 ($-995/yr) — negative.
• To cash-flow at today's rent, offer at most $187k (6.0% below list).
• Meets the 1% rule at list price ($2k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for cash-flow.
• Cap rate 5.8% vs local median 3.8% in Landen — 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 (#121 in OH, #1,779 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Kings Local (suburban): math 76% / reading 78% proficiency, ranked #61 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.4%/yr); 126 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• In year one you build about $21k of equity ($1k loan paydown + $20k appreciation (10.0% local appreciation)).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 7.4% rent growth), your $56k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.

Recommended offer $186,997 (6.0% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.01% ✓
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $238,500
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2960 Mossy Brink Ct	0.05mi	2/1.5	1,380 (-8%)	14mo	$201,500	$146	71
2891 Mossy Brink Ct	0.10mi	3/2.0 (+1)	1,670 (+11%)	20mo	$216,556	$130	55
9626 Greenery Ct	0.46mi	2/2.5	1,702 (+14%)	2mo	$295,000	$173	53
9234 Greenery Ct	0.40mi	2/2.0	1,366 (-9%)	21mo	$270,000	$198	49
8553 Island Pines Dr	0.36mi	2/2.5	1,302 (-13%)	17mo	$205,000	$157	45
2617 South Harbor Dr	0.74mi	2/1.0	1,359 (-9%)	4mo	$216,000	$159	43
8412 Sailboat Ln	0.46mi	2/3.5	1,696 (+13%)	23mo	$310,000	$183	32

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 24.8%
• Equity multiple: 3.02×
• Total profit: $112,688
• Equity at exit: $179,275

10-year hold

• IRR: 23.4%
• Equity multiple: 7.45×
• Total profit: $359,136
• Equity at exit: $386,613

Cash invested: $55,720 (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 45039

• Home prices YoY: 7.3%
• Rents YoY: 7.4%
• Active inventory: 126
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $2,018 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$302
• Vacancy / Maint / Mgmt: −$424
• Net cashflow: $-83

Break-even live

Break-even rent $2,123

Max offer price $186,997

Occupancy floor 99%

Sensitivity live

Price	-10% $55	-5% $-14	+0% $-83	+5% $-152	+10% $-220
Rent	-10% $-242	-5% $-163	+0% $-83	+5% $-3	+10% $76
Rate	-1.0pp $17	-0.5pp $-32	base $-83	+0.5pp $-135	+1.0pp $-187

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
8507 Island Pines Pl Apt 8 Maineville, OH	2.0	2.0	1100	$1,575	$1.43	24d	1	0.32mi
8390 Old Orchard Ln Maineville, OH	1.0–3.0	1.0–2.0	975	$1,822	$1.87	2d	20	0.36mi
2313 Rose Rd Loveland, OH	3.0	2.0	1496	$2,331	$1.56	44d	1	0.65mi
8224 Rollinghitch Ct Maineville, OH	3.0	1.5	1261	$1,900	$1.51	17d	1	0.67mi
3569 Nantucket Cir Loveland, OH	1.0–3.0	1.0–2.5	1070	$2,018	$1.88	2d	21	0.81mi
8632 High Trail Ct Mason, OH	3.0	2.5	1860	$2,450	$1.32	3d	1	0.95mi
3580 Steeplechase Ln Loveland, OH	1.0–2.0	1.0–2.0	864	$1,780	$2.06	2d	12	1.10mi
3337 Crescent Falls Way Maineville, OH	3.0	2.5	2198	$2,750	$1.25	18d	1	1.31mi
9980 Hanover Way Loveland, OH	1.0–3.0	1.0–2.5	1230	$1,926	$1.57	2d	21	1.34mi
7401 Landen Falls Dr Maineville, OH	1.0–3.0	1.0–2.0	1125	$2,036	$1.81	2d	15	1.37mi

HOA detail

• Monthly dues: $302 · $3,624/yr
• Likely covers: pool

Listing history 2 events

1. 2026-06-19
   remarks 433-char remark
2. 2026-06-19
   listed $199,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $24,217
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$1,937
• − Management: −$1,937
• − HOA: −$3,624
• − Depreciation: −$5,789
• Taxable loss: −$4,198
• Est. tax savings @ 24.0%: +$1,007
• After-tax cash flow: $12/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: Kings Local
• NCES district ID: 3905043
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $70,803
• Composite: 67.16/100
• National rank: #390
• State rank: #61 of 656 in OH

Livability — Landen

• Score: 80/100
• State rank: #121
• US rank: #1779

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Landen, OH
• County: Warren County · 196,906 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 28,335
• Household income: $108,794
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 307.0

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 (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 5% Asian 3% Black 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% 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: ▲ 38.63%
• Current HPI: 568.09
• Rent YoY: ▲ 7.42%
• 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