2814 Harrison Ave · Cincinnati, OH 45211

$1,000,000

24 bd · 0.0 ba · — sqft · MultiFamily · 122 Days on market

Built 1971

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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 +26.2/30.0
• DSCR +8.8/10.0
• ARV discount +7.5/15.0
• 1% rule +6.8/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• 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: 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

Rare Value-Add Opportunity 12-Unit Multifamily Investment Opportunities like this do not come around often! This stabilized 12-unit multifamily property offers immediate, reliable cash flow with substantial upside potential for investors looking to grow returns. All 12 spacious units are 2-bedroom layouts, a highly desirable configuration that consistently attracts long-term tenants and strong rental demand. The property is already performing, yet there is significant room to increase rents, making this an exceptional value-add opportunity for both seasoned and first-time multifamily investors. Additional features include: Boiler heat system for efficient and dependable warmth. Central ai

Key facts

• Stable occupancy
• Boiler heat system
• Solid unit mix

Tags

• 12-UNIT MULTIFAMILY INVESTMENT
• BOILER HEAT SYSTEM
• CENTRAL AIR CONDITIONING
• SOLID UNIT MIX
• STABLE OCCUPANCY

Property features AI

Exterior

• Parking: 12 garage spaces; 12 open off-street parking spaces
• Utilities: Water at street; Gas at street; Public sewer
• Home design: Multi-unit building (12 units); Single building; Facing direction not specified
• Construction: Brick construction; Membrane roof; Poured foundation
• Exterior features: Vinyl windows

Interior

• Bedrooms: Twelve 2-bedroom units (multi-unit property)
• Heating & cooling: Hot water heating; Central air conditioning
• Interior features: Full basement; Three or more levels

What this means for you Summary

Snapshot

• This is a 12 × 2-bed/1.5-bath units multifamily listed at $1.00M.

Deal economics

• At list price, monthly cash flow is $3k ($30k/yr) — positive. Per door: $211/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $1.00M).
• Recommended offer: $880k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Zoned schools: Roberts Academy (math 16% / reading 22%, grade F, #1,320 of 1,584 statewide, top 83%, 765 students, 0% FRL); Hartwell School (math 17% / reading 31%, grade F, #593 of 654 statewide, top 91%, 447 students, 0% FRL); Walnut Hills High School (math 79% / reading 89%, grade A, #17 of 781 statewide, top 2%, 2,582 students, 14% FRL) — zoned schools average 5% FRL vs 70% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.6%/yr); 81 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $11,831/mo this rent would consume 264% of the median local household income ($54k/yr) (locally 1916% 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 $7k of loan paydown is wiped out by about $30k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.6% rent growth), your $280k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 122 days — a 12% lower offer ($880k) is reasonable based on typical stale-listing flexibility.

Recommended offer $880,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 122 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 1971 — 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: 1.18% ✓
• Cap rate: 9.34%
• Cash-on-cash: 10.87%
• DSCR: 1.48
• GRM: 7.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.64% rent growth · sell at horizon

5-year hold

• IRR: 0.7%
• Equity multiple: 1.03×
• Total profit: $7,262
• Equity at exit: $149,103

10-year hold

• IRR: 11.0%
• Equity multiple: 1.88×
• Total profit: $246,657
• Equity at exit: $86,462

Cash invested: $280,000 (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 45211

• Home prices YoY: -32.0%
• Rents YoY: 3.6%
• Active inventory: 81
• Price-to-rent: 84.5×

Monthly cashflow live

• Estimated rent: $11,831 high
• Mortgage (P&I): −$5,244
• Tax from tax record: −$1,150 /mo · $13,796/yr
• Insurance: −$417
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,485
• Net cashflow: $2,536

Break-even live

Break-even rent $8,621

Max offer price $1,000,000

Occupancy floor 74%

Sensitivity live

Price	-10% $3,102	-5% $2,819	+0% $2,536	+5% $2,253	+10% $1,970
Rent	-10% $1,601	-5% $2,069	+0% $2,536	+5% $3,003	+10% $3,471
Rate	-1.0pp $3,040	-0.5pp $2,790	base $2,536	+0.5pp $2,277	+1.0pp $2,013

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

Units	Beds	Baths	Est. rent
▸ 12× units	2	1.5	$11,832
Total (12 units)			$11,831

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: $250,000
• Closing costs: $30,000
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-22
   status $1,000,000 Contingency Pending 122 DOM
2. 2026-06-21
   days on market $1,000,000 Active 122 DOM
3. 2026-06-18
   days on market $1,000,000 Active 119 DOM
4. 2026-06-17
   days on market $1,000,000 Active 118 DOM
5. 2026-06-16
   days on market $1,000,000 Active 117 DOM
6. 2026-06-15
   days on market $1,000,000 Active 116 DOM
7. 2026-06-13
   days on market $1,000,000 Active 114 DOM
8. 2026-06-13
   days on market $1,000,000 Active 113 DOM
9. 2026-06-09
   days on market $1,000,000 Active 110 DOM
10. 2026-06-08
    days on market $1,000,000 Active 109 DOM
11. 2026-06-07
    days on market $1,000,000 Active 108 DOM
12. 2026-06-03
    days on market $1,000,000 Active 104 DOM
13. 2026-06-02
    days on market $1,000,000 Active 103 DOM
14. 2026-06-01
    days on market $1,000,000 Active 102 DOM
15. 2026-05-31
    days on market $1,000,000 Active 101 DOM
16. 2026-04-16
    price $1,000,000
17. 2026-02-19
    listed $1,100,000 Active
18. 2019-07-02
    soldstatus $2,556,107
19. 1998-01-06
    soldstatus $273,500

ⓘ 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: $13,796 · $1,150/mo
• Projected year-2 tax: $14,698 · $1,225/mo
• Expected delta: +$902/yr (+$75/mo · 6.5%)

ⓘ 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 ≥103°F today · 18 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: $141,972
• − Mortgage interest: −$56,016
• − Property taxes: −$13,796
• − Insurance: −$5,000
• − Repairs & maintenance: −$11,358
• − Management: −$11,358
• − Depreciation: −$29,091
• Taxable income: $15,354
• Est. tax owed @ 24.0%: −$3,685
• After-tax cash flow: $26,748/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): 38,049
• Household income: $53,868
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 1916.0

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 0.60)
• Race & ethnicity: White 50% Black 38% Two or more races 8% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% 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: ▼ -101.15%
• Current HPI: 215.0659
• Rent YoY: ▲ 3.64%
• 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

+265.6% since first listed

4 events — show timeline

• 2026-04-16 Price Changed $1,000,000 Cincy MLS
• 2026-02-19 Listed $1,100,000 Cincy MLS
• 2019-07-02 Sold (Public Records) $2,556,107 Public Records
• 1998-01-06 Sold (Public Records) $273,500 Public Records

Property tax history

+6.8%/yr

Latest (2025): $13,796 · -0.4% YoY. Source: county tax records.