614 S River St · Franklin, OH 45005

$130,000

3 bd · 2.0 ba · 2,070 sqft · MultiFamily public records · 63 Days on market

Built 1900 0.30 ac lot $63/sqft · 16% below area Est $154k · 16% under

---

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 +30.0/30.0
• ARV discount +14.6/15.0
• DSCR +10.0/10.0
• 1% rule +9.2/10.0
• Schools +4.9/10.0
• Rent growth +3.6/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover a unique opportunity for flexible living or savvy investment in Franklin. This two-unit property offers a versatile layout, perfect for multi-generational living or as an income-generating asset, providing both comfort and financial potential. The generous living area of 2070 square feet is thoughtfully distributed across two stories. One unit features two comfortable bedrooms and one bathroom, while the second unit offers one bedroom and one bathroom, ensuring ample space and convenience for all occupants. Situated on a substantial 0.29-acre lot, there is considerable outdoor space for various activities. A newer roof provides enhanced durability and peace of mind. The location in Franklin, OH, places residents within a charming community, balancing peaceful residential life with accessibility. This residence presents an exceptional chance to own a property with significant appeal and adaptability.

Key facts

• Versatile layout
• Two unit property
• Newer roof

Tags

• TWO UNIT PROPERTY
• VERSATILE LAYOUT
• OUTDOOR SPACE
• NEWER ROOF
• CHARMING COMMUNITY

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $525 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $122k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.7% vs local median 3.6% in Franklin — 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 71/100 on livability (#396 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities D-.
• Franklin City (suburban): math 55% / reading 60% proficiency, ranked #332 of 656 in OH (top 51%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.2%/yr); 139 active listings in the ZIP; 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 $899 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 + 4.2% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($122k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 15y 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 $20k; list at $130k implies a 550% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $122,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
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: 1.42% ✓
• Cap rate: 11.65%
• Cash-on-cash: 19.14%
• DSCR: 1.85
• GRM: 5.9

CMA / ARV

• ARV (median comp): $154,276
• List price: $130,000
• Delta: -15.74%
• Verdict: UNDERPRICED
• Comps: 8 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
105 Chestnut St	0.62mi	4/2.0 (+1)	1,792 (-13%)	8mo	$155,000	$86	38
328 E 4th St	0.47mi	4/2.0 (+1)	1,768 (-15%)	22mo	$220,000	$124	30
110 N River St	0.67mi	4/2.0 (+1)	1,768 (-15%)	18mo	$135,000	$76	24

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 · 4.2% rent growth · sell at horizon

5-year hold

• IRR: 10.1%
• Equity multiple: 1.40×
• Total profit: $14,680
• Equity at exit: $19,383

10-year hold

• IRR: 20.2%
• Equity multiple: 2.80×
• Total profit: $65,547
• Equity at exit: $11,240

Cash invested: $36,400 (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 45005

• Rents YoY: 4.2%
• Active inventory: 139
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $1,850 high
• Mortgage (P&I): −$682
• Tax from tax record: −$145 /mo · $1,741/yr
• Insurance: −$54
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$388
• Net cashflow: $525

Break-even live

Break-even rent $1,186

Max offer price $130,000

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$995
1× unit	1	1	$855
Total (2 units)			$1,850

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: $32,500
• Closing costs: $3,900
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $130,000 Active 63 DOM
2. 2026-06-17
   days on market $130,000 Active 62 DOM
3. 2026-06-16
   days on market $130,000 Active 61 DOM
4. 2026-06-15
   days on market $130,000 Active 60 DOM
5. 2026-06-13
   days on market $130,000 Active 58 DOM
6. 2026-06-09
   days on market $130,000 Active 54 DOM
7. 2026-06-08
   days on market $130,000 Active 53 DOM
8. 2026-06-07
   days on market $130,000 Active 52 DOM
9. 2026-06-03
   days on market $130,000 Active 48 DOM
10. 2026-06-02
    days on market $130,000 Active 47 DOM
11. 2026-06-01
    days on market $130,000 Active 46 DOM
12. 2026-05-31
    days on market $130,000 Active 45 DOM
13. 2026-04-16
    listed $130,000 Active 921-char remark

    Show marketing remark (921 chars)

    Discover a unique opportunity for flexible living or savvy investment in Franklin. This two-unit property offers a versatile layout, perfect for multi-generational living or as an income-generating asset, providing both comfort and financial potential. The generous living area of 2070 square feet is thoughtfully distributed across two stories. One unit features two comfortable bedrooms and one bathroom, while the second unit offers one bedroom and one bathroom, ensuring ample space and convenience for all occupants. Situated on a substantial 0.29-acre lot, there is considerable outdoor space for various activities. A newer roof provides enhanced durability and peace of mind. The location in Franklin, OH, places residents within a charming community, balancing peaceful residential life with accessibility. This residence presents an exceptional chance to own a property with significant appeal and adaptability.

14. 2013-06-04
    soldstatus $20,000
15. 2013-05-16
    soldstatus $20,000 Closed 232-char remark

    Show marketing remark (232 chars)

    Great investment opportunity!! The first unit offers 2 bed, 1 bath, eat in kitchen, dining room, and living room. The second unit has 1 bed, 1 bath, eat in kitchen, and living room with newer carpet. HUGE deep lot with a rear patio.

16. 2013-05-16
    soldstatus $20,000 232-char remark

    Show marketing remark (232 chars)

    Great investment opportunity!! The first unit offers 2 bed, 1 bath, eat in kitchen, dining room, and living room. The second unit has 1 bed, 1 bath, eat in kitchen, and living room with newer carpet. HUGE deep lot with a rear patio.

17. 2013-05-16
    soldstatus $20,000

    Show marketing remark (232 chars)

    Great investment opportunity!! The first unit offers 2 bed, 1 bath, eat in kitchen, dining room, and living room. The second unit has 1 bed, 1 bath, eat in kitchen, and living room with newer carpet. HUGE deep lot with a rear patio.

18. 2013-03-26
    historical 232-char remark

    Show marketing remark (232 chars)

    Great investment opportunity!! The first unit offers 2 bed, 1 bath, eat in kitchen, dining room, and living room. The second unit has 1 bed, 1 bath, eat in kitchen, and living room with newer carpet. HUGE deep lot with a rear patio.

19. 2013-03-04
    listed $21,900 232-char remark

    Show marketing remark (232 chars)

    Great investment opportunity!! The first unit offers 2 bed, 1 bath, eat in kitchen, dining room, and living room. The second unit has 1 bed, 1 bath, eat in kitchen, and living room with newer carpet. HUGE deep lot with a rear patio.

20. 2013-03-04
    listed $21,900

    Show marketing remark (232 chars)

    Great investment opportunity!! The first unit offers 2 bed, 1 bath, eat in kitchen, dining room, and living room. The second unit has 1 bed, 1 bath, eat in kitchen, and living room with newer carpet. HUGE deep lot with a rear patio.

21. 2011-05-27
    soldstatus $11,500
22. 2011-05-27
    soldstatus $11,500 Closed
23. 2011-05-27
    soldstatus $11,500
24. 2011-04-28
    historical
25. 2011-04-16
    listed $10,000
26. 2011-04-15
    listed $10,000
27. 2005-10-25
    soldstatus $48,000

ⓘ 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: $1,741 · $145/mo
• Projected year-2 tax: $1,885 · $157/mo
• Expected delta: +$143/yr (+$12/mo · 8.2%)

ⓘ 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 (unshaded) · 97% 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 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,200
• − Mortgage interest: −$7,282
• − Property taxes: −$1,741
• − Insurance: −$1,316
• − Repairs & maintenance: −$1,776
• − Management: −$1,776
• − Depreciation: −$3,782
• Taxable income: $4,526
• Est. tax owed @ 24.0%: −$1,086
• After-tax cash flow: $5,213/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: Franklin City
• NCES district ID: 3904400
• Math proficiency: 55% ▼ -8.00%
• Reading proficiency: 60% ▼ -5.00%
• Median HH income: $48,983
• Composite: 48.89/100
• National rank: #2081
• State rank: #332 of 656 in OH

Livability — Franklin

• Score: 71/100
• State rank: #396
• US rank: #6546

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Franklin, OH
• County: Warren County · 196,906 people
• City population: 32,251
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 32,251
• Household income: $75,399
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 811.0

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 (90%)
• Race & ethnicity: White 90% Two or more races 4% Hispanic / Latino 3% Asian 3%
• Common ancestry: Slovak 3% Italian 2% Romanian 2%
• Foreign-born: 3% · China, Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% Chinese 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: ▼ -192.03%
• Current HPI: 235.1612
• Rent YoY: ▲ 4.20%
• 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

+170.8% since first listed

15 events — show timeline

• 2026-04-16 Listed $130,000 Dayton MLS
• 2013-06-04 Sold (Public Records) $20,000 Public Records
• 2013-05-16 Sold (MLS) $20,000 Cincy MLS
• 2013-05-16 Sold (MLS) $20,000 Dayton MLS
• 2013-05-16 Sold (MLS) $20,000 Dayton MLS
• 2013-03-26 Listing Removed — Dayton MLS
• 2013-03-04 Listed $21,900 Cincy MLS
• 2013-03-04 Listed $21,900 Dayton MLS
• 2011-05-27 Sold (MLS) $11,500 Cincy MLS
• 2011-05-27 Sold (MLS) $11,500 Dayton MLS
• 2011-05-27 Sold (MLS) $11,500 Dayton MLS
• 2011-04-28 Listing Removed — Dayton MLS
• 2011-04-16 Listed $10,000 Cincy MLS
• 2011-04-15 Listed $10,000 Dayton MLS
• 2005-10-25 Sold (Public Records) $48,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $1,741 · +10.1% YoY. Source: county tax records.