816 Windham Ave

Cincinnati, OH 45229

$299,000C+

5 bd · 3.0 ba · 3,080 sqft · Built 1915 · MultiFamily · Active · 60 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $5,551/mo
• Mortgage (P&I): −$1,568
• Tax + insurance: −$416
• HOA: −$0
• Vac / Maint / Mgmt: −$1,166
• Net cashflow: $2,402/mo
• Annual: $28,820/yr
• Cap rate: 15.93%
• Cash-on-cash: 34.42%
• DSCR: 2.53
• 1% rule: 1.86%
• Cash to close: $83,720

Investor read

• This is a 3 × 5-bed/3.0-bath units multifamily listed at $299k.
• At list price, monthly cash flow is $2k ($29k/yr) — positive. Per door: $801/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $299k).
• It's been on market 60 days — a 3% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $290k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• 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.
• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+5.5%/yr); 49 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 18 sale attempts since 20y 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 $157k; list at $299k implies a 90% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 15.9% 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.
• At $5,551/mo this rent would consume 206% of the median local household income ($32k/yr) (locally 1730% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 60 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1915 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.