5351 Chapman · Cincinnati, OH 45227

$349,000

3 bd · 2.0 ba · 2,083 sqft · MultiFamily public records · 1 Days on market

Built 1924

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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 +22.5/30.0
• ARV discount +7.5/15.0
• DSCR +7.2/10.0
• 1% rule +5.3/10.0
• Rent growth +4.0/5.0
• Livability +4.0/5.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

INVESTOR SPECIAL! All new electrical and updated bathroom. Drywall on property stays with the home. Property sold AS-IS

Key facts

• Separate utilities
• Bonus rooms
• Income producing

Tags

• INCOME PRODUCING
• ACTIVE LEASES
• SEPARATE UTILITIES
• NEW MECHANICALS
• BONUS ROOMS

Property features AI

Finance

• Financial info: Two rental units with current rents listed: 2-bedroom $1,495; 3+ bedroom $1,695

Exterior

• Parking: Detached driveway parking with 2 garage spaces and 2 open parking spaces
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two levels; Poured foundation
• Construction: Vinyl siding; Shingle roof; Poured foundation; Built as a duplex
• Exterior features: Vinyl windows

Interior

• Bedrooms: Two-unit property: one 2-bedroom unit and one 3+ bedroom unit
• Heating & cooling: Forced air heating; Central air conditioning
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $349k.

Deal economics

• At list price, monthly cash flow is $589 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $349k).
• Cap rate 8.3% 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.
• Market conditions: Rents rising fast (+5.9%/yr); 70 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $3,588/mo this rent would consume 60% of the median local household income ($72k/yr) (locally 1046% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.9% rent growth), your $98k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 4y ago; this cycle's ask has dropped $20k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $142k; list at $349k implies a 145% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $349,000

Questions for the listing agent

1. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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 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: 1.03% ✓
• Cap rate: 8.32%
• Cash-on-cash: 7.24%
• DSCR: 1.32
• GRM: 8.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.86% rent growth · sell at horizon

5-year hold

• IRR: -2.2%
• Equity multiple: 0.91×
• Total profit: $-8,438
• Equity at exit: $52,037

10-year hold

• IRR: 10.2%
• Equity multiple: 1.89×
• Total profit: $87,014
• Equity at exit: $30,175

Cash invested: $97,720 (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 45227

• Rents YoY: 5.9%
• Active inventory: 70
• Price-to-rent: 16.7×

Monthly cashflow live

• Estimated rent: $3,588 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$269 /mo · $3,233/yr
• Insurance: −$145
• HOA: −$0
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $589

Break-even live

Break-even rent $2,842

Max offer price $349,000

Occupancy floor 79%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,738
1× unit	3	1	$1,850
Total (2 units)			$3,588

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5319 Weltner Ave Cincinnati, OH	3.0	1.0	1408	$1,900	$1.35	4d	1	0.13mi
6303 Chandler St Cincinnati, OH	4.0	2.5	1732	$3,300	$1.91	11d	1	0.20mi
5123 Glenshade Ave Cincinnati, OH	3.0	1.0	1442	$1,995	$1.38	24d	1	0.24mi
6304 Desmond St Cincinnati, OH	4.0	1.5	1900	$2,750	$1.45	7d	1	0.24mi
5500 Ehrling Rd Cincinnati, OH	3.0	2.0	1408	$2,031	$1.44	24d	1	0.98mi
6208 Bancroft St Cincinnati, OH	3.0	2.5	1937	$2,500	$1.29	2d	1	1.23mi
6703 Murray Ave Cincinnati, OH	2.0–3.0	1.0	1300	$1,700	$1.31	44d	1	1.26mi

Listing history 21 events

1. 2026-06-18
   pricedays on marketlisting id $349,000 Active 1 DOM
2. 2026-06-09
   days on market $359,000 Active 57 DOM
3. 2026-06-08
   days on market $359,000 Active 56 DOM
4. 2026-06-07
   days on market $359,000 Active 55 DOM
5. 2026-06-03
   days on market $359,000 Active 51 DOM
6. 2026-06-02
   days on market $359,000 Active 50 DOM
7. 2026-06-01
   days on market $359,000 Active 49 DOM
8. 2026-05-31
   days on market $359,000 Active 48 DOM
9. 2026-05-21
   status Active
10. 2026-04-25
    historical Contingency Pending
11. 2026-04-25
    historical
12. 2026-04-22
    status Active
13. 2026-04-14
    historical Contingency Pending
14. 2026-04-11
    price $359,000
15. 2026-03-18
    listed $369,000 Active
16. 2023-09-13
    price $142,500 122-char remark

    Show marketing remark (122 chars)

    INVESTOR SPECIAL! All new electrical and updated bathroom. Drywall on property stays with the home. Property sold AS-IS

17. 2022-11-10
    soldstatus $142,500
18. 2022-10-20
    soldstatus $142,500 Sold 122-char remark

    Show marketing remark (122 chars)

    INVESTOR SPECIAL! All new electrical and updated bathroom. Drywall on property stays with the home. Property sold AS-IS

19. 2022-09-21
    historical Contingency Pending 122-char remark

    Show marketing remark (122 chars)

    INVESTOR SPECIAL! All new electrical and updated bathroom. Drywall on property stays with the home. Property sold AS-IS

20. 2022-09-21
    price $159,000 122-char remark

    Show marketing remark (122 chars)

    INVESTOR SPECIAL! All new electrical and updated bathroom. Drywall on property stays with the home. Property sold AS-IS

21. 2022-09-16
    listed $159,000 Active 122-char remark

    Show marketing remark (122 chars)

    INVESTOR SPECIAL! All new electrical and updated bathroom. Drywall on property stays with the home. Property sold AS-IS

ⓘ 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: $3,233 · $269/mo
• Projected year-2 tax: $4,339 · $362/mo
• Expected delta: +$1,106/yr (+$92/mo · 34.2%)

ⓘ 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 · 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $43,056
• − Mortgage interest: −$19,549
• − Property taxes: −$3,233
• − Insurance: −$1,745
• − Repairs & maintenance: −$3,444
• − Management: −$3,444
• − Depreciation: −$10,153
• Taxable income: $1,487
• Est. tax owed @ 24.0%: −$357
• After-tax cash flow: $6,717/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): 18,893
• Household income: $71,646
• Rent vs Own: 44.5% rent · 55.5% own
• Severe rent burden: 1046.0

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: Predominantly White (72%)
• Race & ethnicity: White 72% Black 21% Two or more races 5% Hispanic / Latino 2% Asian 1%
• Common ancestry: Slovak 2% Romanian 2% Lithuanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -256.16%
• Current HPI: 240.4507
• Rent YoY: ▲ 5.86%
• 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

+125.8% since first listed

13 events — show timeline

• 2026-05-21 Relisted — Cincy MLS
• 2026-04-25 Contingent — Cincy MLS
• 2026-04-25 Listing Removed — Cincy MLS
• 2026-04-22 Relisted — Cincy MLS
• 2026-04-14 Contingent — Cincy MLS
• 2026-04-11 Price Changed $359,000 Cincy MLS
• 2026-03-18 Listed $369,000 Cincy MLS
• 2023-09-13 Price Changed $142,500 Cincy MLS
• 2022-11-10 Sold (Public Records) $142,500 Public Records
• 2022-10-20 Sold (MLS) $142,500 Cincy MLS
• 2022-09-21 Contingent — Cincy MLS
• 2022-09-21 Price Changed $159,000 Cincy MLS
• 2022-09-16 Listed $159,000 Cincy MLS

Property tax history

+14.0%/yr

Latest (2025): $3,233 · +0.1% YoY. Source: county tax records.