938 Rainbow Ct · Lebanon, OH 45036

$290,000

3 bd · 2.0 ba · 1,586 sqft · SingleFamily public records · 14 Days on market

Built 1986 8,368 sqft lot Est $319k · 9% under

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Why this score? — see what drove the D+ 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 +11.6/15.0
• Cash flow +11.4/30.0
• Schools +5.9/10.0
• Rent growth +4.6/5.0
• Livability +3.5/5.0
• DSCR +3.3/10.0
• 1% rule +2.9/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

New heat pump system w/ transferrable warranty! Newer counters & ceramic tile in baths! Approx 1600 sq ft all brick ranch, spacious & updated w/ laminate flooring in kitchen area. Huge garage, large deck, fenced backyard-just move in!Owner smokes in garage only, not in house.

Key facts

• 8,368 sq ft lot
• Garage
• Built 1986

Property features AI

Finance

• Other: Residential zoning
• HOA & community: No HOA

Exterior

• Parking: Built-in front garage (1 garage space); Driveway parking; On-street parking
• Utilities: Public water; Public sewer; Gas at street
• Home design: Ranch-style single family home; One level; Poured foundation
• Construction: Brick construction
• Exterior features: Shingle roof; Vinyl insulated windows; Wood-burning fireplace

Interior

• Kitchen: Kitchen 13 x 12
• Bedrooms: 3 bedrooms total; Primary bedroom 14 x 12 (Level 1); Bedroom 2 13 x 12 (Level 1); Bedroom 3 12 x 12 (Level 1)
• Bathrooms: 2 full bathrooms on level 1
• Heating & cooling: Electric heating; Ceiling fans for cooling; Electric water heating
• Interior features: 7 total rooms; Crawl basement; Entry (6 x 5)
• Laundry & utility: Laundry room 8 x 5 (Level 1)

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath single-family listed at $290k.

Deal economics

• At list price, monthly cash flow is $-100 ($-1k/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (6.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $228k (21.4% below list).
• Recommended offer: $228k (21.4% below list) — sets the bar for 1% rule.
• Cap rate 5.9% vs local median 2.7% in Lebanon — 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 70/100 on livability (#457 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Lebanon City (suburban): math 67% / reading 69% proficiency, ranked #151 of 656 in OH (top 23%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Bowman Primary School (1,203 students, 24% FRL); Lebanon Junior High (math 67% / reading 72%, grade A, #143 of 654 statewide, top 23%, 878 students, 24% FRL); Lebanon High School (math 52% / reading 68%, grade C+, #239 of 781 statewide, top 31%, 1,628 students, 17% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: Rents rising fast (+8.3%/yr); 289 active listings in the ZIP; 5 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

• 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.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 13y 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 $135k; list at $290k implies a 115% gain — meaningful room to come down on a strong offer.

Recommended offer $228,041 (21.4% 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. 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.79% ✗
• Cap rate: 5.88%
• Cash-on-cash: -1.48%
• DSCR: 0.93
• GRM: 10.6

CMA / ARV

• ARV (on-the-fly): $318,786
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
10 Monroe Rd	0.28mi	3/1.5	1,540 (-3%)	1mo	$255,000	$166	79
1018 Winding Way	0.10mi	3/1.5	1,464 (-8%)	4mo	$267,000	$182	77
1014 Blossom Heath Rd	0.17mi	3/2.0	1,703 (+7%)	5mo	$355,000	$208	76
1001 Blossom Heath Rd	0.18mi	4/2.0 (+1)	1,650 (+4%)	8mo	$335,000	$203	73
11 Roxie Ct	0.33mi	3/2.0	1,450 (-9%)	6mo	$220,480	$152	65
909 Stanwood Dr	0.40mi	3/1.5	1,480 (-7%)	10mo	$210,000	$142	60
1542 Barrington Ct	0.74mi	3/2.5	1,680 (+6%)	0mo	$349,000	$208	53
908 Stanwood Dr	0.38mi	3/1.0	1,404 (-12%)	9mo	$254,000	$181	52
913 Hartz Dr	0.44mi	4/1.5 (+1)	1,404 (-12%)	3mo	$282,000	$201	51
989 Carson Dr	0.58mi	3/2.0	1,800 (+14%)	10mo	$395,000	$219	42
1536 Barrington Ct	0.73mi	3/2.5	1,782 (+12%)	4mo	$359,000	$201	40
510 Katherine Ave	0.70mi	3/1.5	1,356 (-14%)	6mo	$254,400	$188	37

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -13.6%
• Equity multiple: 0.49×
• Total profit: $-41,364
• Equity at exit: $43,240

10-year hold

• IRR: 1.5%
• Equity multiple: 1.13×
• Total profit: $10,483
• Equity at exit: $25,074

Cash invested: $81,200 (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 45036

• Rents YoY: 8.3%
• Active inventory: 289
• Price-to-rent: 10.6×

Monthly cashflow live

• Estimated rent: $2,280 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$260 /mo · $3,124/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $-100

Break-even live

Break-even rent $2,407

Max offer price $272,265

Occupancy floor 99%

Sensitivity live

Price	-10% $64	-5% $-18	+0% $-100	+5% $-182	+10% $-265
Rent	-10% $-281	-5% $-190	+0% $-100	+5% $-10	+10% $80
Rate	-1.0pp $46	-0.5pp $-27	base $-100	+0.5pp $-176	+1.0pp $-252

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1616 Hastings Ct Lebanon, OH	3.0	2.5	1760	$1,966	$1.12	3d	1	0.88mi
870 Franklin Rd Lebanon, OH	2.0	2.0	1225	$2,164	$1.77	3d	8	1.17mi
935 Grandstone Ct Lebanon, OH	4.0	2.5	2150	$2,516	$1.17	45d	1	1.20mi
1200 Bugle Bluff Ct Lebanon, OH	3.0	2.5	1820	$2,500	$1.37	3d	1	1.26mi
905 Franklin Rd Apt 9 Lebanon, OH	3.0	2.5	1596	$1,810	$1.13	14d	1	1.37mi

Listing history 11 events

1. 2026-06-21
   days on market $290,000 Active 14 DOM
2. 2026-06-18
   price $290,000 Active 11 DOM
3. 2026-06-18
   days on market $305,000 Active 11 DOM
4. 2026-06-17
   days on market $305,000 Active 10 DOM
5. 2026-06-16
   days on market $305,000 Active 9 DOM
6. 2026-06-15
   days on market $305,000 Active 8 DOM
7. 2026-06-13
   days on market $305,000 Active 6 DOM
8. 2026-06-13
   remarks 416-char remark
9. 2026-06-13
   days on market $305,000 Active 5 DOM
10. 2026-06-01
    days on market $305,000 Active 3 DOM
11. 2026-05-31
    days on market $305,000 Active 2 DOM

ⓘ 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: $3,124 · $260/mo
• Projected year-2 tax: $3,824 · $319/mo
• Expected delta: +$700/yr (+$58/mo · 22.4%)

ⓘ 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 ≥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 · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,365
• − Mortgage interest: −$16,245
• − Property taxes: −$3,124
• − Insurance: −$1,450
• − Repairs & maintenance: −$2,189
• − Management: −$2,189
• − Depreciation: −$8,436
• Taxable loss: −$6,268
• Est. tax savings @ 24.0%: +$1,504
• After-tax cash flow: $300/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: Lebanon City
• NCES district ID: 3904421
• Math proficiency: 67% ▼ -2.00%
• Reading proficiency: 69% ▼ -3.00%
• Median HH income: $66,118
• Composite: 59.25/100
• National rank: #936
• State rank: #151 of 656 in OH

Livability — Lebanon

• Score: 70/100
• State rank: #457
• US rank: #7561

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lebanon, OH
• County: Warren County · 196,906 people
• City population: 42,204
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 42,204
• Household income: $99,128
• Rent vs Own: 27.1% rent · 72.9% own
• Severe rent burden: 904.0

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 (84%)
• Race & ethnicity: White 84% Black 8% Two or more races 3% Asian 3% Hispanic / Latino 2%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 3% · Canada
• Languages at home: 97% English-only · Spanish 1% Other Asian/Pacific 1% 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: ▼ -165.95%
• Current HPI: 239.4833
• Rent YoY: ▲ 8.33%
• 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

+355.2% since first listed

14 events — show timeline

• 2026-05-30 Listed $305,000 Cincy MLS
• 2026-05-20 Listing Removed — Cincy MLS
• 2026-05-20 Listed $305,000 Cincy MLS
• 2014-07-14 Sold (Public Records) $135,000 Public Records
• 2014-07-10 Sold (MLS) $135,000 Cincy MLS
• 2014-07-10 Sold (MLS) $135,000 Dayton MLS
• 2014-07-10 Sold (MLS) $135,000 Dayton MLS
• 2014-05-20 Listing Removed — Dayton MLS
• 2013-08-14 Listed $138,000 Cincy MLS
• 2013-08-14 Listed $138,000 Dayton MLS
• 2006-09-27 Sold (Public Records) $133,000 Public Records
• 2003-06-17 Sold (Public Records) $126,000 Public Records
• 1997-12-29 Sold (Public Records) $105,000 Public Records
• 1987-07-10 Sold (Public Records) $67,000 Public Records

Property tax history

+4.9%/yr

Latest (2025): $3,124 · -2.3% YoY. Source: county tax records.