2232 Fulton Ave · Cincinnati, OH 45206

$299,999

6 bd · 3.0 ba · 3,141 sqft · MultiFamily public records · 90 Days on market

Built 1910 5,663 sqft lot Est $503k · 40% under

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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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Gorgeous brick duplex in the heart of Walnut Hills, just a short walk to Eden Park, dining, and shops. This classic property offers two spacious units full of charm and potential. Unit 1 is a beautifully updated 2-bedroom with modern kitchen finishes and bright living spacesperfect for owner-occupancy or easy rental. Unit 2 spans two upper floors and features 5 bedrooms, offering rare space and strong income potential. Ideal for investors, house hackers, or multi-generational living. Don't miss this opportunity to own a character-rich property in one of Cincinnati's most desirable neighborhoods!

Key facts

• Separate utilities
• Historic character
• Central air

Tags

• PRIME CINCINNATI LOCATION
• HISTORIC CHARACTER
• UPDATED PLUMBING
• REMODELED EAT-IN KITCHEN
• SEPARATE UTILITIES
• CENTRAL AIR

Property features AI

Finance

• Financial info: Two-unit property with one 2-bedroom unit currently rented at $1,300

Exterior

• Parking: 1-car garage; 1 off-street parking space; On-street parking available
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Three or more levels
• Construction: Brick exterior; Stone foundation; Shingle roof
• Exterior features: Vinyl double-hung windows; Brick construction; Shingle roof; Stone foundation; Lot approximately 0.13 acres (5,663 sq ft)

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 4 bedrooms; Property has a total of 2 dwelling units
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating (gas); Separate furnace and separate A/C for units; Separate gas and electric utilities for units
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.5-bath units multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive. Per door: $883/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $300k).
• Recommended offer: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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: Sands Montessori School (math 70% / reading 77%, grade A, #311 of 1,584 statewide, top 20%, 683 students, 22% 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 12% FRL vs 70% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 60% at this address vs 30% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Cincinnati Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising (+2.3%/yr); 66 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 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.
• At projected returns (-3.0% appreciation + 2.3% rent growth), your $84k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $56k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $250k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $281,999 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% 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 1910 — 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: 1.61% ✓
• Cap rate: 13.36%
• Cash-on-cash: 25.23%
• DSCR: 2.12
• GRM: 5.2

CMA / ARV

• ARV (on-the-fly): $502,560
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2612 Stanton Ave	0.44mi	7/3.0 (+1)	3,120 (-1%)	8mo	$276,000	$88	66
2226 Kenton St	0.16mi	7/2.0 (+1)	3,426 (+9%)	2mo	$100,000	$29	66
2207 Burnet Ave	0.62mi	5/3.0 (-1)	3,180 (+1%)	3mo	$400,000	$126	62
321 Helen St	0.63mi	5/— (-1)	3,070 (-2%)	4mo	$490,000	$160	59
2126 Alpine Pl	0.23mi	6/4.0	2,971 (-5%)	23mo	$515,000	$173	57
1357 Burdette Ave	0.73mi	6/3.0	3,170 (+1%)	23mo	$550,000	$174	45

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: 18.0%
• Equity multiple: 1.72×
• Total profit: $60,676
• Equity at exit: $44,731

10-year hold

• IRR: 26.0%
• Equity multiple: 3.20×
• Total profit: $184,795
• Equity at exit: $25,938

Cash invested: $84,000 (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 45206

• Rents YoY: 2.3%
• Active inventory: 66
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $4,830 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$352 /mo · $4,220/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,014
• Net cashflow: $1,766

Break-even live

Break-even rent $2,595

Max offer price $299,999

Occupancy floor 58%

Sensitivity live

Price	-10% $1,936	-5% $1,851	+0% $1,766	+5% $1,681	+10% $1,596
Rent	-10% $1,384	-5% $1,575	+0% $1,766	+5% $1,957	+10% $2,147
Rate	-1.0pp $1,917	-0.5pp $1,842	base $1,766	+0.5pp $1,688	+1.0pp $1,609

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$4,830
Total (2 units)			$4,830

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
258 Dorchester Ave Unit 1056079P Cincinnati, OH	6.0	3.0	3498	$7,917	$2.26	0d	1	0.87mi
1304 Broadway Unit 1056129P Cincinnati, OH	1.0–5.0	1.0–4.0	2072	$8,858	$4.28	0d	3	1.22mi
126 E 13th St Unit 1056025P Cincinnati, OH	5.0	4.0	2960	$5,339	$1.80	5d	1	1.40mi

Listing history 29 events

1. 2026-06-15
   days on market $299,999 Active 90 DOM
2. 2026-06-13
   days on market $299,999 Active 88 DOM
3. 2026-06-13
   days on market $299,999 Active 87 DOM
4. 2026-06-09
   days on market $299,999 Active 84 DOM
5. 2026-06-08
   days on market $299,999 Active 83 DOM
6. 2026-06-07
   days on market $299,999 Active 82 DOM
7. 2026-06-03
   days on market $299,999 Active 78 DOM
8. 2026-06-02
   days on market $299,999 Active 77 DOM
9. 2026-06-01
   days on market $299,999 Active 76 DOM
10. 2026-05-31
    days on market $299,999 Active 75 DOM
11. 2026-05-13
    price $299,999
12. 2026-03-16
    listed $355,900 Active
13. 2025-12-31
    historical 602-char remark

    Show marketing remark (602 chars)

    Gorgeous brick duplex in the heart of Walnut Hills, just a short walk to Eden Park, dining, and shops. This classic property offers two spacious units full of charm and potential. Unit 1 is a beautifully updated 2-bedroom with modern kitchen finishes and bright living spacesperfect for owner-occupancy or easy rental. Unit 2 spans two upper floors and features 5 bedrooms, offering rare space and strong income potential. Ideal for investors, house hackers, or multi-generational living. Don't miss this opportunity to own a character-rich property in one of Cincinnati's most desirable neighborhoods!

14. 2025-07-15
    listed $379,000 Active 602-char remark

    Show marketing remark (602 chars)

    Gorgeous brick duplex in the heart of Walnut Hills, just a short walk to Eden Park, dining, and shops. This classic property offers two spacious units full of charm and potential. Unit 1 is a beautifully updated 2-bedroom with modern kitchen finishes and bright living spacesperfect for owner-occupancy or easy rental. Unit 2 spans two upper floors and features 5 bedrooms, offering rare space and strong income potential. Ideal for investors, house hackers, or multi-generational living. Don't miss this opportunity to own a character-rich property in one of Cincinnati's most desirable neighborhoods!

15. 2024-03-08
    historical 575-char remark

    Show marketing remark (575 chars)

    WOW what an opportunity to own a gorgeous home in most desirable Eden Park Walnut Hills. Right up the street from the casino and on the street of Eden Park! these homes do not come on the market too often. Plumbing is updated and this home can be turned back into a single family or live in one unit and rent the other! Unit 1 is a 2 bedroom 1 bath lower unit with a freshly remodeled eat in kitchen with new cabinets.it is rented with a one year lease at $1,300 a month. Unit 2 is a large unit with 6 bedrooms and 2 baths. Both have all separate utilities and central AC!

16. 2023-12-23
    price $170,000
17. 2023-11-24
    price $355,000 575-char remark

    Show marketing remark (575 chars)

    WOW what an opportunity to own a gorgeous home in most desirable Eden Park Walnut Hills. Right up the street from the casino and on the street of Eden Park! these homes do not come on the market too often. Plumbing is updated and this home can be turned back into a single family or live in one unit and rent the other! Unit 1 is a 2 bedroom 1 bath lower unit with a freshly remodeled eat in kitchen with new cabinets.it is rented with a one year lease at $1,300 a month. Unit 2 is a large unit with 6 bedrooms and 2 baths. Both have all separate utilities and central AC!

18. 2023-11-13
    listed $365,000 Active 575-char remark

    Show marketing remark (575 chars)

    WOW what an opportunity to own a gorgeous home in most desirable Eden Park Walnut Hills. Right up the street from the casino and on the street of Eden Park! these homes do not come on the market too often. Plumbing is updated and this home can be turned back into a single family or live in one unit and rent the other! Unit 1 is a 2 bedroom 1 bath lower unit with a freshly remodeled eat in kitchen with new cabinets.it is rented with a one year lease at $1,300 a month. Unit 2 is a large unit with 6 bedrooms and 2 baths. Both have all separate utilities and central AC!

19. 2023-07-17
    soldstatus $250,000
20. 2023-07-13
    soldstatus $250,000 Closed
21. 2023-06-03
    status Pending
22. 2023-06-02
    price $250,000
23. 2023-05-31
    listed $170,000 Active
24. 2020-03-13
    soldstatus $140,000
25. 1991-08-13
    soldstatus $33,000
26. 1991-08-13
    soldstatus $33,000
27. 1988-02-01
    soldstatus $20,000
28. 1986-01-21
    soldstatus $26,500
29. 1985-01-17
    soldstatus $25,000

ⓘ 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: $4,220 · $352/mo
• Projected year-2 tax: $4,450 · $371/mo
• Expected delta: +$230/yr (+$19/mo · 5.4%)

ⓘ 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 5/10 Major 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $57,960
• − Mortgage interest: −$16,805
• − Property taxes: −$4,220
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,637
• − Management: −$4,637
• − Depreciation: −$8,727
• Taxable income: $17,434
• Est. tax owed @ 24.0%: −$4,184
• After-tax cash flow: $17,005/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): 10,299
• Household income: $62,648
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 618.0

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 0.61)
• Race & ethnicity: White 50% Black 37% Two or more races 8% Hispanic / Latino 4% Asian 3%
• Common ancestry: Slovak 2% Romanian 2% Iranian 1%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 94% English-only · Spanish 2% Vietnamese 2% 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: ▼ -200.07%
• Current HPI: 227.6837
• Rent YoY: ▲ 2.33%
• 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

+1100.0% since first listed

19 events — show timeline

• 2026-05-13 Price Changed $299,999 Cincy MLS
• 2026-03-16 Listed $355,900 Cincy MLS
• 2025-12-31 Listing Removed — Cincy MLS
• 2025-07-15 Listed $379,000 Cincy MLS
• 2024-03-08 Listing Removed — Cincy MLS
• 2023-12-23 Price Changed $170,000 Cincy MLS
• 2023-11-24 Price Changed $355,000 Cincy MLS
• 2023-11-13 Listed $365,000 Cincy MLS
• 2023-07-17 Sold (Public Records) $250,000 Public Records
• 2023-07-13 Sold (MLS) $250,000 Cincy MLS
• 2023-06-03 Pending — Cincy MLS
• 2023-06-02 Price Changed $250,000 Cincy MLS
• 2023-05-31 Listed $170,000 Cincy MLS
• 2020-03-13 Sold (Public Records) $140,000 Public Records
• 1991-08-13 Sold (Public Records) $33,000 Public Records
• 1991-08-13 Sold (Public Records) $33,000 Public Records
• 1988-02-01 Sold (Public Records) $20,000 Public Records
• 1986-01-21 Sold (Public Records) $26,500 Public Records
• 1985-01-17 Sold (Public Records) $25,000 Public Records

Property tax history

+6.3%/yr

Latest (2025): $4,220 · +0.1% YoY. Source: county tax records.