228 Morris Ave · New Miami, OH 45011

$134,900

2 bd · 1.0 ba · 1,184 sqft · SingleFamily public records · 37 Days on market

Built 1930 Est $169k · 20% 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
• Rent growth +3.2/5.0
• Livability +3.0/5.0
• Condition / age +2.5/5.0
• Schools +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

HUD Case #411-416653- Property Sold As-Is Condition-FHA Insurable with Escrow-Low cost living. Home could use some fix up- Ready for your finishing touches-Equal Housing Opportunity

Key facts

• Built 1930
• Listed 37 days

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $602 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $135k).
• Recommended offer: $131k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 60/100 on livability (#970 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, crime A, housing A; Watch: schools D, amenities F, commute F.
• New Miami Local (suburban): math 19% / reading 39% proficiency, ranked #587 of 656 in OH (top 90%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 60% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.0%/yr); 196 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 32% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $38k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($131k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 28y 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 $16k; list at $135k implies a 718% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $460/mo; built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $130,853 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.82% ✓
• Cap rate: 15.74%
• Cash-on-cash: 33.74%
• DSCR: 2.50
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $169,312
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
75 Union Ave	0.42mi	3/1.0 (+1)	1,188 (+0%)	6mo	$172,000	$145	70
204 Morris Ave	0.05mi	3/1.0 (+1)	1,256 (+6%)	22mo	$179,900	$143	64
194 Augspurger Ave	0.16mi	3/2.0 (+1)	1,308 (+10%)	10mo	$140,000	$107	58
173 Fox Ave	0.20mi	2/1.0	1,042 (-12%)	20mo	$140,000	$134	54
3717 Hamilton Trenton Rd	0.73mi	3/1.0 (+1)	1,135 (-4%)	4mo	$216,000	$190	51
1913 John St	0.55mi	3/1.0 (+1)	1,310 (+11%)	16mo	$135,000	$103	38
1632 Chippewa Dr	0.75mi	3/1.0 (+1)	1,014 (-14%)	19mo	$185,000	$182	20

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 · 2.95% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.44×
• Total profit: $16,622
• Equity at exit: $20,114

10-year hold

• IRR: 20.2%
• Equity multiple: 2.71×
• Total profit: $64,467
• Equity at exit: $11,664

Cash invested: $37,772 (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 45011

• Rents YoY: 3.0%
• Active inventory: 196
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $2,451 medium
• Mortgage (P&I): −$707
• Tax from tax record: −$111 /mo · $1,326/yr
• Insurance: −$56
• Flood insurance flood zone: −$460 /mo · $5,525/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $602

Break-even live

Break-even rent $1,689

Max offer price $134,900

Occupancy floor 70%

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: $33,725
• Closing costs: $4,047
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
285 Whitaker Ave Hamilton, OH	2.0	1.0	790	$2,995	$3.79	1d	1	0.13mi
72 Brookhollow DR Hamilton, OH	1.0–2.0	1.0	726	$1,070	$1.47	10d	1	1.35mi
3298 Reflection PT Unit 3475 Hamilton, OH	1.0	1.0	849	$1,399	$1.65	1d	1	1.35mi

Listing history 30 events

1. 2026-06-18
   days on market $134,900 Active 37 DOM
2. 2026-06-17
   days on market $134,900 Active 36 DOM
3. 2026-06-16
   days on market $134,900 Active 35 DOM
4. 2026-06-15
   days on market $134,900 Active 34 DOM
5. 2026-06-13
   days on market $134,900 Active 32 DOM
6. 2026-06-09
   days on market $134,900 Active 28 DOM
7. 2026-06-08
   days on market $134,900 Active 27 DOM
8. 2026-06-07
   days on market $134,900 Active 26 DOM
9. 2026-06-05
   days on market $134,900 Active 23 DOM
10. 2026-06-03
    days on market $134,900 Active 22 DOM
11. 2026-06-02
    days on market $134,900 Active 21 DOM
12. 2026-06-01
    days on market $134,900 Active 20 DOM
13. 2026-05-31
    days on market $134,900 Active 19 DOM
14. 2026-05-12
    listed $134,900 Active 82-char remark
15. 2026-01-12
    price $139,900
16. 2025-12-09
    price $145,000
17. 2017-01-09
    soldstatus $16,500 Sold

    Show marketing remark (181 chars)

    HUD Case #411-416653- Property Sold As-Is Condition-FHA Insurable with Escrow-Low cost living. Home could use some fix up- Ready for your finishing touches-Equal Housing Opportunity

18. 2016-12-16
    historical Accept Backup Offers

    Show marketing remark (181 chars)

    HUD Case #411-416653- Property Sold As-Is Condition-FHA Insurable with Escrow-Low cost living. Home could use some fix up- Ready for your finishing touches-Equal Housing Opportunity

19. 2016-11-21
    listed $17,000 Active

    Show marketing remark (181 chars)

    HUD Case #411-416653- Property Sold As-Is Condition-FHA Insurable with Escrow-Low cost living. Home could use some fix up- Ready for your finishing touches-Equal Housing Opportunity

20. 2008-06-10
    soldstatus $40,000
21. 2008-03-31
    listed $43,000
22. 2006-08-24
    soldstatus $37,500
23. 2006-08-03
    historical
24. 2006-07-31
    listed $39,900
25. 2006-03-29
    listed $39,900
26. 2004-12-18
    historical
27. 2004-06-19
    listed $74,900
28. 1999-02-03
    soldstatus $29,500
29. 1999-01-28
    soldstatus $29,500
30. 1998-11-14
    listed $34,900

ⓘ 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: $1,326 · $111/mo
• Projected year-2 tax: $1,715 · $143/mo
• Expected delta: +$389/yr (+$32/mo · 29.3%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,411
• − Mortgage interest: −$7,556
• − Property taxes: −$1,326
• − Insurance: −$6,200
• − Repairs & maintenance: −$2,353
• − Management: −$2,353
• − Depreciation: −$3,924
• Taxable income: $5,699
• Est. tax owed @ 24.0%: −$1,368
• After-tax cash flow: $5,852/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: New Miami Local
• NCES district ID: 3904613
• Math proficiency: 19% ▼ -26.00%
• Reading proficiency: 39% ▼ -16.00%
• Median HH income: $40,962
• Composite: 24.43/100
• National rank: #7679
• State rank: #587 of 656 in OH

Livability — New Miami

• Score: 60/100
• State rank: #970
• US rank: #18770

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Miami, OH
• County: Butler County · 381,674 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 75,864
• Household income: $91,873
• Rent vs Own: 25.4% rent · 74.6% own
• Severe rent burden: 1795.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 387,706 people
• By 2030: 392,028 · +1.1%
• By 2040: 395,307 · +2.0%
• By 2050: 391,116 · +0.9%
• By 2075: 378,642 · -2.3%
• By 2100: 343,248 · -11.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (68%)
• Race & ethnicity: White 68% Hispanic / Latino 12% Black 11% Two or more races 9% Asian 4%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Romanian 2% Italian 2% Slovak 2%
• Foreign-born: 11% · Canada, Vietnam, China
• Languages at home: 86% English-only · Spanish 8% Other Indo-European 2% Vietnamese 1%

Political lean MEDSL · Butler

• 2024 margin: Strong R (+26.3) · D 36.4% · R 62.7%
• 2008→2024 swing: -3.6pp toward R · 2008: -22.6pp · 2024: -26.3pp
• All cycles: 2024: R+26.3 2020: R+24.0 2016: R+28.3 2012: R+26.2 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -188.67%
• Current HPI: 259.7868
• Rent YoY: ▲ 2.95%
• 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

+286.5% since first listed

17 events — show timeline

• 2026-05-12 Listed $134,900 FSBO.com
• 2026-01-12 Price Changed $139,900 Dayton MLS
• 2025-12-09 Price Changed $145,000 Dayton MLS
• 2017-01-09 Sold (MLS) $16,500 Cincy MLS
• 2016-12-16 Contingent — Cincy MLS
• 2016-11-21 Listed $17,000 Cincy MLS
• 2008-06-10 Sold (MLS) $40,000 Cincy MLS
• 2008-03-31 Listed $43,000 Cincy MLS
• 2006-08-24 Sold (MLS) $37,500 Cincy MLS
• 2006-08-03 Listing Removed — Cincy MLS
• 2006-07-31 Listed $39,900 Cincy MLS
• 2006-03-29 Listed $39,900 Cincy MLS
• 2004-12-18 Listing Removed — Cincy MLS
• 2004-06-19 Listed $74,900 Cincy MLS
• 1999-02-03 Sold (Public Records) $29,500 Public Records
• 1999-01-28 Sold (MLS) $29,500 Cincy MLS
• 1998-11-14 Listed $34,900 Cincy MLS

Property tax history

+7.1%/yr

Latest (2025): $1,326 · +0.6% YoY. Source: county tax records.