2438 Duck Creek Rd · Norwood, OH 45212

$180,000

3 bd · 2.0 ba · 1,632 sqft · MultiFamily public records · 63 Days on market

Built 1929 4,095 sqft lot $110/sqft · 48% below area Est $344k · 48% 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 +29.5/30.0
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +8.7/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.6/5.0
• 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

Attention investors! Opportunity awaits with this 2-family property in Norwood. Being sold as-is, a little TLC will go a long way. This property offers tremendous potential for strong rental income, or a quick rehab. Both units are 2 bedrooms, 1 bath. Features include garage, separate utilities, separate entrances, and a desirable corner lot. Great chance to build equity and/or maximize returns in a convenient location. Easy to show!

Key facts

• 2 family property
• Separate utilities
• Build equity

Tags

• 2 FAMILY PROPERTY
• STRONG RENTAL INCOME
• SEPARATE UTILITIES
• SEPARATE ENTRANCES
• CORNER LOT
• BUILD EQUITY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $588 ($7k/yr) — positive. Per door: $294/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.6% vs local median 4.7% in Norwood — 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 79/100 on livability (#154 in OH, #2,322 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment C-, amenities D+.
• Norwood City (suburban): math 35% / reading 53% proficiency, ranked #513 of 656 in OH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 56 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• This rent runs 41% of the median local income ($72k/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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 16y 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 $145k; 24% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1929 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk; extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,200 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 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 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.37% ✓
• Cap rate: 10.58%
• Cash-on-cash: 15.32%
• DSCR: 1.68
• GRM: 6.1

CMA / ARV

• ARV (median comp): $343,777
• List price: $180,000
• Delta: -47.64%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2458 Duck Creek Rd	0.10mi	2/2.0 (-1)	1,680 (+3%)	10mo	$153,000	$91	78
4029 Burwood Ave	0.29mi	4/2.5 (+1)	1,646 (+1%)	23mo	$315,000	$191	59
2533 Ida Ave	0.60mi	3/2.0	1,752 (+7%)	21mo	$225,000	$128	43
3652 Shaw Ave	0.74mi	2/2.0 (-1)	1,520 (-7%)	22mo	$330,000	$217	31

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 · 0.21% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.03×
• Total profit: $1,646
• Equity at exit: $26,839

10-year hold

• IRR: 7.3%
• Equity multiple: 1.47×
• Total profit: $23,927
• Equity at exit: $15,563

Cash invested: $50,400 (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 45212

• Rents YoY: 0.2%
• Active inventory: 56
• Price-to-rent: 12.1×

Monthly cashflow live

• Estimated rent: $2,470 high
• Mortgage (P&I): −$944
• Tax from tax record: −$289 /mo · $3,466/yr
• Insurance: −$75
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$519
• Net cashflow: $588

Break-even live

Break-even rent $1,726

Max offer price $180,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,470
Total (2 units)			$2,470

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3901 Elsmere Ave Cincinnati, OH	3.0	2.0	1415	$1,995	$1.41	3d	1	0.38mi
2584 Madison Rd Unit 1056073P Cincinnati, OH	2.0	1.0	1431	$4,609	$3.22	1d	1	0.43mi
3578 Burch Ave Cincinnati, OH	2.0	2.0	1250	$2,595	$2.08	1d	1	0.45mi
3921 Spencer Ave Apt 2 Norwood, OH	4.0	1.0	1636	$2,400	$1.47	17d	1	0.45mi
3538 Burch Ave #2 Cincinnati, OH	3.0	1.0	1485	$2,250	$1.52	1d	1	0.53mi
2733 Willard Ave Cincinnati, OH	2.0	1.0	1242	$3,000	$2.42	19d	1	0.58mi
2123 Cameron Ave Cincinnati, OH	4.0	2.5	2165	$4,500	$2.08	44d	1	0.59mi
3915 Lindley Ave Unit 2 Norwood, OH	4.0	2.0	1500	$1,950	$1.30	44d	1	0.59mi
2607 Robertson Ave Unit 2 ROBERTSON 2607 Cincinnati, OH	3.0	1.0	1399	$1,895	$1.35	44d	1	0.72mi
1931 Delaware Ave Unit 2 Norwood, OH	3.0	2.0	1650	$1,810	$1.10	44d	1	0.74mi
2320 Kenilworth Ave Cincinnati, OH	3.0	2.5	1660	$2,300	$1.39	20d	1	0.75mi
2365 Madison Rd Cincinnati, OH	1.0–3.0	1.0–2.0	1100	$1,600	$1.45	23d	1	0.77mi
4303 Allison St Cincinnati, OH	2.0	1.0	1070	$1,495	$1.40	4d	1	0.82mi
4539 Montgomery Rd Unit 3 Cincinnati, OH	2.0	1.0	1200	$1,375	$1.15	10d	1	0.86mi
4539 Montgomery Rd Unit 3 Cincinnati, OH	2.0	1.0	1200	$1,375	$1.15	23d	1	0.86mi
1725 Cleneay Ave Norwood, OH	1.0–5.0	1.0–5.0	1060	$2,147	$2.02	1d	46	0.90mi
3774 Drake Ave Cincinnati, OH	3.0	2.0	1784	$3,000	$1.68	17d	1	0.91mi
4133 Huston Ave Cincinnati, OH	3.0	1.0	1210	$1,725	$1.43	44d	1	0.99mi
4133 Huston Ave Cincinnati, OH	3.0	1.0	1210	$1,725	$1.43	12d	1	0.99mi
3439 Duncan Ave Cincinnati, OH	4.0	1.5	1809	$3,500	$1.93	23d	1	1.09mi
2846 Observatory Ave Cincinnati, OH	4.0	1.0	1357	$3,000	$2.21	23d	1	1.11mi
2881 Observatory Ave Unit 2 Cincinnati, OH	2.0	3.0	1800	$2,400	$1.33	4d	1	1.18mi
3827 Paxton Ave Cincinnati, OH	1.0–3.0	1.0–2.0	1031	$2,995	$2.90	1d	13	1.21mi
2101 Grandin Rd Cincinnati, OH	1.0–2.0	1.0–2.0	1042	$2,099	$2.01	2d	12	1.22mi
3550 Woodburn Ave Cincinnati, OH	3.0	1.0	1308	$2,000	$1.53	14d	1	1.22mi
3108 Markbreit Ave Unit 2 Cincinnati, OH	3.0	1.0	1400	$2,100	$1.50	23d	1	1.22mi
1709 Sherman Ave Unit 2 Cincinnati, OH	4.0	2.0	1500	$2,300	$1.53	2d	1	1.25mi
3326 Fairfield Ave Cincinnati, OH	3.0	2.0	1566	$1,600	$1.02	10d	1	1.25mi
2940 Disney St Cincinnati, OH	1.0–2.0	1.0–2.5	1072	$2,270	$2.12	1d	1	1.32mi
1607 Asmann Ave Cincinnati, OH	1.0–4.0	1.0–1.5	1069	$1,428	$1.34	12d	6	1.42mi
5121 Silver St Cincinnati, OH	3.0	2.0	1600	$1,695	$1.06	23d	1	1.43mi
5111 Warren Ave Cincinnati, OH	2.0	1.0	1326	$1,525	$1.15	23d	1	1.46mi
961 Avondale Ave Cincinnati, OH	2.0	1.0	1800	$2,200	$1.22	3d	1	1.47mi
5135 Globe Ave Cincinnati, OH	3.0	2.0	1697	$1,895	$1.12	7d	1	1.47mi
1512 Blair Ave Apt B Cincinnati, OH	3.0	1.5	1100	$1,795	$1.63	23d	1	1.50mi

Listing history 35 events

1. 2026-06-18
   days on market $180,000 Active 63 DOM
2. 2026-06-17
   days on market $180,000 Active 62 DOM
3. 2026-06-16
   days on market $180,000 Active 61 DOM
4. 2026-06-15
   days on market $180,000 Active 60 DOM
5. 2026-06-13
   days on market $180,000 Active 58 DOM
6. 2026-06-09
   days on market $180,000 Active 54 DOM
7. 2026-06-08
   days on market $180,000 Active 53 DOM
8. 2026-06-07
   days on market $180,000 Active 52 DOM
9. 2026-06-03
   days on market $180,000 Active 48 DOM
10. 2026-06-02
    days on market $180,000 Active 47 DOM
11. 2026-06-01
    days on market $180,000 Active 46 DOM
12. 2026-05-31
    days on market $180,000 Active 45 DOM
13. 2026-04-15
    listed $180,000 Active 437-char remark

    Show marketing remark (437 chars)

    Attention investors! Opportunity awaits with this 2-family property in Norwood. Being sold as-is, a little TLC will go a long way. This property offers tremendous potential for strong rental income, or a quick rehab. Both units are 2 bedrooms, 1 bath. Features include garage, separate utilities, separate entrances, and a desirable corner lot. Great chance to build equity and/or maximize returns in a convenient location. Easy to show!

14. 2019-07-03
    soldstatus $145,000
15. 2018-07-30
    historical
16. 2018-06-25
    listed $209,000 Active
17. 2018-05-01
    historical
18. 2018-04-30
    listed $220,000 Active
19. 2017-05-16
    soldstatus $64,900
20. 2017-05-09
    soldstatus $60,123 Sold
21. 2017-03-22
    historical Accept Backup Offers
22. 2017-03-20
    status Active
23. 2017-03-16
    historical Accept Backup Offers
24. 2017-03-10
    status Active
25. 2017-01-18
    historical Accept Backup Offers
26. 2017-01-06
    listed $62,100 Active
27. 2011-02-16
    historical
28. 2010-12-17
    listed $22,000
29. 2006-07-31
    soldstatus $106,000
30. 2003-08-14
    soldstatus $64,000
31. 1998-10-14
    soldstatus $61,000
32. 1997-01-06
    soldstatus $38,500
33. 1995-03-13
    soldstatus $53,850
34. 1990-09-20
    soldstatus $48,500
35. 1986-05-02
    soldstatus $35,000

ⓘ 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: $3,466 · $289/mo
• Projected year-2 tax: $3,466 · $289/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone X (unshaded) · 99% 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: $29,640
• − Mortgage interest: −$10,083
• − Property taxes: −$3,466
• − Insurance: −$1,566
• − Repairs & maintenance: −$2,371
• − Management: −$2,371
• − Depreciation: −$5,236
• Taxable income: $4,546
• Est. tax owed @ 24.0%: −$1,091
• After-tax cash flow: $5,965/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: Norwood City
• NCES district ID: 3904457
• Math proficiency: 35% ▼ -24.00%
• Reading proficiency: 53% ▼ -11.00%
• Median HH income: $38,750
• Composite: 36.66/100
• National rank: #4614
• State rank: #513 of 656 in OH

Livability — Norwood

• Score: 79/100
• State rank: #154
• US rank: #2322

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, OH
• County: Hamilton County · 701,295 people
• City population: 21,526
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 21,526
• Household income: $72,422
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1192.0

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 (73%)
• Race & ethnicity: White 73% Black 15% Hispanic / Latino 8% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 6% Arabic 1% Russian/Polish/Slavic 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: ▼ -209.95%
• Current HPI: 295.7088
• Rent YoY: ▲ 0.21%
• 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

+414.3% since first listed

23 events — show timeline

• 2026-04-15 Listed $180,000 Cincy MLS
• 2019-07-03 Sold (Public Records) $145,000 Public Records
• 2018-07-30 Listing Removed — Cincy MLS
• 2018-06-25 Listed $209,000 Cincy MLS
• 2018-05-01 Listing Removed — Cincy MLS
• 2018-04-30 Listed $220,000 Cincy MLS
• 2017-05-16 Sold (Public Records) $64,900 Public Records
• 2017-05-09 Sold (MLS) $60,123 Cincy MLS
• 2017-03-22 Contingent — Cincy MLS
• 2017-03-20 Relisted — Cincy MLS
• 2017-03-16 Contingent — Cincy MLS
• 2017-03-10 Relisted — Cincy MLS
• 2017-01-18 Contingent — Cincy MLS
• 2017-01-06 Listed $62,100 Cincy MLS
• 2011-02-16 Listing Removed — Cincy MLS
• 2010-12-17 Listed $22,000 Cincy MLS
• 2006-07-31 Sold (Public Records) $106,000 Public Records
• 2003-08-14 Sold (Public Records) $64,000 Public Records
• 1998-10-14 Sold (Public Records) $61,000 Public Records
• 1997-01-06 Sold (Public Records) $38,500 Public Records
• 1995-03-13 Sold (Public Records) $53,850 Public Records
• 1990-09-20 Sold (Public Records) $48,500 Public Records
• 1986-05-02 Sold (Public Records) $35,000 Public Records

Property tax history

+3.1%/yr

Latest (2025): $3,466 · -0.0% YoY. Source: county tax records.