5138 Hunter Ave · Norwood, OH 45212

$169,500

2 bd · 2.0 ba · 1,984 sqft · MultiFamily public records · 7 Days on market

Built 1905 Est $278k · 39% 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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• 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

Separate Gas & Electric,Only 1 Furnace;brick,Built As A 2 Family;newer Roof Good Mechanics;hdwd Flrs;2 Porches;lg Fenced Yard & Storage Shed;new Cement Walkways;attic W/Bath & Extra Br;estate Sale,No Disclosures;metal Cabinets

Key facts

• Quiet street
• Wood floors
• Close to uc

Tags

• QUIET STREET
• NEWER ROOF
• CENTRAL AIR
• WOOD FLOORS
• CLOSE TO UC
• CLOSE TO HIGHWAY

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $170k.

Deal economics

• At list price, monthly cash flow is $812 ($10k/yr) — positive. Per door: $406/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $170k).
• Cap rate 12.0% vs local median 4.9% 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.
• Zoned schools: Norwood View Elementary School (math 32% / reading 45%, grade F, #1,080 of 1,584 statewide, top 68%, 271 students, 0% FRL); Norwood Middle School (math 41% / reading 57%, grade C-, #426 of 654 statewide, top 66%, 395 students, 0% FRL); Norwood High School (math 17% / reading 52%, grade F, #582 of 781 statewide, top 76%, 456 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 56 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 40% 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.
• At projected returns (-3.0% appreciation + 0.2% rent growth), your $47k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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 $29k; list at $170k implies a 494% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1905 — 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 $169,500

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1905 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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 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: 1.41% ✓
• Cap rate: 12.04%
• Cash-on-cash: 20.52%
• DSCR: 1.91
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $277,760
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2150 Drex Ave	0.32mi	2/2.0	1,824 (-8%)	3mo	$255,000	$140	69
5327 Hunter Ave	0.24mi	2/2.0	1,790 (-10%)	12mo	$239,500	$134	63
5337 Fenwick Ave	0.43mi	2/—	1,824 (-8%)	18mo	$227,000	$124	52
1734 Catalina Ave	0.54mi	2/2.0	1,904 (-4%)	20mo	$280,000	$147	51
2117 Cathedral Ave	0.32mi	3/2.0 (+1)	1,728 (-13%)	10mo	$273,250	$158	50
1908 Sherman Ave	0.63mi	2/2.0	1,848 (-7%)	13mo	$225,000	$122	48
4909 Wesley Ave	0.42mi	3/3.0 (+1)	2,245 (+13%)	17mo	$354,050	$158	36
5331 Wakefield Pl	0.70mi	3/— (+1)	2,129 (+7%)	19mo	$285,000	$134	34

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: 9.8%
• Equity multiple: 1.37×
• Total profit: $17,671
• Equity at exit: $25,273

10-year hold

• IRR: 16.6%
• Equity multiple: 2.19×
• Total profit: $56,512
• Equity at exit: $14,655

Cash invested: $47,460 (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: 11.8×

Monthly cashflow live

• Estimated rent: $2,392 high
• Mortgage (P&I): −$889
• Tax from tax record: −$119 /mo · $1,423/yr
• Insurance: −$71
• HOA: −$0
• Vacancy / Maint / Mgmt: −$502
• Net cashflow: $812

Break-even live

Break-even rent $1,365

Max offer price $169,500

Occupancy floor 61%

Sensitivity live

Price	-10% $908	-5% $860	+0% $812	+5% $764	+10% $716
Rent	-10% $623	-5% $717	+0% $812	+5% $906	+10% $1,001
Rate	-1.0pp $897	-0.5pp $855	base $812	+0.5pp $768	+1.0pp $723

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,392
Total (2 units)			$2,392

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: $42,375
• Closing costs: $5,085
• Reserves months: —
• Total cash needed: —

Rent comps 11 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5135 Globe Ave Cincinnati, OH	3.0	2.0	1697	$1,895	$1.12	9d	1	0.04mi
5121 Silver St Cincinnati, OH	3.0	2.0	1600	$1,695	$1.06	25d	1	0.09mi
5111 Warren Ave Cincinnati, OH	2.0	1.0	1326	$1,525	$1.15	25d	1	0.12mi
5217 Rhode Island Ave Cincinnati, OH	3.0	2.0	1739	$1,795	$1.03	25d	1	0.18mi
2320 Kenilworth Ave Cincinnati, OH	3.0	2.5	1660	$2,300	$1.39	21d	1	0.86mi
2607 Robertson Ave Unit 2 ROBERTSON 2607 Cincinnati, OH	3.0	1.0	1399	$1,895	$1.35	45d	1	1.06mi
1931 Delaware Ave Unit 2 Norwood, OH	3.0	2.0	1650	$1,810	$1.10	45d	1	1.07mi
1607 Asmann Ave Cincinnati, OH	1.0–4.0	1.0–1.5	1069	$1,162	$1.09	14d	6	1.30mi
3901 Elsmere Ave Cincinnati, OH	3.0	2.0	1415	$1,995	$1.41	4d	1	1.33mi
2940 Disney St Cincinnati, OH	1.0–2.0	1.0–2.5	1072	$2,270	$2.12	3d	1	1.44mi
961 Avondale Ave Cincinnati, OH	2.0	1.0	1800	$2,200	$1.22	4d	1	1.49mi

Listing history 6 events

1. 2026-06-21
   days on market $169,500 Active 7 DOM
2. 2026-06-18
   days on market $169,500 Active 4 DOM
3. 2026-06-17
   days on market $169,500 Active 3 DOM
4. 2026-06-16
   days on market $169,500 Active 2 DOM
5. 2026-06-15
   remarks 176-char remark
6. 2026-06-15
   listed $169,500 Active 1 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: $1,423 · $119/mo
• Projected year-2 tax: $2,034 · $169/mo
• Expected delta: +$611/yr (+$51/mo · 42.9%)

ⓘ 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: $28,704
• − Mortgage interest: −$9,495
• − Property taxes: −$1,423
• − Insurance: −$848
• − Repairs & maintenance: −$2,296
• − Management: −$2,296
• − Depreciation: −$4,931
• Taxable income: $7,415
• Est. tax owed @ 24.0%: −$1,780
• After-tax cash flow: $7,960/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

+239.7% since first listed

6 events — show timeline

• 2026-06-15 Listed $169,500 FSBO.com
• 2020-12-29 Sold (Public Records) $28,520 Public Records
• 2020-03-03 Sold (Public Records) $18,000 Public Records
• 1999-01-26 Sold (Public Records) $32,000 Public Records
• 1998-10-29 Sold (MLS) $32,000 Cincy MLS
• 1998-06-09 Listed $49,900 Cincy MLS

Property tax history

-1.4%/yr

Latest (2025): $1,423 · -0.0% YoY. Source: county tax records.