1808 Vine St · Cincinnati, OH 45202

$559,000

4 bd · 4.0 ba · 4,471 sqft · MultiFamily · 44 Days on market

Built 1910 1,263 sqft lot Est $805k · 31% 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
• Rent growth +3.2/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

A rare opportunity to restore one of Over-the-Rhine's most complete and intact historic tenement buildings. This 4.5-story property features four full apartments, one on each level, offering a classic vertical layout that remains remarkably preserved for its era. Located directly across from the Findlay Community Center, slated for completion around Fall 2026, the building sits at the center of continued neighborhood investment and momentum. The scale, proportions, and original configuration make this an exceptional candidate for a full historic renovation, whether as a long-term hold, boutique rental, or signature redevelopment. Positioned in the heart of Over-the-Rhine, this property offers a chance to own a true piece of Cincinnati history while participating in one of the city's most dynamic revitalization corridors. For the investor or preservation-minded buyer seeking authenticity, scale, and long-term upside, opportunities like this are increasingly rare.

Key facts

• Four full apartments
• Cincinnati history
• 1,263 sq ft lot

Tags

• HISTORIC TENEMENT BUILDING
• FOUR FULL APARTMENTS
• CLASSIC VERTICAL LAYOUT
• FULL HISTORIC RENOVATION
• CINCINNATI HISTORY

Property features AI

Finance

• Financial info: Multi-family zoning

Exterior

• Parking: On-street parking available; Public parking nearby
• Utilities: Public water; Public sewer; Natural gas
• Home design: Quad (four-unit) property; Quad-level configuration
• Construction: Brick construction; Stone foundation; Membrane roof
• Exterior features: Brick exterior; Membrane roof; Windows: Other; Stone foundation; Four fireplaces with brick and ceramic surrounds

Interior

• Bedrooms: Four 1-bedroom units
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Individual hot water heating for each unit
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $559k.

Deal economics

• At list price, monthly cash flow is $3k ($34k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $559k).
• Recommended offer: $542k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.5% 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.
• Market conditions: Rents rising (+2.7%/yr); 154 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals leasing fast (median 13d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $7,890/mo this rent would consume 99% of the median local household income ($96k/yr) (locally 1514% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $157k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 44 days — a 3% lower offer ($542k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y 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 $55k; list at $559k implies a 916% gain — meaningful room to come down on a strong offer.

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 $542,230 (3.0% below list)

Questions for the listing agent

1. It's been on market 44 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 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
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: 12.46%
• Cash-on-cash: 22.04%
• DSCR: 1.98
• GRM: 5.9

CMA / ARV

• ARV (on-the-fly): $804,780
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 Hopkins St	0.63mi	5/5.5 (+1)	4,488 (+0%)	15mo	$810,000	$180	47
504 E Twelfth St	0.67mi	5/4.0 (+1)	3,992 (-11%)	20mo	$710,000	$178	30

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 · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 14.4%
• Equity multiple: 1.57×
• Total profit: $89,925
• Equity at exit: $83,349

10-year hold

• IRR: 22.9%
• Equity multiple: 2.94×
• Total profit: $303,580
• Equity at exit: $48,332

Cash invested: $156,520 (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 45202

• Rents YoY: 2.7%
• Active inventory: 154
• Price-to-rent: 23.6×

Monthly cashflow live

• Estimated rent: $7,890 high
• Mortgage (P&I): −$2,931
• Tax from tax record: −$194 /mo · $2,332/yr
• Insurance: −$233
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,657
• Net cashflow: $2,874

Break-even live

Break-even rent $4,252

Max offer price $559,000

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$7,888
Total (4 units)			$7,890

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: $139,750
• Closing costs: $16,770
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
122 W Elder St Unit 1056110P Cincinnati, OH	5.0	3.0	3444	$7,875	$2.29	1d	1	0.13mi
2017 Elm St Unit 1056145P Cincinnati, OH	5.0	2.0	3939	$7,694	$1.95	12d	1	0.25mi
120 E 13th St Unit 1056091P Cincinnati, OH	4.0	2.0	3229	$10,667	$3.30	21d	1	0.48mi
1 W 4th St Cincinnati, OH	3.0	1.0–3.5	1675	$9,200	$5.49	3d	96	1.15mi

Listing history 14 events

1. 2026-06-01
   days on market $559,000 Active 44 DOM
2. 2026-05-31
   days on market $559,000 Active 43 DOM
3. 2026-04-18
   listed $559,000 Active
4. 2026-03-31
   historical 986-char remark

   Show marketing remark (986 chars)

   A rare opportunity to restore one of Over-the-Rhine's most complete and intact historic tenement buildings. This 4.5-story property features four full apartments, one on each level, offering a classic vertical layout that remains remarkably preserved for its era. Located directly across from the Findlay Community Center, slated for completion around Fall 2026, the building sits at the center of continued neighborhood investment and momentum. The scale, proportions, and original configuration make this an exceptional candidate for a full historic renovation, whether as a long-term hold, boutique rental, or signature redevelopment. Positioned in the heart of Over-the-Rhine, this property offers a chance to own a true piece of Cincinnati history while participating in one of the city's most dynamic revitalization corridors. For the investor or preservation-minded buyer seeking authenticity, scale, and long-term upside, opportunities like this are increasingly rare.

5. 2026-02-19
   price $575,000 986-char remark

   Show marketing remark (986 chars)

   A rare opportunity to restore one of Over-the-Rhine's most complete and intact historic tenement buildings. This 4.5-story property features four full apartments, one on each level, offering a classic vertical layout that remains remarkably preserved for its era. Located directly across from the Findlay Community Center, slated for completion around Fall 2026, the building sits at the center of continued neighborhood investment and momentum. The scale, proportions, and original configuration make this an exceptional candidate for a full historic renovation, whether as a long-term hold, boutique rental, or signature redevelopment. Positioned in the heart of Over-the-Rhine, this property offers a chance to own a true piece of Cincinnati history while participating in one of the city's most dynamic revitalization corridors. For the investor or preservation-minded buyer seeking authenticity, scale, and long-term upside, opportunities like this are increasingly rare.

6. 2026-01-02
   listed $613,000 Active 986-char remark

   Show marketing remark (986 chars)

   A rare opportunity to restore one of Over-the-Rhine's most complete and intact historic tenement buildings. This 4.5-story property features four full apartments, one on each level, offering a classic vertical layout that remains remarkably preserved for its era. Located directly across from the Findlay Community Center, slated for completion around Fall 2026, the building sits at the center of continued neighborhood investment and momentum. The scale, proportions, and original configuration make this an exceptional candidate for a full historic renovation, whether as a long-term hold, boutique rental, or signature redevelopment. Positioned in the heart of Over-the-Rhine, this property offers a chance to own a true piece of Cincinnati history while participating in one of the city's most dynamic revitalization corridors. For the investor or preservation-minded buyer seeking authenticity, scale, and long-term upside, opportunities like this are increasingly rare.

7. 2016-02-24
   soldstatus $55,000
8. 2016-02-23
   soldstatus $55,000 Sold 296-char remark

   Show marketing remark (296 chars)

   A unique brick apt bldg with original woodwork throughout.Needs MAJOR updates/upgrades.Each flr has common area access into the hallway.Every floor w/a dumb waiter door! Full attic and bsmt space.Lots of potential.ROOF repair needed ASAP. Near Findlay Mkt I75/I71,Casino,Arts, dwntwn,schls,parks.

9. 2016-01-31
   historical Accept Backup Offers 296-char remark

   Show marketing remark (296 chars)

   A unique brick apt bldg with original woodwork throughout.Needs MAJOR updates/upgrades.Each flr has common area access into the hallway.Every floor w/a dumb waiter door! Full attic and bsmt space.Lots of potential.ROOF repair needed ASAP. Near Findlay Mkt I75/I71,Casino,Arts, dwntwn,schls,parks.

10. 2015-12-19
    price $135,000 296-char remark

    Show marketing remark (296 chars)

    A unique brick apt bldg with original woodwork throughout.Needs MAJOR updates/upgrades.Each flr has common area access into the hallway.Every floor w/a dumb waiter door! Full attic and bsmt space.Lots of potential.ROOF repair needed ASAP. Near Findlay Mkt I75/I71,Casino,Arts, dwntwn,schls,parks.

11. 2015-12-01
    listed $200,000 Active 296-char remark

    Show marketing remark (296 chars)

    A unique brick apt bldg with original woodwork throughout.Needs MAJOR updates/upgrades.Each flr has common area access into the hallway.Every floor w/a dumb waiter door! Full attic and bsmt space.Lots of potential.ROOF repair needed ASAP. Near Findlay Mkt I75/I71,Casino,Arts, dwntwn,schls,parks.

12. 2015-09-08
    soldstatus $40,000
13. 1991-08-07
    soldstatus $23,000
14. 1987-08-06
    soldstatus $14,000

ⓘ 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: $2,332 · $194/mo
• Projected year-2 tax: $5,526 · $461/mo
• Expected delta: +$3,194/yr (+$266/mo · 137.0%)

ⓘ 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: $94,680
• − Mortgage interest: −$31,313
• − Property taxes: −$2,332
• − Insurance: −$2,795
• − Repairs & maintenance: −$7,574
• − Management: −$7,574
• − Depreciation: −$16,262
• Taxable income: $26,830
• Est. tax owed @ 24.0%: −$6,439
• After-tax cash flow: $28,054/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): 17,869
• Household income: $95,633
• Rent vs Own: 73.6% rent · 26.4% own
• Severe rent burden: 1514.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 6% Asian 4% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 2% Spanish 2% Other Asian/Pacific 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: ▼ -219.24%
• Current HPI: 233.4526
• Rent YoY: ▲ 2.70%
• 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

+3892.9% since first listed

12 events — show timeline

• 2026-04-18 Listed $559,000 Cincy MLS
• 2026-03-31 Listing Removed — Cincy MLS
• 2026-02-19 Price Changed $575,000 Cincy MLS
• 2026-01-02 Listed $613,000 Cincy MLS
• 2016-02-24 Sold (Public Records) $55,000 Public Records
• 2016-02-23 Sold (MLS) $55,000 Cincy MLS
• 2016-01-31 Contingent — Cincy MLS
• 2015-12-19 Price Changed $135,000 Cincy MLS
• 2015-12-01 Listed $200,000 Cincy MLS
• 2015-09-08 Sold (Public Records) $40,000 Public Records
• 1991-08-07 Sold (Public Records) $23,000 Public Records
• 1987-08-06 Sold (Public Records) $14,000 Public Records

Property tax history

+11.6%/yr

Latest (2025): $2,332 · +0.7% YoY. Source: county tax records.