3918 Tappan Ave · Cincinnati, OH 45223

$89,000

2 bd · 2.0 ba · 1,286 sqft · SingleFamily public records · 17 Days on market

Built 1893 2,526 sqft lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• Livability +4.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don't miss out on this great opportunity! Previously a rental, this home is now ready for a new owner occupant or investor looking to add a solid rental to their portfolio! Previously rented for $1300/mo! Bonus room on second floor that could easily be used as a third bedroom! Schedule a showing today!

Key facts

• Employment centers
• Downtown cincinnati
• Shopping

Tags

• AFFORDABLE OWNER-OCCUPIED HOME
• HISTORIC NEIGHBORHOODS
• MAJOR HIGHWAYS
• DOWNTOWN CINCINNATI
• SHOPPING
• EMPLOYMENT CENTERS

Property features AI

Finance

• HOA & community: No HOA

Exterior

• Utilities: Public water; Public sewer; Natural gas; Gas water heater
• Home design: Traditional single-family home; Two levels; Stone foundation
• Construction: Brick construction
• Exterior features: Shingle roof; Vinyl and wood windows

Interior

• Kitchen: Wood cabinets
• Bedrooms: Two bedrooms total; Primary bedroom about 12 x 12 (on first level); Second bedroom about 12 x 15 (on second level)
• Bathrooms: One full bathroom on the first level; One half bathroom on the second level
• Heating & cooling: Forced-air heating; Gas heating
• Interior features: Five total rooms; Partial basement

🏷️ Possibly a rental listed for sale. The $89,000 price doesn't fit this home's estimated sale value (~$263,630) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $89k.

Deal economics

• At list price, monthly cash flow is $572 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $89k).
• Recommended offer: $88k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.0% 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 fast (+16.7%/yr); 46 active listings in the ZIP; 18 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 36% of the median local income ($49k/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 $615 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $25k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $48k; list at $89k implies a 85% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1893 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,665 (1.5% below list)

Questions for the listing agent

1. Built in 1893 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.66% ✓
• Cap rate: 14.01%
• Cash-on-cash: 27.56%
• DSCR: 2.23
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $263,630
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3742 Beekman St	0.33mi	3/1.0 (+1)	1,244 (-3%)	2mo	$68,000	$55	68
1949 Washburn St	0.62mi	2/1.5	1,292 (+0%)	2mo	$271,500	$210	66
1787 Townsend St	0.37mi	3/1.0 (+1)	1,333 (+4%)	5mo	$45,525	$34	64
1747 Jester St	0.56mi	2/1.5	1,256 (-2%)	5mo	$257,300	$205	64
4135 Lakeman St	0.60mi	2/1.5	1,344 (+4%)	2mo	$299,000	$222	60
4212 Colerain Ave	0.43mi	2/1.0	1,156 (-10%)	5mo	$182,000	$157	54
1917 Webman Ct	0.52mi	3/1.5 (+1)	1,392 (+8%)	4mo	$118,000	$85	52
4128 Lakeman St	0.61mi	3/2.5 (+1)	1,357 (+6%)	7mo	$368,000	$271	49
1754 Jester St	0.57mi	3/2.0 (+1)	1,391 (+8%)	7mo	$220,000	$158	49
3910 Cherry St	0.64mi	3/2.5 (+1)	1,456 (+13%)	3mo	$336,000	$231	39
4222 Georgia Ave	0.60mi	3/1.0 (+1)	1,462 (+14%)	2mo	$217,500	$149	38
4249 Kirby Ave	0.68mi	2/1.0	1,114 (-13%)	8mo	$235,000	$211	35

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 27.1%
• Equity multiple: 2.20×
• Total profit: $29,839
• Equity at exit: $13,270

10-year hold

• IRR: 37.5%
• Equity multiple: 5.35×
• Total profit: $108,461
• Equity at exit: $7,695

Cash invested: $24,920 (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 45223

• Rents YoY: 16.7%
• Active inventory: 46
• Price-to-rent: 5.0×

Monthly cashflow live

• Estimated rent: $1,476 high
• Mortgage (P&I): −$467
• Tax from tax record: −$90 /mo · $1,079/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$310
• Net cashflow: $572

Break-even live

Break-even rent $752

Max offer price $89,000

Occupancy floor 56%

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1905 Elmore St Cincinnati, OH	3.0	1.0	925	$1,320	$1.43	13d	3	0.28mi
4046 Colerain Ave Unit 1 Cincinnati, OH	1.0	1.0	900	$1,400	$1.56	3d	1	0.55mi
4489 Ammon Ave Cincinnati, OH	3.0	2.0	1300	$1,795	$1.38	3d	1	0.59mi
4123 Lakeman St Cincinnati, OH	3.0	1.5	1541	$1,950	$1.27	14d	1	0.61mi
4125 Apple St Cincinnati, OH	2.0	1.5	1150	$1,795	$1.56	23d	1	0.78mi
3570 McHenry Ave Unit 3574-3 Cincinnati, OH	2.0	1.0	900	$1,000	$1.11	23d	1	0.79mi
1710 Bruce Ave Cincinnati, OH	2.0	1.0	974	$1,495	$1.53	23d	1	0.83mi
1580 Blue Rock St Cincinnati, OH	2.0	1.0–2.0	730	$1,970	$2.70	1d	5	0.88mi
4101 Spring Grove Ave Cincinnati, OH	2.0	1.0–2.0	2586	$2,130	$0.82	1d	8	0.97mi
2230 Westwood Northern Blvd Cincinnati, OH	1.0–2.0	1.0–2.0	792	$940	$1.19	23d	3	0.99mi
3401 McHenry Ave Unit 43 Cincinnati, OH	2.0	1.0	1000	$1,250	$1.25	23d	1	1.04mi
4264 Williamson Pl Unit 2 Cincinnati, OH	2.0	1.0	1650	$1,700	$1.03	4d	1	1.10mi
1438 Pullan Ave Unit 2 Cincinnati, OH	3.0	1.0	1200	$1,500	$1.25	14d	1	1.17mi
4652 Ashtree Dr Cincinnati, OH	3.0	1.0	925	$1,350	$1.46	21d	1	1.28mi
1759 Monterey Ct Cincinnati, OH	3.0	1.0	920	$1,750	$1.90	4d	1	1.31mi
3301 Colerain Ave Cincinnati, OH	1.0	1.0	1021	$1,491	$1.46	4d	9	1.32mi
3064 Aquadale Ln Cincinnati, OH	3.0	3.0	1102	$1,850	$1.68	23d	1	1.47mi
3272 Gobel Ave Unit 2465-2 Cincinnati, OH	2.0	1.0	900	$900	$1.00	23d	1	1.50mi

Listing history 12 events

1. 2026-06-18
   days on market $89,000 Active 17 DOM
2. 2026-06-17
   days on market $89,000 Active 16 DOM
3. 2026-06-16
   days on market $89,000 Active 15 DOM
4. 2026-06-15
   days on market $89,000 Active 14 DOM
5. 2026-06-13
   days on market $89,000 Active 12 DOM
6. 2026-06-13
   days on market $89,000 Active 11 DOM
7. 2026-06-09
   days on market $89,000 Active 8 DOM
8. 2026-06-08
   days on market $89,000 Active 7 DOM
9. 2026-06-07
   days on market $89,000 Active 6 DOM
10. 2026-06-03
    days on market $89,000 Active 2 DOM
11. 2026-06-02
    remarks 699-char remark
12. 2026-06-02
    listed $89,000 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: $1,079 · $90/mo
• Projected year-2 tax: $1,234 · $103/mo
• Expected delta: +$154/yr (+$13/mo · 14.3%)

ⓘ 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 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $17,713
• − Mortgage interest: −$4,985
• − Property taxes: −$1,079
• − Insurance: −$445
• − Repairs & maintenance: −$1,417
• − Management: −$1,417
• − Depreciation: −$2,589
• Taxable income: $5,780
• Est. tax owed @ 24.0%: −$1,387
• After-tax cash flow: $5,481/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): 14,182
• Household income: $49,312
• Rent vs Own: 51.4% rent · 48.6% own
• Severe rent burden: 943.0

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 53% Black 33% Two or more races 11% Hispanic / Latino 6% Asian 1%
• Common ancestry: Slovak 3% Romanian 2% Italian 1%
• Foreign-born: 6% · Canada, Guatemala
• Languages at home: 93% English-only · Spanish 4% German/W. Germanic 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: ▼ -171.27%
• Current HPI: 239.5488
• Rent YoY: ▲ 16.66%
• 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

+223.6% since first listed

8 events — show timeline

• 2026-06-01 Listed $89,000 Cincy MLS
• 2025-05-29 Listing Removed — Cincy MLS
• 2025-05-01 Price Changed $94,500 Cincy MLS
• 2025-04-14 Price Changed $99,900 Cincy MLS
• 2025-02-19 Listed $109,900 Cincy MLS
• 2022-11-10 Sold (Public Records) $48,000 Public Records
• 2012-06-21 Sold (Public Records) $20,000 Public Records
• 1997-01-30 Sold (Public Records) $27,500 Public Records

Property tax history

+8.0%/yr

Latest (2025): $1,079 · +0.1% YoY. Source: county tax records.