2868 Millbank Row · Landen, OH 45039

$210,000

2 bd · 1.5 ba · 1,020 sqft · Townhouse public records · 7 Days on market

Built 1986 466 sqft lot Est $188k · 12% over $302/mo HOA · 15% of rent

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Why this score? — see what drove the D+ 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).

• Appreciation +10.0/10.0
• Cash flow +9.6/30.0
• Schools +6.7/10.0
• 1% rule +4.4/10.0
• Rent growth +4.4/5.0
• Livability +4.0/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0

Listing remarks MLS

Estate Sale..Sold AS-IS. Newer AC 2010, windows 2008

Key facts

• Play area
• Private walkout
• Tennis

Tags

• PRIVATE WALKOUT
• COMMUNITY POOL
• PLAY AREA
• TENNIS
• WALKING TRAILS
• ACCESS TO LANDEN LAKE

Property features AI

Finance

• Other: Zoned residential
• HOA & community: HOA membership (Montgomery Hills); Monthly association fee of $283; Annual association component $238.27; Association amenities include pool, tennis, play area, walking trails and professional management

Exterior

• Parking: 1 assigned parking space; On-street parking available
• Utilities: Public water; Public sewer; Electric power
• Home design: Traditional townhouse-style unit; Private entry; Entry level: 1; Unit spans multiple levels (3); Building has two levels
• Construction: Composition roof; Poured foundation; Construction materials: Other; Windows are insulated; Levels in unit: Three; Levels in building: One
• Exterior features: Deck; Patio

Interior

• Kitchen: Counter bar; Wood cabinets; Dishwasher; Garbage disposal; Microwave; Oven/Range; Refrigerator
• Bedrooms: 2 bedrooms total; Primary bedroom on level 2, approximately 12 x 14; Second bedroom on level 2, approximately 10 x 11
• Flooring: Laminate flooring in living and dining areas and basement
• Bathrooms: 1 full bathroom (level 2); 2 half bathrooms (one on level 1 and one on the lower level)
• Heating & cooling: Electric heating; Central air conditioning; Electric water heating
• Interior features: 5 total rooms; Finished walkout basement; Window treatments; Private entry; Pets allowed; Laundry in unit
• Laundry & utility: Laundry in unit

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath townhouse listed at $210k.

Deal economics

• At list price, monthly cash flow is $-140 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (11.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $196k (6.4% below list).
• Recommended offer: $185k (11.8% below list) — sets the bar for cash-flow.
• Cap rate 5.5% vs local median 3.8% in Landen — 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 (#121 in OH, #1,779 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities D, commute F.
• Kings Local (suburban): math 76% / reading 78% proficiency, ranked #61 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.4%/yr); 126 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• In year one you build about $22k of equity ($1k loan paydown + $21k appreciation (10.0% local appreciation)).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 14y 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 $127k; list at $210k implies a 66% gain — meaningful room to come down on a strong offer.

Recommended offer $185,200 (11.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.94% ✗
• Cap rate: 5.49%
• Cash-on-cash: -2.87%
• DSCR: 0.87
• GRM: 8.9

CMA / ARV

• ARV (on-the-fly): $187,680
• Comps found: 7

Show comp detail 7 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2900 Millbank Row	0.03mi	2/1.5	1,020 (0%)	21mo	$188,000	$184	81
2954 Mossy Brink Ct	0.06mi	2/1.5	930 (-9%)	10mo	$174,000	$187	74
8507 Island Pines Pl #7	0.30mi	2/2.0	1,025 (+0%)	13mo	$180,000	$176	72
8480 Island Pines Pl #6	0.36mi	2/2.0	1,025 (+0%)	12mo	$210,000	$205	70
8500 Island Pines Pl #7	0.35mi	2/2.0	1,025 (+0%)	13mo	$185,000	$180	70
8507 Island Pines Pl #1	0.30mi	2/2.0	1,025 (+0%)	22mo	$180,000	$176	65
9615 Greenery Ct	0.51mi	2/2.0	1,130 (+11%)	11mo	$250,000	$221	47

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 23.9%
• Equity multiple: 2.95×
• Total profit: $114,735
• Equity at exit: $189,185

10-year hold

• IRR: 22.6%
• Equity multiple: 7.25×
• Total profit: $367,368
• Equity at exit: $407,984

Cash invested: $58,800 (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 45039

• Home prices YoY: 7.3%
• Rents YoY: 7.4%
• Active inventory: 126
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $1,965 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$202 /mo · $2,422/yr
• Insurance: −$88
• HOA: −$302
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $-140

Break-even live

Break-even rent $2,143

Max offer price $185,200

Occupancy floor —

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2930 Millbank Row Maineville, OH	2.0	3.0	1020	$2,000	$1.96	23d	1	0.05mi
8507 Island Pines Pl Apt 8 Maineville, OH	2.0	2.0	1100	$1,575	$1.43	23d	1	0.28mi
8390 Old Orchard Ln Maineville, OH	1.0–3.0	1.0–2.0	975	$1,822	$1.87	1d	20	0.35mi
2313 Rose Rd Loveland, OH	3.0	2.0	1496	$2,331	$1.56	43d	1	0.60mi
8224 Rollinghitch Ct Maineville, OH	3.0	1.5	1261	$1,900	$1.51	16d	1	0.64mi
3569 Nantucket Cir Loveland, OH	1.0–3.0	1.0–2.5	1070	$2,018	$1.88	1d	21	0.85mi
3580 Steeplechase Ln Loveland, OH	1.0–2.0	1.0–2.0	864	$1,780	$2.06	1d	12	1.14mi
9980 Hanover Way Loveland, OH	1.0–3.0	1.0–2.5	1230	$1,926	$1.57	1d	21	1.37mi
7401 Landen Falls Dr Maineville, OH	1.0–3.0	1.0–2.0	1125	$2,036	$1.81	1d	15	1.37mi
7411 Clubhouse Dr Maineville, OH	2.0	2.0	1000	$1,638	$1.64	1d	15	1.49mi

HOA detail

• Monthly dues: $302 · $3,624/yr

Listing history 7 events

1. 2026-06-18
   days on market $210,000 Active 7 DOM
2. 2026-06-17
   days on market $210,000 Active 6 DOM
3. 2026-06-16
   days on market $210,000 Active 5 DOM
4. 2026-06-15
   days on market $210,000 Active 4 DOM
5. 2026-06-13
   days on market $210,000 Active 2 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $210,000 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: $2,422 · $202/mo
• Projected year-2 tax: $2,849 · $237/mo
• Expected delta: +$427/yr (+$36/mo · 17.6%)

ⓘ 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 ≥102°F today · 20 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,578
• − Mortgage interest: −$11,763
• − Property taxes: −$2,422
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,886
• − Management: −$1,886
• − HOA: −$3,624
• − Depreciation: −$6,109
• Taxable loss: −$5,163
• Est. tax savings @ 24.0%: +$1,239
• After-tax cash flow: $-446/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: Kings Local
• NCES district ID: 3905043
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $70,803
• Composite: 67.16/100
• National rank: #390
• State rank: #61 of 656 in OH

Livability — Landen

• Score: 80/100
• State rank: #121
• US rank: #1779

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Landen, OH
• County: Warren County · 196,906 people
• City population: 7,053
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 28,335
• Household income: $108,794
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 307.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 5% Asian 3% Black 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 38.63%
• Current HPI: 568.09
• Rent YoY: ▲ 7.42%
• 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

+281.8% since first listed

6 events — show timeline

• 2026-06-11 Listed $210,000 Cincy MLS
• 2021-09-15 Sold (Public Records) $126,700 Public Records
• 2012-08-28 Sold (Public Records) $55,000 Public Records
• 2012-08-22 Sold (MLS) $55,000 Cincy MLS
• 2012-07-23 Listed $57,000 Cincy MLS
• 1988-04-06 Sold (Public Records) $55,000 Public Records

Property tax history

+8.4%/yr

Latest (2025): $2,422 · -1.9% YoY. Source: county tax records.