540 Grand Ave · Cincinnati, OH 45205

$199,900

4 bd · 2.5 ba · 3,456 sqft · MultiFamily public records · 50 Days on market

Built 1895 3,485 sqft lot

---

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
• Livability +4.0/5.0
• Rent growth +3.3/5.0
• 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 (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Fully remodeled and fully rented turnkey duplex offering strong cash flow. The property features a 2 bed / 1 bath unit rented for $1,350 and a spacious 5 bed / 2 bath unit rented for $2,300, generating $3,650 in combined monthly income. Leases are in place through October 2026, providing stable rental income. Don't miss this investment opportunity.

Key facts

• 3,485 sq ft lot
• Built 1895
• Listed 50 days

Property features AI

Finance

• Other: Heat paid by tenant; Water paid by owner
• Financial info: Two total units; Unit 1 rent reported at $1,350; Unit 2 rent reported at $2,300

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Three+ story; Second floor area noted
• Construction: Block foundation
• Exterior features: Vinyl windows; Shingle/composition roof; Vinyl siding; Lot approximately 0.08 acres

Interior

• Bedrooms: Unit 1: 2 bedrooms; Unit 2: 5 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Heating & cooling: Gas heating; Central air; Separate furnace for units; Separate A/C for units; Separate gas/electric meters
• Interior features: Partial basement; Electric fireplace; Three+ levels

What this means for you Summary

Snapshot

• This is a 1×2bd/1ba + 1×5bd/2ba units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive. Per door: $605/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $200k).
• Recommended offer: $194k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.6% 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 (+3.3%/yr); 69 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $3,267/mo this rent would consume 90% of the median local household income ($44k/yr) (locally 980% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.3% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 50 days — a 3% lower offer ($194k) is reasonable based on typical stale-listing flexibility.
• 23 sale attempts since 28y ago; this cycle's ask has dropped $99k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $85k; list at $200k implies a 135% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $193,903 (3.0% below list)

Questions for the listing agent

1. It's been on market 50 days. Have you received any prior offers? Is the seller open to a 3% 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 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 1.63% ✓
• Cap rate: 13.55%
• Cash-on-cash: 25.93%
• DSCR: 2.15
• GRM: 5.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.3% rent growth · sell at horizon

5-year hold

• IRR: 20.0%
• Equity multiple: 1.82×
• Total profit: $45,672
• Equity at exit: $29,806

10-year hold

• IRR: 28.4%
• Equity multiple: 3.56×
• Total profit: $143,219
• Equity at exit: $17,284

Cash invested: $55,972 (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 45205

• Rents YoY: 3.3%
• Active inventory: 69
• Price-to-rent: 11.6×

Monthly cashflow live

• Estimated rent: $3,267 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$240 /mo · $2,878/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $1,209

Break-even live

Break-even rent $1,736

Max offer price $199,900

Occupancy floor 58%

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

Units	Beds	Baths	Est. rent
1× unit	2	1	$1,433
1× unit	5	2	$1,834
Total (2 units)			$3,267

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
775 Summit Ave Cincinnati, OH	3.0	2.0	2700	$2,100	$0.78	14d	1	0.24mi

Listing history 50 events

1. 2026-06-18
   days on market $199,900 Active 50 DOM
2. 2026-06-17
   days on market $199,900 Active 49 DOM
3. 2026-06-16
   days on market $199,900 Active 48 DOM
4. 2026-06-15
   days on market $199,900 Active 47 DOM
5. 2026-06-13
   days on market $199,900 Active 45 DOM
6. 2026-06-13
   days on market $199,900 Active 44 DOM
7. 2026-06-09
   days on market $199,900 Active 41 DOM
8. 2026-06-08
   days on market $199,900 Active 40 DOM
9. 2026-06-07
   days on market $199,900 Active 39 DOM
10. 2026-06-03
    days on market $199,900 Active 35 DOM
11. 2026-06-02
    days on market $199,900 Active 34 DOM
12. 2026-06-01
    days on market $199,900 Active 33 DOM
13. 2026-05-31
    days on market $199,900 Active 32 DOM
14. 2026-05-13
    price $199,900
15. 2026-04-28
    listed $299,000 Active

    Show marketing remark (350 chars)

    Fully remodeled and fully rented turnkey duplex offering strong cash flow. The property features a 2 bed / 1 bath unit rented for $1,350 and a spacious 5 bed / 2 bath unit rented for $2,300, generating $3,650 in combined monthly income. Leases are in place through October 2026, providing stable rental income. Don't miss this investment opportunity.

16. 2026-04-28
    historical 350-char remark

    Show marketing remark (350 chars)

    Fully remodeled and fully rented turnkey duplex offering strong cash flow. The property features a 2 bed / 1 bath unit rented for $1,350 and a spacious 5 bed / 2 bath unit rented for $2,300, generating $3,650 in combined monthly income. Leases are in place through October 2026, providing stable rental income. Don't miss this investment opportunity.

17. 2026-04-23
    price $299,000 350-char remark

    Show marketing remark (350 chars)

    Fully remodeled and fully rented turnkey duplex offering strong cash flow. The property features a 2 bed / 1 bath unit rented for $1,350 and a spacious 5 bed / 2 bath unit rented for $2,300, generating $3,650 in combined monthly income. Leases are in place through October 2026, providing stable rental income. Don't miss this investment opportunity.

18. 2026-03-07
    listed $299,900 Active 350-char remark

    Show marketing remark (264 chars)

    Fully renovated and fully rented duplex featuring a 2 bed / 1 bath unit rented at $1,350 and a spacious 5 bed / 2 bath unit rented at $2,300 ($3,650 combined monthly income). Leases are in place through October 2026. Don't miss this turnkey investment opportunity.

19. 2026-03-07
    historical 264-char remark

    Show marketing remark (264 chars)

    Fully renovated and fully rented duplex featuring a 2 bed / 1 bath unit rented at $1,350 and a spacious 5 bed / 2 bath unit rented at $2,300 ($3,650 combined monthly income). Leases are in place through October 2026. Don't miss this turnkey investment opportunity.

20. 2026-01-28
    listed $299,900 Active 264-char remark

    Show marketing remark (264 chars)

    Fully renovated and fully rented duplex featuring a 2 bed / 1 bath unit rented at $1,350 and a spacious 5 bed / 2 bath unit rented at $2,300 ($3,650 combined monthly income). Leases are in place through October 2026. Don't miss this turnkey investment opportunity.

21. 2026-01-28
    historical

    Show marketing remark (264 chars)

    Fully renovated and fully rented duplex featuring a 2 bed / 1 bath unit rented at $1,350 and a spacious 5 bed / 2 bath unit rented at $2,300 ($3,650 combined monthly income). Leases are in place through October 2026. Don't miss this turnkey investment opportunity.

22. 2026-01-27
    price $299,900
23. 2026-01-13
    price $324,900
24. 2026-01-03
    price $349,900
25. 2025-12-15
    listed $369,900 Active
26. 2025-04-09
    soldstatus $85,000 Sold
27. 2025-03-15
    historical Contingency Pending
28. 2025-03-11
    status Active
29. 2025-02-26
    historical Contingency Pending
30. 2025-02-16
    status Active
31. 2025-02-05
    historical Contingency Pending
32. 2025-01-20
    price $82,000
33. 2025-01-15
    status Active
34. 2024-11-25
    historical Contingency Pending
35. 2024-11-12
    listed $130,000 Active
36. 2024-11-11
    historical
37. 2024-09-12
    price $135,000
38. 2024-08-22
    status Active
39. 2024-08-16
    historical Contingency Pending
40. 2024-05-11
    listed $150,000 Active
41. 2024-03-27
    historical
42. 2023-12-15
    price $150,000
43. 2023-09-27
    listed $160,000 Active
44. 2023-09-21
    historical
45. 2023-04-13
    price $165,000
46. 2023-04-13
    status Active
47. 2023-04-13
    price $150,000
48. 2023-03-06
    status Pending
49. 2022-11-13
    status Active
50. 2022-11-08
    historical Contingency Pending

ⓘ 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: $2,878 · $240/mo
• Projected year-2 tax: $2,998 · $250/mo
• Expected delta: +$120/yr (+$10/mo · 4.2%)

ⓘ 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 · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $39,204
• − Mortgage interest: −$11,198
• − Property taxes: −$2,878
• − Insurance: −$1,000
• − Repairs & maintenance: −$3,136
• − Management: −$3,136
• − Depreciation: −$5,815
• Taxable income: $12,041
• Est. tax owed @ 24.0%: −$2,890
• After-tax cash flow: $11,624/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): 18,651
• Household income: $43,682
• Rent vs Own: 63.1% rent · 36.9% own
• Severe rent burden: 980.0

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 0.69)
• Race & ethnicity: Black 43% White 32% Hispanic / Latino 16% Two or more races 7% Asian 2%
• Hispanic origin (detail): Mexican 2%
• Common ancestry: Lithuanian 1% Slovak 1% Serbian 1%
• Foreign-born: 9% · Canada, India, China
• Languages at home: 84% English-only · Spanish 10% Other Asian/Pacific 2% Other Indo-European 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: ▼ -138.67%
• Current HPI: 163.3375
• Rent YoY: ▲ 3.30%
• 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

+292.0% since first listed

66 events — show timeline

• 2026-05-13 Price Changed $199,900 Cincy MLS
• 2026-04-28 Listing Removed — Cincy MLS
• 2026-04-28 Listed $299,000 Cincy MLS
• 2026-04-23 Price Changed $299,000 Cincy MLS
• 2026-03-07 Listing Removed — Cincy MLS
• 2026-03-07 Listed $299,900 Cincy MLS
• 2026-01-28 Listing Removed — Cincy MLS
• 2026-01-28 Listed $299,900 Cincy MLS
• 2026-01-27 Price Changed $299,900 Cincy MLS
• 2026-01-13 Price Changed $324,900 Cincy MLS
• 2026-01-03 Price Changed $349,900 Cincy MLS
• 2025-12-15 Listed $369,900 Cincy MLS
• 2025-04-09 Sold (MLS) $85,000 Cincy MLS
• 2025-03-15 Contingent — Cincy MLS
• 2025-03-11 Relisted — Cincy MLS
• 2025-02-26 Contingent — Cincy MLS
• 2025-02-16 Relisted — Cincy MLS
• 2025-02-05 Contingent — Cincy MLS
• 2025-01-20 Price Changed $82,000 Cincy MLS
• 2025-01-15 Relisted — Cincy MLS
• 2024-11-25 Contingent — Cincy MLS
• 2024-11-12 Listed $130,000 Cincy MLS
• 2024-11-11 Listing Removed — Cincy MLS
• 2024-09-12 Price Changed $135,000 Cincy MLS
• 2024-08-22 Relisted — Cincy MLS
• 2024-08-16 Contingent — Cincy MLS
• 2024-05-11 Listed $150,000 Cincy MLS
• 2024-03-27 Listing Removed — Cincy MLS
• 2023-12-15 Price Changed $150,000 Cincy MLS
• 2023-09-27 Listed $160,000 Cincy MLS
• 2023-09-21 Listing Removed — Cincy MLS
• 2023-04-13 Price Changed $165,000 Cincy MLS
• 2023-04-13 Relisted — Cincy MLS
• 2023-04-13 Price Changed $150,000 Cincy MLS
• 2023-03-06 Pending — Cincy MLS
• 2022-11-13 Relisted — Cincy MLS
• 2022-11-08 Contingent — Cincy MLS
• 2022-10-14 Price Changed $199,000 Cincy MLS
• 2022-09-21 Listed $227,000 Cincy MLS
• 2021-03-10 Sold (Public Records) $50,000 Public Records
• 2018-09-26 Sold (Public Records) $38,000 Public Records
• 2018-09-14 Sold (MLS) $38,000 Cincy MLS
• 2018-09-04 Contingent — Cincy MLS
• 2018-08-22 Relisted — Cincy MLS
• 2018-08-17 Contingent — Cincy MLS
• 2018-07-31 Listed $45,000 Cincy MLS
• 2009-08-07 Listing Removed — Cincy MLS
• 2009-07-16 Listing Removed — Cincy MLS
• 2009-07-14 Listed $13,500 Cincy MLS
• 2009-03-16 Listed $19,500 Cincy MLS
• 2008-11-13 Listing Removed — Cincy MLS
• 2008-05-20 Listed $98,000 Cincy MLS
• 2007-10-19 Sold (Public Records) $105,000 Public Records
• 2006-08-21 Listing Removed — Cincy MLS
• 2006-01-11 Listed $29,900 Cincy MLS
• 2000-12-18 Sold (Public Records) $75,000 Public Records
• 2000-11-30 Sold (MLS) $75,000 Cincy MLS
• 2000-08-22 Listed $79,900 Cincy MLS
• 2000-08-16 Listing Removed — Cincy MLS
• 2000-05-15 Listed $69,900 Cincy MLS
• 1999-02-05 Sold (Public Records) $53,000 Public Records
• 1999-02-05 Sold (Public Records) $59,900 Public Records
• 1999-01-28 Sold (MLS) $53,000 Cincy MLS
• 1998-09-19 Listed $58,900 Cincy MLS
• 1994-11-09 Sold (Public Records) $51,000 Public Records
• 1994-10-09 Sold (Public Records) $51,000 Public Records

Property tax history

+31.5%/yr

Latest (2025): $2,878 · +0.1% YoY. Source: county tax records.