2020 S Breiel Blvd · Middletown, OH 45044

$119,000

2 bd · 1.5 ba · 1,024 sqft · Condo public records · 17 Days on market

Built 1973

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Why this score? — see what drove the C- 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 +21.5/30.0
• ARV discount +7.5/15.0
• DSCR +6.9/10.0
• 1% rule +5.2/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Move in and Relax in this updated Condo with 2 beds and 1 full bath, appliances remain, private patio, and storage shed

Key facts

• Private patio
• Storage shed
• Built 1973

Tags

• PRIVATE PATIO
• STORAGE SHED

Property features AI

Finance

• Other: Lease not considered
• HOA & community: No HOA

Exterior

• Parking: 2 assigned parking spaces
• Utilities: Public water; Public sewer; Natural gas
• Home design: Traditional townhouse; Two levels; Unit entry at level 1
• Construction: Brick and vinyl siding exterior; Shingle roof; Poured foundation; Built with residential zoning
• Exterior features: Patio; Aluminum windows; Busline nearby

Interior

• Kitchen: Dishwasher; Oven/Range; Refrigerator; Breakfast room about 9 x 10 on level 1; Dining room about 12 x 10 on level 1
• Bedrooms: 2 bedrooms; Primary bedroom about 11 x 16 on level 2; Second bedroom about 12 x 11 on level 2
• Bathrooms: 1 full bathroom (on level 2); 1 half bathroom (on level 1)
• Heating & cooling: Forced air heating (gas); Central air conditioning; Gas water heating
• Interior features: 6 total rooms; Smoke alarm

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $119k.

Deal economics

• At list price, monthly cash flow is $179 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $119k).
• Recommended offer: $117k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.5% in Middletown — 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 72/100 on livability (#389 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D+, amenities D+.
• Middletown City (suburban): math 21% / reading 28% proficiency, ranked #610 of 656 in OH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.3%/yr); 203 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $823 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $33k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($117k) is reasonable based on typical stale-listing flexibility.
• 4 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 $55k; list at $119k implies a 116% gain — meaningful room to come down on a strong offer.

Recommended offer $117,215 (1.5% below list)

Questions for the listing agent

1. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
5. Crime grade is D 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: 1.02% ✓
• Cap rate: 8.10%
• Cash-on-cash: 6.46%
• DSCR: 1.29
• GRM: 8.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.31% rent growth · sell at horizon

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-3,718
• Equity at exit: $17,743

10-year hold

• IRR: 10.0%
• Equity multiple: 1.89×
• Total profit: $29,681
• Equity at exit: $10,289

Cash invested: $33,320 (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 45044

• Rents YoY: 6.3%
• Active inventory: 203
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,208 high
• Mortgage (P&I): −$624
• Tax from tax record: −$101 /mo · $1,216/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$254
• Net cashflow: $179

Break-even live

Break-even rent $981

Max offer price $119,000

Occupancy floor 80%

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: $29,750
• Closing costs: $3,570
• Reserves months: —
• Total cash needed: —

Rent comps 22 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1925 Aaron Dr Middletown, OH	2.0–3.0	1.0	900	$1,050	$1.17	1d	1	0.04mi
1900 Aaron Dr Unit 1970-F Middletown, OH	2.0	1.0	819	$1,075	$1.31	3d	1	0.12mi
1900 Aaron Dr Unit 1940-G Middletown, OH	2.0	1.0	819	$1,100	$1.34	14d	1	0.12mi
1900 Aaron Dr Middletown, OH	2.0	1.0	819	$1,100	$1.34	12d	1	0.13mi
1900 Aaron Dr Middletown, OH	2.0	1.0	819	$10,750	$13.13	4d	1	0.13mi
1900 Aaron Dr Middletown, OH	2.0	1.0	819	$1,100	$1.34	23d	1	0.13mi
1830 S Breiel Blvd Middletown, OH	2.0	1.0	906	$1,150	$1.27	7d	1	0.17mi
1806 S Breiel Blvd Middletown, OH	2.0	1.0	906	$995	$1.10	2d	1	0.19mi
4373 Bonita Dr Middletown, OH	2.0–4.0	1.0–1.5	1078	$1,149	$1.07	1d	3	0.27mi
1600 Jackson Ln Middletown, OH	2.0	1.0	750	$1,050	$1.40	14d	1	0.82mi
1408 Jackson Ln Unit 3 Middletown, OH	2.0	1.0	900	$925	$1.03	23d	1	0.85mi
1408 Jackson Ln Unit 4 Middletown, OH	2.0	1.0	900	$875	$0.97	43d	1	0.85mi
834 Jackson Ln Middletown, OH	2.0	1.0	1000	$1,075	$1.07	43d	1	0.96mi
3122 Beatrice Dr Middletown, OH	3.0	1.0	1198	$1,550	$1.29	43d	1	1.05mi
2689 Audubon Dr Middletown, OH	2.0	1.5	930	$1,240	$1.33	1d	14	1.16mi
1804 Brentwood St Middletown, OH	3.0	1.0	1044	$1,430	$1.37	23d	1	1.21mi
3106 Grand Ave Unit 2 Middletown, OH	2.0	1.0	918	$925	$1.01	43d	1	1.26mi
3003 Grand Ave Middletown, OH	2.0	1.0	928	$1,050	$1.13	10d	1	1.36mi
3003 Grand Ave Fl 1 Middletown, OH	2.0	1.0	928	$1,050	$1.13	7d	1	1.36mi
496 Bavarian St Unit 454 Middletown, OH	2.0	2.0	900	$925	$1.03	43d	1	1.44mi
496 Bavarian St Unit 374 Middletown, OH	3.0	2.5	1160	$1,500	$1.29	43d	1	1.44mi
496 Bavarian St Unit 338 Middletown, OH	3.0	2.5	1160	$1,500	$1.29	11d	1	1.44mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 11 events

1. 2026-06-18
   days on market $119,000 Active 17 DOM
2. 2026-06-17
   days on market $119,000 Active 16 DOM
3. 2026-06-16
   days on market $119,000 Active 15 DOM
4. 2026-06-15
   days on market $119,000 Active 14 DOM
5. 2026-06-13
   days on market $119,000 Active 12 DOM
6. 2026-06-09
   days on market $119,000 Active 8 DOM
7. 2026-06-08
   days on market $119,000 Active 7 DOM
8. 2026-06-07
   days on market $119,000 Active 6 DOM
9. 2026-06-03
   days on market $119,000 Active 2 DOM
10. 2026-06-02
    remarks 119-char remark
11. 2026-06-02
    listed $119,000 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: $1,216 · $101/mo
• Projected year-2 tax: $1,536 · $128/mo
• Expected delta: +$320/yr (+$27/mo · 26.3%)

ⓘ 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 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,495
• − Mortgage interest: −$6,666
• − Property taxes: −$1,216
• − Insurance: −$595
• − Repairs & maintenance: −$1,160
• − Management: −$1,160
• − Depreciation: −$3,462
• Taxable income: $237
• Est. tax owed @ 24.0%: −$57
• After-tax cash flow: $2,095/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: Middletown City
• NCES district ID: 3904440
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 28% ▼ -15.00%
• Median HH income: $36,650
• Composite: 20.35/100
• National rank: #8605
• State rank: #610 of 656 in OH

Livability — Middletown

• Score: 72/100
• State rank: #389
• US rank: #6338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, OH
• County: Butler County · 381,674 people
• City population: 96,117
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 56,217
• Household income: $73,732
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 1532.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 387,706 people
• By 2030: 392,028 · +1.1%
• By 2040: 395,307 · +2.0%
• By 2050: 391,116 · +0.9%
• By 2075: 378,642 · -2.3%
• By 2100: 343,248 · -11.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Butler

• 2024 margin: Strong R (+26.3) · D 36.4% · R 62.7%
• 2008→2024 swing: -3.6pp toward R · 2008: -22.6pp · 2024: -26.3pp
• All cycles: 2024: R+26.3 2020: R+24.0 2016: R+28.3 2012: R+26.2 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -164.07%
• Current HPI: 219.0479
• Rent YoY: ▲ 6.31%
• 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

+325.0% since first listed

9 events — show timeline

• 2026-06-01 Listed $119,000 Dayton MLS
• 2026-06-01 Listed $119,000 Cincy MLS
• 2013-03-01 Listing Removed — Cincy MLS
• 2013-03-01 Listing Removed — Dayton MLS
• 2012-08-29 Listed $52,900 Cincy MLS
• 2012-08-29 Listed $52,900 Dayton MLS
• 2008-05-02 Sold (Public Records) $55,000 Public Records
• 1995-07-26 Sold (Public Records) $32,000 Public Records
• 1985-12-01 Sold (Public Records) $28,000 Public Records

Property tax history

+1.0%/yr

Latest (2025): $1,216 · +1.3% YoY. Source: county tax records.