717 Mulberry St · Lockland, OH 45215

$179,900

6 bd · 3.5 ba · 2,400 sqft · MultiFamily public records · 33 Days on market

Built 1912 3,746 sqft lot Est $240k · 25% 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.5/5.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• 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

Large Duplex, plenty of room for all of your personl belongings. Two entries into the units.

Key facts

• Multi-family duplex
• Full basement
• Separate entrances

Tags

• MULTI-FAMILY DUPLEX
• SEPARATE ENTRANCES
• PRIVATE KITCHENS
• SOLID BRICK EXTERIOR
• FULL BASEMENT
• SHARED BACKYARD SPACE

Property features AI

Finance

• Other: Total buildings: 1
• Financial info: Semi-annual taxes listed

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two levels
• Construction: Shingle roof; Block foundation
• Exterior features: Aluminum windows; Vinyl siding

Interior

• Bedrooms: Two 3-bedroom units (each unit has 3 bedrooms)
• Bathrooms: Unit 1: 2 full bathrooms; Unit 2: 1 full bathroom and 1 partial bathroom
• Heating & cooling: Forced air heating (gas); Central air conditioning
• Interior features: Crawl space basement; No fireplace

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.8-bath units multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $737/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#510 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Lockland Local (suburban): math 16% / reading 23% proficiency, ranked #632 of 656 in OH (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.0%/yr); 47 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $3,238/mo this rent would consume 56% of the median local household income ($69k/yr) (locally 1529% 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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $50k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 25y 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 $23k; list at $180k implies a 686% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1912 — 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 $174,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 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 1912 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 1.80% ✓
• Cap rate: 16.12%
• Cash-on-cash: 35.10%
• DSCR: 2.56
• GRM: 4.6

CMA / ARV

• ARV (on-the-fly): $240,000
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 N Wayne Ave	0.16mi	6/2.0	2,552 (+6%)	14mo	$120,000	$47	64
230 S Wayne Ave	0.39mi	6/4.0	2,700 (+12%)	15mo	$271,000	$100	46

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: 35.9%
• Equity multiple: 2.62×
• Total profit: $81,748
• Equity at exit: $26,824

10-year hold

• IRR: 45.0%
• Equity multiple: 6.35×
• Total profit: $269,701
• Equity at exit: $15,554

Cash invested: $50,372 (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 45215

• Rents YoY: 8.0%
• Active inventory: 47
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $3,238 high
• Mortgage (P&I): −$943
• Tax from tax record: −$66 /mo · $796/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$680
• Net cashflow: $1,473

Break-even live

Break-even rent $1,373

Max offer price $179,900

Occupancy floor 50%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.8	$3,238
Total (2 units)			$3,238

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: $44,975
• Closing costs: $5,397
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
439 Hidden Valley Ln Cincinnati, OH	5.0	3.5	2861	$4,000	$1.40	43d	1	1.50mi

Listing history 32 events

1. 2026-06-18
   days on market $179,900 Active 33 DOM
2. 2026-06-17
   days on market $179,900 Active 32 DOM
3. 2026-06-16
   days on market $179,900 Active 31 DOM
4. 2026-06-15
   days on market $179,900 Active 30 DOM
5. 2026-06-13
   days on market $179,900 Active 28 DOM
6. 2026-06-09
   days on market $179,900 Active 24 DOM
7. 2026-06-08
   days on market $179,900 Active 23 DOM
8. 2026-06-07
   days on market $179,900 Active 22 DOM
9. 2026-06-05
   days on market $179,900 Active 19 DOM
10. 2026-06-03
    days on market $179,900 Active 18 DOM
11. 2026-06-02
    days on market $179,900 Active 17 DOM
12. 2026-06-01
    days on market $179,900 Active 16 DOM
13. 2026-05-31
    days on market $179,900 Active 15 DOM
14. 2026-05-16
    listed $179,900 Active
15. 2018-07-27
    soldstatus $22,900
16. 2011-11-28
    soldstatus $25,000 92-char remark

    Show marketing remark (92 chars)

    Large Duplex, plenty of room for all of your personl belongings. Two entries into the units.

17. 2011-08-23
    listed $29,900 92-char remark

    Show marketing remark (92 chars)

    Large Duplex, plenty of room for all of your personl belongings. Two entries into the units.

18. 2010-07-15
    historical
19. 2010-04-19
    listed $24,900
20. 2006-01-04
    historical
21. 2005-10-03
    listed $114,900
22. 2005-07-01
    historical
23. 2005-03-30
    listed $117,900
24. 2005-03-30
    historical
25. 2004-09-23
    listed $117,900
26. 2003-12-26
    historical
27. 2003-06-25
    listed $119,500
28. 2001-10-14
    historical
29. 2001-07-13
    listed $129,900
30. 1999-01-26
    soldstatus $30,000
31. 1997-02-05
    soldstatus $110,000
32. 1987-08-04
    soldstatus $115,000

ⓘ 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: $796 · $66/mo
• Projected year-2 tax: $1,801 · $150/mo
• Expected delta: +$1,005/yr (+$84/mo · 126.3%)

ⓘ 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 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: $38,856
• − Mortgage interest: −$10,077
• − Property taxes: −$796
• − Insurance: −$900
• − Repairs & maintenance: −$3,108
• − Management: −$3,108
• − Depreciation: −$5,233
• Taxable income: $15,633
• Est. tax owed @ 24.0%: −$3,752
• After-tax cash flow: $13,928/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: Lockland Local
• NCES district ID: 3904423
• Math proficiency: 16% ▼ -4.00%
• Reading proficiency: 23% ▼ -7.00%
• Median HH income: $33,458
• Composite: 15.89/100
• National rank: #9256
• State rank: #632 of 656 in OH

Livability — Lockland

• Score: 69/100
• State rank: #510
• US rank: #8694

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockland, OH
• County: Hamilton County · 701,295 people
• City population: 30,586
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 30,586
• Household income: $69,372
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 1529.0

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 (63%)
• Race & ethnicity: White 63% Black 26% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -263.50%
• Current HPI: 217.3319
• Rent YoY: ▲ 8.02%
• 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

+56.4% since first listed

19 events — show timeline

• 2026-05-16 Listed $179,900 Cincy MLS
• 2018-07-27 Sold (Public Records) $22,900 Public Records
• 2011-11-28 Sold (MLS) $25,000 Cincy MLS
• 2011-08-23 Listed $29,900 Cincy MLS
• 2010-07-15 Listing Removed — Cincy MLS
• 2010-04-19 Listed $24,900 Cincy MLS
• 2006-01-04 Listing Removed — Cincy MLS
• 2005-10-03 Listed $114,900 Cincy MLS
• 2005-07-01 Listing Removed — Cincy MLS
• 2005-03-30 Listing Removed — Cincy MLS
• 2005-03-30 Listed $117,900 Cincy MLS
• 2004-09-23 Listed $117,900 Cincy MLS
• 2003-12-26 Listing Removed — Cincy MLS
• 2003-06-25 Listed $119,500 Cincy MLS
• 2001-10-14 Listing Removed — Cincy MLS
• 2001-07-13 Listed $129,900 Cincy MLS
• 1999-01-26 Sold (Public Records) $30,000 Public Records
• 1997-02-05 Sold (Public Records) $110,000 Public Records
• 1987-08-04 Sold (Public Records) $115,000 Public Records

Property tax history

+1.8%/yr

Latest (2025): $796 · -1.9% YoY. Source: county tax records.