40 S Main St · Springboro, OH 45066

$300,000

3 bd · 2.5 ba · 3,156 sqft · MultiFamily public records · 20 Days on market

Built 1837 7,405 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
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• ARV discount +7.5/15.0
• Schools +7.1/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Unique investment opportunity in the heart of Springboro downtown district! Formerly operated as a hotel, this property is currently configured and used as a multifamily investment property with excellent income and expansion potential. The property currently features two functioning units with the possibility for four additional units, offering a rare opportunity for investors looking to maximize value and future cash flow. Situated in a highly desirable location near downtown amenities, shops, restaurants, and entertainment, this property offers endless possibilities for redevelopment, renovation, or long-term investment. One unit was recently vacated, providing added flexibility for future plans. Offered at $300,000.

Key facts

• Downtown amenities
• Functioning units
• Additional units

Tags

• FUNCTIONING UNITS
• ADDITIONAL UNITS
• HIGHLY DESIRABLE LOCATION
• DOWNTOWN AMENITIES
• SHOPS
• RESTAURANTS

Property features AI

Finance

• Other: Total buildings on site: 1
• Financial info: Semi-annual taxes reported

Exterior

• Parking: Public parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two-story; Slab foundation
• Construction: Shingle roof; Other construction materials
• Exterior features: Aluminum windows; Lot roughly 0.17 acres

Interior

• Bedrooms: Unit 1: 2 bedrooms; Two 2-bedroom units total
• Bathrooms: Unit 1: 1 full bathroom
• Heating & cooling: Forced air heating
• Interior features: Duplex structure; Two levels

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath multifamily listed at $300k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $296k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 3.0% in Springboro — 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 81/100 on livability (#93 in OH, #1,395 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: health & safety C-, amenities F, commute F.
• Springboro Community City (rural): math 77% / reading 79% proficiency, ranked #42 of 656 in OH (top 6%) — strong family-tenant draw, lease renewals of 3-5y typical; only 7% free/reduced lunch — higher-income household profile.
• Market conditions: 214 active listings in the ZIP; 1 comparable units currently listed for rent nearby; high-income renter base; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).
• This rent runs 37% of the median local income ($131k/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 $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $84k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 20 days — a 2% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 3 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.

Risks & watch-outs

• Watch-outs: built in 1837 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $295,500 (1.5% below list)

Questions for the listing agent

1. Built in 1837 — 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 A-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. 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.
5. 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.
6. 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: 1.36% ✓
• Cap rate: 11.79%
• Cash-on-cash: 19.62%
• DSCR: 1.87
• GRM: 6.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 11.6%
• Equity multiple: 1.46×
• Total profit: $38,807
• Equity at exit: $44,731

10-year hold

• IRR: 20.6%
• Equity multiple: 2.74×
• Total profit: $146,151
• Equity at exit: $25,939

Cash invested: $84,000 (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 45066

• Active inventory: 214
• Price-to-rent: 12.2×

Monthly cashflow live

• Estimated rent: $4,082 medium
• Mortgage (P&I): −$1,573
• Tax from tax record: −$153 /mo · $1,834/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$857
• Net cashflow: $1,374

Break-even live

Break-even rent $2,343

Max offer price $300,000

Occupancy floor 61%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$4,082
Total (2 units)			$4,082

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
174 Farmridge Rd Springboro, OH	4.0	3.5	2442	$2,850	$1.17	20d	1	0.75mi

Listing history 16 events

1. 2026-06-18
   days on market $300,000 Active 20 DOM
2. 2026-06-17
   days on market $300,000 Active 19 DOM
3. 2026-06-16
   days on market $300,000 Active 18 DOM
4. 2026-06-15
   days on market $300,000 Active 17 DOM
5. 2026-06-13
   days on market $300,000 Active 15 DOM
6. 2026-06-09
   days on market $300,000 Active 11 DOM
7. 2026-06-08
   days on market $300,000 Active 10 DOM
8. 2026-06-07
   days on market $300,000 Active 9 DOM
9. 2026-06-03
   days on market $300,000 Active 5 DOM
10. 2026-06-02
    days on market $300,000 Active 4 DOM
11. 2026-06-01
    days on market $300,000 Active 3 DOM
12. 2026-05-31
    days on market $300,000 Active 2 DOM
13. 2026-05-29
    status Active
14. 2026-05-29
    historical
15. 2026-05-28
    listed $300,000 Active

    Show marketing remark (729 chars)

    Unique investment opportunity in the heart of Springboro downtown district! Formerly operated as a hotel, this property is currently configured and used as a multifamily investment property with excellent income and expansion potential. The property currently features two functioning units with the possibility for four additional units, offering a rare opportunity for investors looking to maximize value and future cash flow. Situated in a highly desirable location near downtown amenities, shops, restaurants, and entertainment, this property offers endless possibilities for redevelopment, renovation, or long-term investment. One unit was recently vacated, providing added flexibility for future plans. Offered at $300,000.

16. 2026-05-28
    listed $300,000 Active 729-char remark

    Show marketing remark (729 chars)

    Unique investment opportunity in the heart of Springboro downtown district! Formerly operated as a hotel, this property is currently configured and used as a multifamily investment property with excellent income and expansion potential. The property currently features two functioning units with the possibility for four additional units, offering a rare opportunity for investors looking to maximize value and future cash flow. Situated in a highly desirable location near downtown amenities, shops, restaurants, and entertainment, this property offers endless possibilities for redevelopment, renovation, or long-term investment. One unit was recently vacated, providing added flexibility for future plans. Offered at $300,000.

ⓘ 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: $1,834 · $153/mo
• Projected year-2 tax: $3,257 · $271/mo
• Expected delta: +$1,423/yr (+$119/mo · 77.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $48,984
• − Mortgage interest: −$16,805
• − Property taxes: −$1,834
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,919
• − Management: −$3,919
• − Depreciation: −$8,727
• Taxable income: $12,281
• Est. tax owed @ 24.0%: −$2,947
• After-tax cash flow: $13,537/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: Springboro Community City
• NCES district ID: 3905042
• Math proficiency: 77% ▼ -6.00%
• Reading proficiency: 79% ▼ -3.00%
• Median HH income: $101,069
• Composite: 70.88/100
• National rank: #247
• State rank: #42 of 656 in OH

Livability — Springboro

• Score: 81/100
• State rank: #93
• US rank: #1395

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Springboro, OH
• County: Warren County · 196,906 people
• City population: 27,545
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 27,545
• Household income: $131,250
• Rent vs Own: 8.8% rent · 91.2% own
• Severe rent burden: 139.0

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 (86%)
• Race & ethnicity: White 86% Hispanic / Latino 4% Two or more races 4% Asian 3% Black 2%
• Common ancestry: Romanian 5% Slovak 3% Lithuanian 2%
• Foreign-born: 6% · Canada, China
• Languages at home: 93% English-only · Other Asian/Pacific 2% Spanish 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: ▼ -125.08%
• Current HPI: 221.4007
• Rent YoY: —
• 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

+0.0% since first listed

4 events — show timeline

• 2026-05-29 Relisted — Cincy MLS
• 2026-05-29 Listing Removed — Cincy MLS
• 2026-05-28 Listed $300,000 Dayton MLS
• 2026-05-28 Listed $300,000 Cincy MLS

Property tax history

+2.7%/yr

Latest (2025): $1,834 · +1.2% YoY. Source: county tax records.