8 W Fourth St · Cincinnati, OH 45202

$649,000

15 bd · None ba · 10,840 sqft · MultiFamily · 38 Days on market

Built 1850 2,744 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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• 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 (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

Key facts

• Bracketed cornice
• Ornate stone facade
• Arched windows

Tags

• ORNATE STONE FACADE
• BRACKETED CORNICE
• ARCHED WINDOWS
• OPEN SPAN FLOORPLATES
• HIGH CEILINGS
• SKYLIGHT

Property features AI

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Quad-level layout; Single building
• Construction: Stone foundation; Stone and brick construction
• Exterior features: Membrane roof; Wood windows

Interior

• Bedrooms: Five 3+ bedroom units (total of 5 units)
• Interior features: Elevator

What this means for you Summary

Snapshot

• This is a 15-bed/?-bath multifamily listed at $649k.

Deal economics

• At list price, monthly cash flow is $10k ($125k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($19k rent vs $649k).
• Recommended offer: $630k (3.0% below list) — sets the bar for market timing.
• Cap rate 25.6% 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 (+2.7%/yr); 154 active listings in the ZIP; solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $18,900/mo this rent would consume 237% of the median local household income ($96k/yr) (locally 1514% 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 $4k of loan paydown is wiped out by about $19k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $182k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($630k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 7y 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.

Risks & watch-outs

• Watch-outs: built in 1850 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $629,530 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1850 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 2.91% ✓
• Cap rate: 25.61%
• Cash-on-cash: 68.98%
• DSCR: 4.07
• GRM: 2.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 68.1%
• Equity multiple: 4.05×
• Total profit: $554,736
• Equity at exit: $96,768

10-year hold

• IRR: 72.2%
• Equity multiple: 8.25×
• Total profit: $1,317,700
• Equity at exit: $56,114

Cash invested: $181,720 (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 45202

• Rents YoY: 2.7%
• Active inventory: 154
• Price-to-rent: 28.6×

Monthly cashflow live

• Estimated rent: $18,900 high
• Mortgage (P&I): −$3,403
• Tax est. 1.5%: −$811 /mo · $9,735/yr
• Insurance: −$270
• HOA: −$0
• Vacancy / Maint / Mgmt: −$3,969
• Net cashflow: $10,446

Break-even live

Break-even rent $5,677

Max offer price $649,000

Occupancy floor 40%

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

Units	Beds	Baths	Est. rent
▸ 10× units	1	1	$18,900
Total (10 units)			$18,900

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: $162,250
• Closing costs: $19,470
• Reserves months: —
• Total cash needed: —

Listing history 43 events

1. 2026-06-18
   days on market $649,000 Active 38 DOM
2. 2026-06-17
   days on market $649,000 Active 37 DOM
3. 2026-06-16
   days on market $649,000 Active 36 DOM
4. 2026-06-15
   days on market $649,000 Active 35 DOM
5. 2026-06-13
   days on market $649,000 Active 33 DOM
6. 2026-06-13
   days on market $649,000 Active 32 DOM
7. 2026-06-09
   days on market $649,000 Active 29 DOM
8. 2026-06-08
   days on market $649,000 Active 28 DOM
9. 2026-06-07
   days on market $649,000 Active 27 DOM
10. 2026-06-03
    days on market $649,000 Active 23 DOM
11. 2026-06-02
    days on market $649,000 Active 22 DOM
12. 2026-06-01
    days on market $649,000 Active 21 DOM
13. 2026-05-31
    days on market $649,000 Active 20 DOM
14. 2026-05-11
    listed $649,000 Active
15. 2026-04-15
    historical 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

16. 2026-03-06
    price $699,000 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

17. 2026-01-27
    price $749,000 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

18. 2025-12-16
    listed $779,000 Active 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

19. 2025-12-08
    historical 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

20. 2025-12-01
    status Active 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

21. 2025-09-22
    historical Contingency Pending 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

22. 2025-09-08
    listed $779,000 Active 475-char remark

    Show marketing remark (475 chars)

    Renovation opportunity near Fountain Square, Stadiums & The Banks! 10,840sf five-story building is ready for your vision. Ornate stone facade with bracketed cornice and arched windows. 2100sf open span floorplates with high ceilings & skylight on 5th floor. Full construction plans are available. Best use is retail on the first floor and residential on the upper floors. Central elevator shaft & new roof. Located in the Downtown Opportunity Zone & zoned DD.

23. 2025-01-31
    historical
24. 2025-01-15
    listed $799,900 Active
25. 2025-01-15
    historical
26. 2024-11-15
    price $799,900
27. 2024-02-25
    listed $859,000 Active
28. 2022-07-11
    soldstatus $600,000 Sold
29. 2022-05-06
    historical Contingency Pending
30. 2022-02-06
    listed $595,000 Active
31. 2022-01-26
    historical
32. 2021-01-16
    listed $575,000 Active
33. 2021-01-04
    historical
34. 2020-09-23
    price $560,000
35. 2020-07-02
    listed $595,000 Active
36. 2020-01-13
    historical
37. 2019-10-03
    status Active
38. 2019-09-21
    historical Contingency Pending
39. 2019-07-09
    price $550,000
40. 2019-06-06
    status Active
41. 2019-05-02
    historical Accept Backup Offers
42. 2019-05-01
    price $600,000
43. 2019-03-25
    listed $550,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $226,800
• − Mortgage interest: −$36,354
• − Property taxes: −$9,735
• − Insurance: −$3,245
• − Repairs & maintenance: −$18,144
• − Management: −$18,144
• − Depreciation: −$18,880
• Taxable income: $122,298
• Est. tax owed @ 24.0%: −$29,351
• After-tax cash flow: $95,999/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): 17,869
• Household income: $95,633
• Rent vs Own: 73.6% rent · 26.4% own
• Severe rent burden: 1514.0

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 (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 6% Asian 4% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 2% Spanish 2% Other Asian/Pacific 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: ▼ -219.24%
• Current HPI: 233.4526
• Rent YoY: ▲ 2.70%
• 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

+18.0% since first listed

30 events — show timeline

• 2026-05-11 Listed $649,000 Cincy MLS
• 2026-04-15 Listing Removed — Cincy MLS
• 2026-03-06 Price Changed $699,000 Cincy MLS
• 2026-01-27 Price Changed $749,000 Cincy MLS
• 2025-12-16 Listed $779,000 Cincy MLS
• 2025-12-08 Listing Removed — Cincy MLS
• 2025-12-01 Relisted — Cincy MLS
• 2025-09-22 Contingent — Cincy MLS
• 2025-09-08 Listed $779,000 Cincy MLS
• 2025-01-31 Listing Removed — Cincy MLS
• 2025-01-15 Listing Removed — Cincy MLS
• 2025-01-15 Listed $799,900 Cincy MLS
• 2024-11-15 Price Changed $799,900 Cincy MLS
• 2024-02-25 Listed $859,000 Cincy MLS
• 2022-07-11 Sold (MLS) $600,000 Cincy MLS
• 2022-05-06 Contingent — Cincy MLS
• 2022-02-06 Listed $595,000 Cincy MLS
• 2022-01-26 Listing Removed — Cincy MLS
• 2021-01-16 Listed $575,000 Cincy MLS
• 2021-01-04 Listing Removed — Cincy MLS
• 2020-09-23 Price Changed $560,000 Cincy MLS
• 2020-07-02 Listed $595,000 Cincy MLS
• 2020-01-13 Listing Removed — Cincy MLS
• 2019-10-03 Relisted — Cincy MLS
• 2019-09-21 Contingent — Cincy MLS
• 2019-07-09 Price Changed $550,000 Cincy MLS
• 2019-06-06 Relisted — Cincy MLS
• 2019-05-02 Contingent — Cincy MLS
• 2019-05-01 Price Changed $600,000 Cincy MLS
• 2019-03-25 Listed $550,000 Cincy MLS