821 6th Ave · Middletown, OH 45044

$219,900

6 bd · 0.0 ba · — sqft · MultiFamily · 112 Days on market

Built 1924 Good condition 1,895 sqft lot Est $187k · 17% over ↓ 4% since listing

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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 +27.5/30.0
• DSCR +9.6/10.0
• 1% rule +7.5/10.0
• Rent growth +4.1/5.0
• Condition / age +4.0/5.0
• Livability +3.6/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 2 units. 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

Investor Opportunity! Well-maintained duplex offering two spacious 3-bedroom, 1-bath units, making it an excellent income-producing property. Each side features a functional layout with generous living space, updated LVP flooring, and a welcoming front porch perfect for relaxing. Both units include a full basement with washer and dryer hookups, providing added tenant convenience and storage potential. Strong rental appeal with separate living spaces and practical floor plans. Great opportunity to add a solid cash-flowing duplex to your portfolio!

Key facts

• Front porch
• Updated lvp flooring
• Full basement

Tags

• UPDATED LVP FLOORING
• FULL BASEMENT
• WASHER AND DRYER HOOKUPS
• FRONT PORCH

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1-bath units multifamily listed at $220k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $650 ($8k/yr) — positive. Per door: $325/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $200k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.8% 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; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 45% of the median local income ($74k/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 $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 112 days — a 9% lower offer ($200k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $200,109 (9.0% below list)

Questions for the listing agent

1. It's been on market 112 days. Have you received any prior offers? Is the seller open to a 9% 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 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.25% ✓
• Cap rate: 9.84%
• Cash-on-cash: 12.66%
• DSCR: 1.56
• GRM: 6.7

CMA / ARV

• ARV (median comp): $187,366
• List price: $219,900
• Delta: 17.36%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
211 Young St	0.54mi	6/2.5	2,879	6mo	$206,000	$72	47
1305 First Ave	0.55mi	6/—	2,129	21mo	$190,000	$89	44
612 Young St	0.53mi	6/2.0	3,064	23mo	$130,000	$42	36
1310 Girard Ave	0.53mi	7/3.0 (+1)	—	13mo	$90,000	—	35

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 · 6.31% rent growth · sell at horizon

5-year hold

• IRR: 6.1%
• Equity multiple: 1.25×
• Total profit: $15,234
• Equity at exit: $32,788

10-year hold

• IRR: 18.3%
• Equity multiple: 2.76×
• Total profit: $108,217
• Equity at exit: $19,013

Cash invested: $61,572 (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: 13.3×

Monthly cashflow live

• Estimated rent: $2,746 high
• Mortgage (P&I): −$1,153
• Tax est. 1.5%: −$275 /mo · $3,298/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$577
• Net cashflow: $650

Break-even live

Break-even rent $1,924

Max offer price $219,900

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,746
Total (2 units)			$2,746

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: $54,975
• Closing costs: $6,597
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $219,900 Active 112 DOM
2. 2026-06-17
   days on market $219,900 Active 111 DOM
3. 2026-06-16
   days on market $219,900 Active 110 DOM
4. 2026-06-15
   days on market $219,900 Active 109 DOM
5. 2026-06-13
   days on market $219,900 Active 107 DOM
6. 2026-06-09
   days on market $219,900 Active 103 DOM
7. 2026-06-08
   days on market $219,900 Active 102 DOM
8. 2026-06-07
   days on market $219,900 Active 101 DOM
9. 2026-06-03
   days on market $219,900 Active 97 DOM
10. 2026-06-02
    days on market $219,900 Active 96 DOM
11. 2026-06-01
    days on market $219,900 Active 95 DOM
12. 2026-05-31
    days on market $219,900 Active 94 DOM
13. 2026-04-15
    price $219,900 558-char remark

    Show marketing remark (558 chars)

    Investor Opportunity! Well-maintained duplex offering two spacious 3-bedroom, 1-bath units, making it an excellent income-producing property. Each side features a functional layout with generous living space, updated LVP flooring, and a welcoming front porch perfect for relaxing. Both units include a full basement with washer and dryer hookups, providing added tenant convenience and storage potential. Strong rental appeal with separate living spaces and practical floor plans. Great opportunity to add a solid cash-flowing duplex to your portfolio!

14. 2026-02-26
    listed $230,000 Active 558-char remark

    Show marketing remark (558 chars)

    Investor Opportunity! Well-maintained duplex offering two spacious 3-bedroom, 1-bath units, making it an excellent income-producing property. Each side features a functional layout with generous living space, updated LVP flooring, and a welcoming front porch perfect for relaxing. Both units include a full basement with washer and dryer hookups, providing added tenant convenience and storage potential. Strong rental appeal with separate living spaces and practical floor plans. Great opportunity to add a solid cash-flowing duplex to your portfolio!

ⓘ 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: $32,952
• − Mortgage interest: −$12,318
• − Property taxes: −$3,298
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,636
• − Management: −$2,636
• − Depreciation: −$6,397
• Taxable income: $4,567
• Est. tax owed @ 24.0%: −$1,096
• After-tax cash flow: $6,700/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab

This well-maintained duplex is ready for immediate occupancy, with updated kitchens and bathrooms, fresh paint, and new windows. Minor exterior touch-ups and updated ceiling fans would further enhance its curb appeal and value.

Value-add opportunities

• Both Paint exterior trim — Enhances curb appeal and value
• Both Replace ceiling fans — Improves air circulation and adds a modern touch

Renovation cost estimate screening

Value-add ROI direction

• Both Paint exterior trim — Enhances curb appeal and value ↑
• Both Replace ceiling fans — Improves air circulation and adds a modern touch ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-4.4% since first listed

2 events — show timeline

• 2026-04-15 Price Changed $219,900 Cincy MLS
• 2026-02-26 Listed $230,000 Cincy MLS