58 Gorman Ln · Reading, OH 45215

$334,900

24 bd · 16.0 ba · 2,430 sqft · MultiFamily · 69 Days on market

Built 1942 6,316 sqft lot $138/sqft · 19% above area Est $281k · 19% over

---

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 +25.8/30.0
• DSCR +8.6/10.0
• 1% rule +6.7/10.0
• Rent growth +4.5/5.0
• Schools +4.4/10.0
• Livability +4.0/5.0
• Condition / age +2.5/5.0
• 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: 4 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

Fully leased 4-unit all brick building generating $3,325/mo, with an upside potential of $3700+. Features ample off-street parking, on-site storage, and vendor-managed coin laundry. Recently renovated units boast hardwood / premium vinyl plank floors, updated counters, cabinets, and baths. Tenants pay electric and cooking gas. Owner pays central heat, water, and trash (total $484/mo on average). Unit A (2BR): $1025 month-to-month. Unit B (Studio): $600 long-term tenant thru 9/30/26. Unit C (2BR): $1000 thru 10/8/26. Unit D (Studio): $700 thru 3/20/27. Rents are below market. All appliances stay. Great investment opportunity with instant and long-term potential! See pdf file for a list of major repairs. Video walkthroughs available upon request.

Key facts

• 6,316 sq ft lot
• 4 parking spots
• Built 1942

What this means for you Summary

Snapshot

• This is a 2×2bd/1ba + 2×1bd/1ba units multifamily listed at $335k.

Deal economics

• At list price, monthly cash flow is $810 ($10k/yr) — positive. Per door: $203/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $335k).
• Recommended offer: $315k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.2% vs local median 4.8% in Reading — 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 (#112 in OH, #1,682 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D, amenities F.
• Reading Community City (suburban): math 51% / reading 54% proficiency, ranked #413 of 656 in OH (top 63%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+8.0%/yr); 47 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $3,922/mo this rent would consume 68% 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 $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $94k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 26y 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 $335k implies a 509% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1942 — 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 $314,806 (6.0% below list)

Questions for the listing agent

1. It's been on market 69 days. Have you received any prior offers? Is the seller open to a 6% 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 1942 — 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 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?
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: 1.17% ✓
• Cap rate: 9.20%
• Cash-on-cash: 10.37%
• DSCR: 1.46
• GRM: 7.1

CMA / ARV

• ARV (median comp): $281,484
• List price: $334,900
• Delta: 18.98%
• Verdict: OVERPRICED
• Comps: 17 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.19×
• Total profit: $18,102
• Equity at exit: $49,935

10-year hold

• IRR: 18.3%
• Equity multiple: 2.88×
• Total profit: $176,718
• Equity at exit: $28,956

Cash invested: $93,772 (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: 27.4×

Monthly cashflow live

• Estimated rent: $3,922 high
• Mortgage (P&I): −$1,756
• Tax from tax record: −$392 /mo · $4,709/yr
• Insurance: −$140
• HOA: −$0
• Vacancy / Maint / Mgmt: −$824
• Net cashflow: $810

Break-even live

Break-even rent $2,896

Max offer price $334,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,036
▸ 2× units	1	1	$1,888
Total (4 units)			$3,922

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: $83,725
• Closing costs: $10,047
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $334,900 Active 69 DOM
2. 2026-06-17
   days on market $334,900 Active 68 DOM
3. 2026-06-16
   days on market $334,900 Active 67 DOM
4. 2026-06-15
   days on market $334,900 Active 66 DOM
5. 2026-06-13
   days on market $334,900 Active 64 DOM
6. 2026-06-13
   days on market $334,900 Active 63 DOM
7. 2026-06-09
   days on market $334,900 Active 60 DOM
8. 2026-06-08
   days on market $334,900 Active 59 DOM
9. 2026-06-07
   days on market $334,900 Active 58 DOM
10. 2026-06-03
    days on market $334,900 Active 54 DOM
11. 2026-06-02
    days on market $334,900 Active 53 DOM
12. 2026-06-01
    days on market $334,900 Active 52 DOM
13. 2026-05-31
    days on market $334,900 Active 51 DOM
14. 2026-05-12
    price $334,900 754-char remark

    Show marketing remark (754 chars)

    Fully leased 4-unit all brick building generating $3,325/mo, with an upside potential of $3700+. Features ample off-street parking, on-site storage, and vendor-managed coin laundry. Recently renovated units boast hardwood / premium vinyl plank floors, updated counters, cabinets, and baths. Tenants pay electric and cooking gas. Owner pays central heat, water, and trash (total $484/mo on average). Unit A (2BR): $1025 month-to-month. Unit B (Studio): $600 long-term tenant thru 9/30/26. Unit C (2BR): $1000 thru 10/8/26. Unit D (Studio): $700 thru 3/20/27. Rents are below market. All appliances stay. Great investment opportunity with instant and long-term potential! See pdf file for a list of major repairs. Video walkthroughs available upon request.

15. 2026-04-10
    listed $349,900 Active 754-char remark

    Show marketing remark (754 chars)

    Fully leased 4-unit all brick building generating $3,325/mo, with an upside potential of $3700+. Features ample off-street parking, on-site storage, and vendor-managed coin laundry. Recently renovated units boast hardwood / premium vinyl plank floors, updated counters, cabinets, and baths. Tenants pay electric and cooking gas. Owner pays central heat, water, and trash (total $484/mo on average). Unit A (2BR): $1025 month-to-month. Unit B (Studio): $600 long-term tenant thru 9/30/26. Unit C (2BR): $1000 thru 10/8/26. Unit D (Studio): $700 thru 3/20/27. Rents are below market. All appliances stay. Great investment opportunity with instant and long-term potential! See pdf file for a list of major repairs. Video walkthroughs available upon request.

16. 2013-03-25
    soldstatus $55,000 145-char remark

    Show marketing remark (145 chars)

    6 bedrooms, 4 bath Mutli Family Quad home. Property features Gas/None, a partial basement, 4 built in garage at rear and 4 private parking places

17. 2013-01-23
    listed $50,000 145-char remark

    Show marketing remark (145 chars)

    6 bedrooms, 4 bath Mutli Family Quad home. Property features Gas/None, a partial basement, 4 built in garage at rear and 4 private parking places

18. 2010-10-31
    historical
19. 2009-11-06
    listed $135,000
20. 2006-10-26
    soldstatus $118,600
21. 2006-08-17
    listed $115,900
22. 2000-11-27
    soldstatus $126,500
23. 2000-11-14
    soldstatus $126,500
24. 2000-06-22
    listed $130,000
25. 1992-05-12
    soldstatus $105,000
26. 1990-07-10
    soldstatus $101,075
27. 1988-10-03
    soldstatus $1,200,000
28. 1988-10-03
    soldstatus $829,600

ⓘ 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: $4,709 · $392/mo
• Projected year-2 tax: $4,967 · $414/mo
• Expected delta: +$258/yr (+$21/mo · 5.5%)

ⓘ 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 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $47,064
• − Mortgage interest: −$18,760
• − Property taxes: −$4,709
• − Insurance: −$1,674
• − Repairs & maintenance: −$3,765
• − Management: −$3,765
• − Depreciation: −$9,743
• Taxable income: $4,648
• Est. tax owed @ 24.0%: −$1,116
• After-tax cash flow: $8,607/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: Reading Community City
• NCES district ID: 3904469
• Math proficiency: 51% ▼ -12.00%
• Reading proficiency: 54% ▼ -9.00%
• Median HH income: $43,128
• Composite: 44.19/100
• National rank: #2854
• State rank: #413 of 656 in OH

Livability — Reading

• Score: 80/100
• State rank: #112
• US rank: #1682

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Reading, OH
• County: Hamilton County · 701,295 people
• 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

-72.1% since first listed

15 events — show timeline

• 2026-05-12 Price Changed $334,900 Cincy MLS
• 2026-04-10 Listed $349,900 Cincy MLS
• 2013-03-25 Sold (MLS) $55,000 Cincy MLS
• 2013-01-23 Listed $50,000 Cincy MLS
• 2010-10-31 Listing Removed — Cincy MLS
• 2009-11-06 Listed $135,000 Cincy MLS
• 2006-10-26 Sold (MLS) $118,600 Cincy MLS
• 2006-08-17 Listed $115,900 Cincy MLS
• 2000-11-27 Sold (Public Records) $126,500 Public Records
• 2000-11-14 Sold (MLS) $126,500 Cincy MLS
• 2000-06-22 Listed $130,000 Cincy MLS
• 1992-05-12 Sold (Public Records) $105,000 Public Records
• 1990-07-10 Sold (Public Records) $101,075 Public Records
• 1988-10-03 Sold (Public Records) $829,600 Public Records
• 1988-10-03 Sold (Public Records) $1,200,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $4,709 · +0.2% YoY. Source: county tax records.