705 Crawford St · Middletown, OH 45044

$179,900

4 bd · 3.0 ba · 1,862 sqft · MultiFamily public records · 74 Days on market

Built 1914 4,792 sqft lot $97/sqft · 9% above area Est $166k · 9% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Rent growth +4.1/5.0
• ARV discount +3.6/15.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 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

Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

Key facts

• Off street parking
• Kitchen equipped
• Fenced rear yard

Tags

• KITCHEN EQUIPPED
• SEPARATE LAUNDRY HOOKUPS
• FENCED REAR YARD
• OFF STREET PARKING

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $684 ($8k/yr) — positive. Per door: $342/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $180k).
• Recommended offer: $169k (6.0% below list) — sets the bar for market timing.
• Cap rate 11.2% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 40% 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 $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $50k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($169k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 23y 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 $148k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $56/mo; built in 1914 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $169,106 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 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 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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?
10. 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.
11. 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.
12. 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: 11.23%
• Cash-on-cash: 17.63%
• DSCR: 1.78
• GRM: 6.1

CMA / ARV

• ARV (median comp): $165,634
• List price: $179,900
• Delta: 8.61%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1406 Forest Ave	0.43mi	3/3.0 (-1)	1,736 (-7%)	17mo	$154,000	$89	49
1324 Fairmount Ave	0.55mi	4/2.0	1,668 (-10%)	16mo	$107,000	$64	40

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: 11.0%
• Equity multiple: 1.45×
• Total profit: $22,864
• Equity at exit: $26,824

10-year hold

• IRR: 22.6%
• Equity multiple: 3.24×
• Total profit: $113,047
• 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 45044

• Rents YoY: 6.3%
• Active inventory: 203
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $2,439 high
• Mortgage (P&I): −$943
• Tax from tax record: −$169 /mo · $2,022/yr
• Insurance: −$75
• Flood insurance flood zone: −$56 /mo · $666/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$512
• Net cashflow: $684

Break-even live

Break-even rent $1,573

Max offer price $179,900

Occupancy floor 67%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.8	$2,440
Total (2 units)			$2,439

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 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2007 Logan Ave Middletown, OH	3.0	1.5	1502	$1,195	$0.80	17d	1	0.32mi
907 8th Ave Middletown, OH	3.0	1.5	1380	$1,400	$1.01	17d	1	0.97mi
3504 Greenwood Dr Middletown, OH	3.0	1.5	1712	$1,831	$1.07	12d	1	1.45mi

Listing history 25 events

1. 2026-05-31
   status $179,900 Pending 74 DOM
2. 2026-05-08
   status Active 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

3. 2026-05-06
   status Pending 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

4. 2026-05-01
   status Active 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

5. 2026-05-01
   price $179,900 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

6. 2026-04-25
   historical ActiveUnderContract 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

7. 2026-04-13
   status Active 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

8. 2026-04-09
   status Pending 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

9. 2026-04-02
   price $184,000 335-char remark

   Show marketing remark (335 chars)

   Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

10. 2026-03-11
    listed $189,000 Active 335-char remark

    Show marketing remark (335 chars)

    Great opportunity to own a duplex in Middletown! This duplex features 2 bedrooms in each unit with full bathroom (bottom unit has an additional half bath). Both units are occupied. Kitchen is equipped with refrigerators and electric stoves. Separate laundry hookups in each unit. Fenced rear yard with off street parking and a garage.

11. 2023-11-29
    historical $900
12. 2023-11-16
    listed $900
13. 2021-08-16
    soldstatus $148,000
14. 2021-08-06
    soldstatus $148,000 Sold 278-char remark

    Show marketing remark (278 chars)

    Great investment opportunity! Duplex with a 2 bedroom 1 1/2 bathroom on first floor and 2 bedroom, 1 bathroom on second floor. Second floor unit has undergone complete remodel in the past three months. First floor unit is occupied and has undergone a rehab within the past year.

15. 2021-08-06
    soldstatus $148,000 Closed 278-char remark

    Show marketing remark (278 chars)

    Great investment opportunity! Duplex with a 2 bedroom 1 1/2 bathroom on first floor and 2 bedroom, 1 bathroom on second floor. Second floor unit has undergone complete remodel in the past three months. First floor unit is occupied and has undergone a rehab within the past year.

16. 2021-06-23
    historical 278-char remark

    Show marketing remark (278 chars)

    Great investment opportunity! Duplex with a 2 bedroom 1 1/2 bathroom on first floor and 2 bedroom, 1 bathroom on second floor. Second floor unit has undergone complete remodel in the past three months. First floor unit is occupied and has undergone a rehab within the past year.

17. 2021-06-23
    listed $145,000 278-char remark

    Show marketing remark (278 chars)

    Great investment opportunity! Duplex with a 2 bedroom 1 1/2 bathroom on first floor and 2 bedroom, 1 bathroom on second floor. Second floor unit has undergone complete remodel in the past three months. First floor unit is occupied and has undergone a rehab within the past year.

18. 2019-06-26
    soldstatus $30,000
19. 2010-12-30
    historical
20. 2010-12-30
    historical
21. 2007-03-31
    listed $85,000
22. 2007-03-31
    listed $85,000
23. 2007-02-15
    historical
24. 2003-07-14
    listed $85,000
25. 1987-08-01
    soldstatus $23,800

ⓘ 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: $2,022 · $169/mo
• Projected year-2 tax: $2,414 · $201/mo
• Expected delta: +$392/yr (+$33/mo · 19.4%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone X (unshaded) · 77% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 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: $29,268
• − Mortgage interest: −$10,077
• − Property taxes: −$2,022
• − Insurance: −$1,566
• − Repairs & maintenance: −$2,341
• − Management: −$2,341
• − Depreciation: −$5,233
• Taxable income: $5,686
• Est. tax owed @ 24.0%: −$1,365
• After-tax cash flow: $6,848/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: 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

+655.9% since first listed

24 events — show timeline

• 2026-05-08 Relisted — Dayton MLS
• 2026-05-06 Pending — Dayton MLS
• 2026-05-01 Relisted — Dayton MLS
• 2026-05-01 Price Changed $179,900 Dayton MLS
• 2026-04-25 Contingent — Dayton MLS
• 2026-04-13 Relisted — Dayton MLS
• 2026-04-09 Pending — Dayton MLS
• 2026-04-02 Price Changed $184,000 Dayton MLS
• 2026-03-11 Listed $189,000 Dayton MLS
• 2023-11-29 Rental Removed $900 APPFOLIO
• 2023-11-16 Listed for Rent $900 APPFOLIO
• 2021-08-16 Sold (Public Records) $148,000 Public Records
• 2021-08-06 Sold (MLS) $148,000 Dayton MLS
• 2021-08-06 Sold (MLS) $148,000 Dayton MLS
• 2021-06-23 Listing Removed — Dayton MLS
• 2021-06-23 Listed $145,000 Dayton MLS
• 2019-06-26 Sold (Public Records) $30,000 Public Records
• 2010-12-30 Listing Removed — Cincy MLS
• 2010-12-30 Listing Removed — Dayton MLS
• 2007-03-31 Listed $85,000 Cincy MLS
• 2007-03-31 Listed $85,000 Dayton MLS
• 2007-02-15 Listing Removed — Cincy MLS
• 2003-07-14 Listed $85,000 Cincy MLS
• 1987-08-01 Sold (Public Records) $23,800 Public Records

Property tax history

+9.7%/yr

Latest (2025): $2,022 · +1.2% YoY. Source: county tax records.