1808 Meadow Ave · Middletown, OH 45044

$125,000

2 bd · 1.0 ba · 1,056 sqft · SingleFamily public records · 157 Days on market

Built 1944 4,792 sqft lot $118/sqft · 8% above area Est $115k · 8% over

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Why this score? — see what drove the D+ 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 +19.2/30.0
• DSCR +6.1/10.0
• 1% rule +4.9/10.0
• Rent growth +4.1/5.0
• ARV discount +3.8/15.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

SHORT SALE. Bank is willing to take less than is owed. Great value add opportunity. Property is winterized. Needs some work but overall in decent condition. Bathroom was recently remodeled. Use your skills to bring this property back to life.

Key facts

• 4,792 sq ft lot
• Built 1944
• Listed 157 days

Tags

• PROPERTY IS WINTERIZED

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $136 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $124k (0.8% below list).
• Recommended offer: $110k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% 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; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 157 days — a 12% lower offer ($110k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 21y 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 1944 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $110,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 157 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1944 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.99% ✗
• Cap rate: 7.60%
• Cash-on-cash: 4.67%
• DSCR: 1.21
• GRM: 8.4

CMA / ARV

• ARV (median comp): $115,413
• List price: $125,000
• Delta: 8.31%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2012 Pearl St	0.15mi	2/1.0	996 (-6%)	7mo	$117,500	$118	78
1621 Lafayette Ave	0.20mi	2/1.0	984 (-7%)	3mo	$112,000	$114	77
1507 Pershing Ave	0.48mi	3/1.0 (+1)	1,064 (+1%)	4mo	$173,900	$163	68
1613 Sheridan Ave	0.52mi	3/1.0 (+1)	1,050 (-1%)	2mo	$150,000	$143	68
2924 Seneca St	0.68mi	2/1.0	1,040 (-2%)	2mo	$63,000	$61	64
1717 Pershing Ave	0.36mi	2/1.0	972 (-8%)	8mo	$127,000	$131	63
1713 Lafayette Ave	0.17mi	2/1.0	912 (-14%)	8mo	$80,000	$88	63
2804 Yankee Rd	0.41mi	3/1.0 (+1)	1,106 (+5%)	7mo	$72,000	$65	62
3007 Omaha St	0.65mi	3/1.5 (+1)	1,049 (-1%)	5mo	$180,000	$172	58
1404 Young St	0.70mi	2/1.0	1,002 (-5%)	7mo	$100,500	$100	53
1702 Glenwood Ave	0.47mi	3/1.0 (+1)	965 (-9%)	8mo	$174,900	$181	52
3106 Rufus St	0.71mi	3/1.0 (+1)	1,164 (+10%)	2mo	$164,900	$142	43

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: -5.4%
• Equity multiple: 0.79×
• Total profit: $-7,313
• Equity at exit: $18,638

10-year hold

• IRR: 7.7%
• Equity multiple: 1.67×
• Total profit: $23,566
• Equity at exit: $10,808

Cash invested: $35,000 (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 45044

• Rents YoY: 6.3%
• Active inventory: 203
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $1,240 high
• Mortgage (P&I): −$656
• Tax from tax record: −$136 /mo · $1,633/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$260
• Net cashflow: $136

Break-even live

Break-even rent $1,068

Max offer price $125,000

Occupancy floor 84%

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: $31,250
• Closing costs: $3,750
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2000 Pearl St Middletown, OH	2.0	1.0	900	$3,500	$3.89	1d	4	0.19mi
1409 Young St Unit 1 Middletown, OH	1.0	1.0	1050	$950	$0.90	4d	1	0.68mi
1419 Oxford State Rd Middletown, OH	2.0	1.0	900	$2,495	$2.77	1d	1	0.92mi
1804 Brentwood St Middletown, OH	3.0	1.0	1044	$1,430	$1.37	23d	1	1.04mi
702 Baltimore St Middletown, OH	2.0	1.0	848	$895	$1.06	43d	1	1.05mi
1109 Oxford State Rd Middletown, OH	2.0	1.0	744	$995	$1.34	1d	1	1.05mi
1915 Woodlawn Ave Middletown, OH	3.0	1.5	1060	$1,550	$1.46	43d	1	1.13mi
2101 S Main St Middletown, OH	1.0–2.0	1.0	757	$900	$1.19	1d	1	1.16mi
2208 Woodlawn Ave Middletown, OH	2.0	1.0	780	$895	$1.15	43d	1	1.17mi
2310 S Sutphin St Middletown, OH	2.0	1.0	967	$1,025	$1.06	23d	1	1.18mi
3122 Beatrice Dr Middletown, OH	3.0	1.0	1198	$1,550	$1.29	43d	1	1.28mi
2400 Sherman Ave Middletown, OH	2.0	1.0	920	$1,280	$1.39	43d	1	1.30mi
907 8th Ave Middletown, OH	3.0	1.5	1380	$1,400	$1.01	17d	1	1.40mi
3003 Grand Ave Middletown, OH	2.0	1.0	928	$1,050	$1.13	10d	1	1.45mi
3003 Grand Ave Fl 1 Middletown, OH	2.0	1.0	928	$1,050	$1.13	7d	1	1.45mi
3106 Grand Ave Unit 2 Middletown, OH	2.0	1.0	918	$925	$1.01	43d	1	1.48mi

Listing history 42 events

1. 2026-06-18
   days on market $125,000 Active 157 DOM
2. 2026-06-17
   days on market $125,000 Active 156 DOM
3. 2026-06-16
   days on market $125,000 Active 155 DOM
4. 2026-06-15
   days on market $125,000 Active 154 DOM
5. 2026-06-13
   days on market $125,000 Active 152 DOM
6. 2026-06-09
   days on market $125,000 Active 148 DOM
7. 2026-06-08
   days on market $125,000 Active 147 DOM
8. 2026-06-07
   days on market $125,000 Active 146 DOM
9. 2026-06-03
   days on market $125,000 Active 142 DOM
10. 2026-06-02
    days on market $125,000 Active 141 DOM
11. 2026-06-01
    days on market $125,000 Active 140 DOM
12. 2026-05-31
    days on market $125,000 Active 139 DOM
13. 2026-01-12
    listed $125,000 Active 248-char remark

    Show marketing remark (248 chars)

    SHORT SALE. Bank is willing to take less than is owed. Great value add opportunity. Property is winterized. Needs some work but overall in decent condition. Bathroom was recently remodeled. Use your skills to bring this property back to life.

14. 2025-12-31
    historical 323-char remark

    Show marketing remark (323 chars)

    This home is waiting for you. fenced in and ready for any pets you may have. Take advantage of the openness of the kitchen with an easy transition to the dining room. Wonderfully large living room that all your guests will enjoy. Additional storage is located in the shed in the back. Parking is toward the back as well

15. 2025-12-11
    price $130,000 323-char remark

    Show marketing remark (323 chars)

    This home is waiting for you. fenced in and ready for any pets you may have. Take advantage of the openness of the kitchen with an easy transition to the dining room. Wonderfully large living room that all your guests will enjoy. Additional storage is located in the shed in the back. Parking is toward the back as well

16. 2025-07-30
    listed $145,000 Active 323-char remark

    Show marketing remark (323 chars)

    This home is waiting for you. fenced in and ready for any pets you may have. Take advantage of the openness of the kitchen with an easy transition to the dining room. Wonderfully large living room that all your guests will enjoy. Additional storage is located in the shed in the back. Parking is toward the back as well

17. 2025-07-22
    historical
18. 2025-02-11
    price $145,000
19. 2025-01-22
    listed $150,000 Active
20. 2024-02-14
    soldstatus $136,000
21. 2024-02-07
    soldstatus $136,000 Sold
22. 2024-02-07
    soldstatus $136,000 Closed
23. 2024-02-07
    soldstatus $136,000 Closed
24. 2024-01-12
    status Pending
25. 2024-01-08
    status Pending
26. 2023-12-19
    listed $139,900 Active
27. 2023-12-15
    listed $139,900 Active
28. 2016-02-02
    soldstatus $13,000 Sold
29. 2016-01-29
    soldstatus $13,000 Closed
30. 2016-01-29
    soldstatus $13,000 Sold
31. 2015-11-19
    historical Accept Backup Offers
32. 2015-11-19
    status Pending
33. 2015-11-09
    price $16,500
34. 2015-11-09
    price $16,500
35. 2015-09-29
    listed $37,000 Active
36. 2015-09-29
    listed $37,000 Active
37. 2005-11-21
    soldstatus $32,500
38. 2005-11-09
    soldstatus $32,500
39. 2005-09-26
    listed $31,500
40. 1999-09-10
    soldstatus $46,000
41. 1998-01-29
    soldstatus $46,000
42. 1993-07-09
    soldstatus $34,900

ⓘ 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: $1,633 · $136/mo
• Projected year-2 tax: $1,791 · $149/mo
• Expected delta: +$159/yr (+$13/mo · 9.7%)

ⓘ 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 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: $14,883
• − Mortgage interest: −$7,002
• − Property taxes: −$1,633
• − Insurance: −$625
• − Repairs & maintenance: −$1,191
• − Management: −$1,191
• − Depreciation: −$3,636
• Taxable loss: −$395
• Est. tax savings @ 24.0%: +$95
• After-tax cash flow: $1,728/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

+258.2% since first listed

30 events — show timeline

• 2026-01-12 Listed $125,000 Cincy MLS
• 2025-12-31 Listing Removed — Cincy MLS
• 2025-12-11 Price Changed $130,000 Cincy MLS
• 2025-07-30 Listed $145,000 Cincy MLS
• 2025-07-22 Listing Removed — Cincy MLS
• 2025-02-11 Price Changed $145,000 Cincy MLS
• 2025-01-22 Listed $150,000 Cincy MLS
• 2024-02-14 Sold (Public Records) $136,000 Public Records
• 2024-02-07 Sold (MLS) $136,000 Cincy MLS
• 2024-02-07 Sold (MLS) $136,000 Dayton MLS
• 2024-02-07 Sold (MLS) $136,000 Dayton MLS
• 2024-01-12 Pending — Cincy MLS
• 2024-01-08 Pending — Dayton MLS
• 2023-12-19 Listed $139,900 Dayton MLS
• 2023-12-15 Listed $139,900 Cincy MLS
• 2016-02-02 Sold (MLS) $13,000 Dayton MLS
• 2016-01-29 Sold (MLS) $13,000 Cincy MLS
• 2016-01-29 Sold (MLS) $13,000 Dayton MLS
• 2015-11-19 Contingent — Cincy MLS
• 2015-11-19 Pending — Dayton MLS
• 2015-11-09 Price Changed $16,500 Dayton MLS
• 2015-11-09 Price Changed $16,500 Cincy MLS
• 2015-09-29 Listed $37,000 Cincy MLS
• 2015-09-29 Listed $37,000 Dayton MLS
• 2005-11-21 Sold (Public Records) $32,500 Public Records
• 2005-11-09 Sold (MLS) $32,500 Cincy MLS
• 2005-09-26 Listed $31,500 Cincy MLS
• 1999-09-10 Sold (Public Records) $46,000 Public Records
• 1998-01-29 Sold (Public Records) $46,000 Public Records
• 1993-07-09 Sold (Public Records) $34,900 Public Records

Property tax history

+2.5%/yr

Latest (2025): $1,633 · -1.3% YoY. Source: county tax records.