2331 May St · Cincinnati, OH 45206

$135,000

2 bd · 1.0 ba · 960 sqft · SingleFamily public records · 6 Days on market

Built 1895 2,483 sqft lot Est $207k · 35% under

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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 +21.0/30.0
• ARV discount +15.0/15.0
• DSCR +6.7/10.0
• 1% rule +5.2/10.0
• Livability +4.0/5.0
• Rent growth +3.1/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Welcome to 2331 May St! This 2 bed, 1 bath home is a good investment opportunity. Located in the heart of Walnut Hills and minutes away from the University of Cincinnati, Xavier University, OTR, and downtown.

Key facts

• Xavier university
• Dining
• Major employers

Tags

• NEAR DOWNTOWN CINCINNATI
• MAJOR EMPLOYERS
• DINING
• UNIVERSITY OF CINCINNATI
• XAVIER UNIVERSITY
• NEW ROOF

Property features AI

Finance

• Other: Lease not considered
• HOA & community: No HOA

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Ranch-style single family home; One story; Poured foundation
• Construction: Aluminum siding; Shingle roof
• Exterior features: Vinyl windows; Residential zoning

Interior

• Kitchen: Kitchen with vinyl flooring (20 x 18)
• Bedrooms: Two bedrooms total; Primary bedroom on level 1 (12 x 15); Second bedroom on level 1 (10 x 10)
• Flooring: Wall-to-wall carpet in living room; Vinyl flooring in kitchen
• Bathrooms: One full bathroom on level 1
• Heating & cooling: Forced air heating (gas); Central air conditioning; Gas water heating
• Interior features: Four total rooms; Partial unfinished basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $135k.

Deal economics

• At list price, monthly cash flow is $190 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $135k).
• Cap rate 8.0% 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 (+2.3%/yr); 67 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $933 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 28y 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 $104k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1895 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $135,000

Questions for the listing agent

1. Built in 1895 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.02% ✓
• Cap rate: 7.98%
• Cash-on-cash: 6.02%
• DSCR: 1.27
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $207,360
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2331 May St	0.00mi	2/1.0	960 (0%)	11mo	$104,000	$108	91
1130 Yale Ave	0.70mi	2/2.5	1,041 (+8%)	23mo	$225,000	$216	28

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 · 2.33% rent growth · sell at horizon

5-year hold

• IRR: -7.7%
• Equity multiple: 0.72×
• Total profit: $-10,728
• Equity at exit: $20,129

10-year hold

• IRR: 1.0%
• Equity multiple: 1.07×
• Total profit: $2,467
• Equity at exit: $11,672

Cash invested: $37,800 (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 45206

• Rents YoY: 2.3%
• Active inventory: 67
• Price-to-rent: 8.2×

Monthly cashflow live

• Estimated rent: $1,376 high
• Mortgage (P&I): −$708
• Tax from tax record: −$133 /mo · $1,601/yr
• Insurance: −$56
• HOA: −$0
• Vacancy / Maint / Mgmt: −$289
• Net cashflow: $190

Break-even live

Break-even rent $1,136

Max offer price $135,000

Occupancy floor 81%

Sensitivity live

Price	-10% $266	-5% $228	+0% $190	+5% $151	+10% $113
Rent	-10% $81	-5% $135	+0% $190	+5% $244	+10% $298
Rate	-1.0pp $258	-0.5pp $224	base $190	+0.5pp $155	+1.0pp $119

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: $33,750
• Closing costs: $4,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2315 Saint James Ave Unit 2B Cincinnati, OH	1.0	1.0	800	$895	$1.12	15d	1	0.29mi
2315 Saint James Ave Unit 17B Cincinnati, OH	1.0	1.0	750	$795	$1.06	15d	1	0.29mi
2315 Saint James Ave Unit 3B Cincinnati, OH	1.0	1.0	800	$895	$1.12	5d	1	0.29mi
937 Windsor St Unit 407 Cincinnati, OH	1.0	1.0	780	$1,479	$1.90	24d	1	0.32mi
937 Windsor St Unit 202 Cincinnati, OH	1.0	1.0	819	$1,464	$1.79	24d	1	0.32mi
937 Windsor St Unit 102 Cincinnati, OH	1.0	1.0	819	$1,454	$1.78	24d	1	0.32mi
2249 McGregor Pl Cincinnati, OH	3.0	1.0	960	$1,200	$1.25	24d	1	0.34mi
960 Francisco St Unit 104 Cincinnati, OH	1.0	1.0	534	$1,149	$2.15	24d	1	0.34mi
960 Francisco St Unit 107 Cincinnati, OH	2.0	2.0	912	$1,649	$1.81	24d	1	0.34mi
2612 Stanton Ave Unit 2 Cincinnati, OH	2.0	1.0	1020	$1,250	$1.23	24d	1	0.36mi
2612 Stanton Ave Unit 1 Cincinnati, OH	3.0	1.0	1080	$1,599	$1.48	24d	1	0.36mi
2612 Stanton Ave Unit 3 Cincinnati, OH	2.0	1.0	1000	$1,199	$1.20	21d	1	0.36mi
900 E McMillan St Cincinnati, OH	1.0	1.0	592	$1,275	$2.15	2d	2	0.37mi
2216 Burnet Ave Unit 2 Cincinnati, OH	1.0	1.0	750	$825	$1.10	22d	1	0.38mi
975 E McMillan St Cincinnati, OH	2.0	1.0	978	$1,695	$1.73	21d	1	0.44mi
975 E McMillan St Unit 201 Cincinnati, OH	2.0	1.0	978	$1,695	$1.73	21d	1	0.44mi
2334 Kemper Ln Unit 2334-02 Cincinnati, OH	1.0	1.0	750	$950	$1.27	24d	1	0.44mi
2334 Kemper Ln Unit 2334-13 Cincinnati, OH	1.0	1.0	750	$895	$1.19	14d	1	0.44mi
954 E McMillan St Cincinnati, OH	1.0	1.0	592	$1,400	$2.36	2d	1	0.44mi
523 Oak St Cincinnati, OH	1.0–2.0	1.0	650	$999	$1.54	24d	4	0.46mi
2532 Highland Ave Apt 20 Cincinnati, OH	1.0	1.0	700	$949	$1.36	24d	1	0.46mi
2118 Saint James Ave Cincinnati, OH	2.0	1.0	1005	$1,650	$1.64	24d	1	0.47mi
2112 Kemper Ln Apt 3 Cincinnati, OH	1.0	1.0	800	$1,260	$1.57	2d	1	0.52mi
2378 Park Ave Cincinnati, OH	1.0	1.0	710	$1,060	$1.49	5d	1	0.54mi
255 McGregor Ave Cincinnati, OH	1.0–2.0	1.0	700	$1,095	$1.56	5d	4	0.54mi
242 Mccormick Pl Unit 1056125P Cincinnati, OH	1.0	1.0	592	$1,850	$3.12	3d	1	0.55mi
240 Mcgregor Ave Unit 2 Cincinnati, OH	2.0	2.0	1100	$2,495	$2.27	24d	1	0.56mi
2215 Victory Pkwy Cincinnati, OH	1.0	1.0	750	$1,100	$1.47	24d	1	0.59mi
2330 Victory Pkwy Cincinnati, OH	1.0–2.0	1.0–2.0	693	$1,999	$2.88	3d	6	0.63mi
2340 Victory Pkwy Cincinnati, OH	1.0	1.0	490	$999	$2.04	24d	4	0.63mi
1228 E McMillan St Cincinnati, OH	1.0–2.0	1.0–2.0	1340	$2,327	$1.74	2d	14	0.69mi
2622 Victory Pkwy Unit 102 Cincinnati, OH	1.0	1.0	540	$1,133	$2.10	24d	1	0.70mi
2624 Victory Pkwy Unit 206 Cincinnati, OH	2.0	1.0	975	$1,499	$1.54	11d	1	0.70mi
2624 Victory Pkwy Unit 107 Cincinnati, OH	1.0	1.0	540	$1,133	$2.10	24d	1	0.70mi
246 E University Ave Unit 246-2 Cincinnati, OH	2.0	1.0	750	$1,699	$2.27	5d	1	0.72mi
225 E University Ave Cincinnati, OH	3.0	2.0	1000	$3,000	$3.00	24d	1	0.74mi
830 Beecher St Unit 852-49 Cincinnati, OH	2.0	1.0	689	$925	$1.34	5d	1	0.75mi
830 Beecher St Unit 852-52 Cincinnati, OH	1.0	1.0	580	$755	$1.30	24d	1	0.75mi
207 E University Ave Cincinnati, OH	2.0	1.0	905	$1,600	$1.77	24d	1	0.78mi
2906 Alms Pl Cincinnati, OH	2.0	1.0	800	$1,100	$1.38	17d	1	0.82mi

Listing history 6 events

1. 2026-06-18
   days on market $135,000 Active 6 DOM
2. 2026-06-17
   days on market $135,000 Active 5 DOM
3. 2026-06-16
   days on market $135,000 Active 4 DOM
4. 2026-06-15
   days on market $135,000 Active 3 DOM
5. 2026-06-13
   remarks 402-char remark
6. 2026-06-13
   listed $135,000 Active 1 DOM

ⓘ 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: $1,601 · $133/mo
• Projected year-2 tax: $1,854 · $154/mo
• Expected delta: +$252/yr (+$21/mo · 15.8%)

ⓘ 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 · 18 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: $16,514
• − Mortgage interest: −$7,562
• − Property taxes: −$1,601
• − Insurance: −$675
• − Repairs & maintenance: −$1,321
• − Management: −$1,321
• − Depreciation: −$3,927
• Taxable income: $106
• Est. tax owed @ 24.0%: −$25
• After-tax cash flow: $2,249/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): 10,299
• Household income: $62,648
• Rent vs Own: 63.0% rent · 37.0% own
• Severe rent burden: 618.0

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: Diverse neighborhood (Simpson 0.61)
• Race & ethnicity: White 50% Black 37% Two or more races 8% Hispanic / Latino 4% Asian 3%
• Common ancestry: Slovak 2% Romanian 2% Iranian 1%
• Foreign-born: 4% · Vietnam, Canada
• Languages at home: 94% English-only · Spanish 2% Vietnamese 2% Other Indo-European 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: ▼ -200.07%
• Current HPI: 227.6837
• Rent YoY: ▲ 2.33%
• 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

+1025.0% since first listed

8 events — show timeline

• 2026-06-12 Listed $135,000 Cincy MLS
• 2025-07-24 Sold (MLS) $104,000 Cincy MLS
• 2025-06-20 Contingent — Cincy MLS
• 2025-05-23 Listed $108,999 Cincy MLS
• 2008-05-01 Listing Removed — Cincy MLS
• 2007-10-13 Listed $72,000 Cincy MLS
• 1999-01-25 Listing Removed — Cincy MLS
• 1998-10-05 Listed $12,000 Cincy MLS

Property tax history

+23.3%/yr

Latest (2025): $1,601 · +0.1% YoY. Source: county tax records.