923 Bank St · Cincinnati, OH 45214

$575,000

8 bd · 4.0 ba · 5,832 sqft · MultiFamily public records · 32 Days on market

Built 1863 8,276 sqft lot

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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).

• Appreciation +10.0/10.0
• Cash flow +7.7/30.0
• ARV discount +7.5/15.0
• Rent growth +4.5/5.0
• Livability +4.0/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +1.8/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Excellent investment opportunity in the heart of Cincinnati. With 10 parking spaces, and approximately 1500SF per floor, this could easily be a 3-unit building with one 2BR unit per floor. Property being sold As Is-Where Is.

Key facts

• 8,276 sq ft lot
• 10 parking spots
• Built 1863

Property features AI

Exterior

• Parking: Off-street parking on asphalt; Approximately 10 open parking spaces
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Three or more levels
• Construction: Brick construction; Poured foundation; Membrane roof; Built with vinyl and wood windows
• Exterior features: Porch; Balcony; Fire escape; Busline nearby; Corporation owned

Interior

• Bedrooms: One 2-bedroom unit; One 4-bedroom unit
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 2 full bathrooms
• Heating & cooling: Gas heating; Central air conditioning; Separate gas and electric meters
• Interior features: Full basement; Four fireplaces (currently inoperable)

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $575k.

Deal economics

• At list price, monthly cash flow is $-673 ($-8k/yr) — negative. Per door: $-224/mo.
• To cash-flow at today's rent, offer at most $456k (20.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $428k (25.5% below list).
• Recommended offer: $428k (25.5% below list) — sets the bar for 1% rule.
• Cap rate 4.9% vs local median 3.9% in Cincinnati — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 fast (+8.1%/yr); 67 active listings in the ZIP; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $4,283/mo this rent would consume 185% of the median local household income ($28k/yr) (locally 857% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $61k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 32 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 18y 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 $37k; list at $575k implies a 1454% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1863 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $428,300 (25.5% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 32 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1863 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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?
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: 0.74% ✗
• Cap rate: 4.89%
• Cash-on-cash: -5.01%
• DSCR: 0.78
• GRM: 11.2

CMA / ARV

• ARV (on-the-fly): $379,080
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
635 Kress Aly	0.32mi	7/4.0 (-1)	5,790 (-1%)	21mo	$375,000	$65	62

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 22.2%
• Equity multiple: 2.82×
• Total profit: $293,065
• Equity at exit: $518,006

10-year hold

• IRR: 21.2%
• Equity multiple: 6.92×
• Total profit: $953,024
• Equity at exit: $1,117,099

Cash invested: $161,000 (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 45214

• Home prices YoY: 3.6%
• Rents YoY: 8.1%
• Active inventory: 67
• Price-to-rent: 33.6×

Monthly cashflow live

• Estimated rent: $4,283 medium
• Mortgage (P&I): −$3,015
• Tax from tax record: −$801 /mo · $9,616/yr
• Insurance: −$240
• HOA: −$0
• Vacancy / Maint / Mgmt: −$899
• Net cashflow: $-673

Break-even live

Break-even rent $5,135

Max offer price $456,162

Occupancy floor —

Sensitivity live

Price	-10% $-347	-5% $-510	+0% $-673	+5% $-835	+10% $-998
Rent	-10% $-1,011	-5% $-842	+0% $-673	+5% $-504	+10% $-334
Rate	-1.0pp $-383	-0.5pp $-526	base $-673	+0.5pp $-822	+1.0pp $-973

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$4,284
Total (3 units)			$4,283

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: $143,750
• Closing costs: $17,250
• Reserves months: —
• Total cash needed: —

Listing history 34 events

1. 2026-06-21
   days on market $575,000 Active 32 DOM
2. 2026-06-18
   days on market $575,000 Active 29 DOM
3. 2026-06-17
   days on market $575,000 Active 28 DOM
4. 2026-06-16
   days on market $575,000 Active 27 DOM
5. 2026-06-15
   days on market $575,000 Active 26 DOM
6. 2026-06-13
   days on market $575,000 Active 24 DOM
7. 2026-06-13
   days on market $575,000 Active 23 DOM
8. 2026-06-09
   days on market $575,000 Active 20 DOM
9. 2026-06-08
   days on market $575,000 Active 19 DOM
10. 2026-06-07
    days on market $575,000 Active 18 DOM
11. 2026-06-03
    days on market $575,000 Active 14 DOM
12. 2026-06-02
    days on market $575,000 Active 13 DOM
13. 2026-06-01
    days on market $575,000 Active 12 DOM
14. 2026-05-31
    days on market $575,000 Active 11 DOM
15. 2026-05-20
    listed $575,000 Active
16. 2025-10-30
    historical 224-char remark

    Show marketing remark (224 chars)

    Excellent investment opportunity in the heart of Cincinnati. With 10 parking spaces, and approximately 1500SF per floor, this could easily be a 3-unit building with one 2BR unit per floor. Property being sold As Is-Where Is.

17. 2025-06-19
    price $575,000 224-char remark

    Show marketing remark (224 chars)

    Excellent investment opportunity in the heart of Cincinnati. With 10 parking spaces, and approximately 1500SF per floor, this could easily be a 3-unit building with one 2BR unit per floor. Property being sold As Is-Where Is.

18. 2025-05-22
    listed $625,000 Active 224-char remark

    Show marketing remark (224 chars)

    Excellent investment opportunity in the heart of Cincinnati. With 10 parking spaces, and approximately 1500SF per floor, this could easily be a 3-unit building with one 2BR unit per floor. Property being sold As Is-Where Is.

19. 2025-04-30
    historical 224-char remark

    Show marketing remark (224 chars)

    Excellent investment opportunity in the heart of Cincinnati. With 10 parking spaces, and approximately 1500SF per floor, this could easily be a 3-unit building with one 2BR unit per floor. Property being sold As Is-Where Is.

20. 2024-12-10
    listed $625,000 Active 224-char remark

    Show marketing remark (224 chars)

    Excellent investment opportunity in the heart of Cincinnati. With 10 parking spaces, and approximately 1500SF per floor, this could easily be a 3-unit building with one 2BR unit per floor. Property being sold As Is-Where Is.

21. 2012-03-14
    soldstatus $37,000
22. 2011-12-16
    soldstatus $11,123
23. 2011-07-26
    listed $10,000
24. 2011-07-14
    historical
25. 2011-04-23
    listed $29,900
26. 2010-12-16
    historical
27. 2010-06-18
    listed $150,000
28. 2010-04-30
    historical
29. 2009-10-02
    listed $175,000
30. 2009-09-26
    historical
31. 2009-03-26
    listed $175,000
32. 2009-03-18
    historical
33. 2008-12-10
    listed $299,900
34. 2002-04-17
    soldstatus $71,500

ⓘ 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: $9,616 · $801/mo
• Projected year-2 tax: $9,616 · $801/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 20 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: $51,396
• − Mortgage interest: −$32,209
• − Property taxes: −$9,616
• − Insurance: −$2,875
• − Repairs & maintenance: −$4,112
• − Management: −$4,112
• − Depreciation: −$16,727
• Taxable loss: −$18,255
• Est. tax savings @ 24.0%: +$4,381
• After-tax cash flow: $-3,691/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): 8,630
• Household income: $27,852
• Rent vs Own: 76.1% rent · 23.9% own
• Severe rent burden: 857.0

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 Black (63%)
• Race & ethnicity: Black 63% White 27% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 1% 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: ▲ 15.01%
• Current HPI: 433.2346
• Rent YoY: ▲ 8.09%
• 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

+704.2% since first listed

20 events — show timeline

• 2026-05-20 Listed $575,000 Cincy MLS
• 2025-10-30 Listing Removed — Cincy MLS
• 2025-06-19 Price Changed $575,000 Cincy MLS
• 2025-05-22 Listed $625,000 Cincy MLS
• 2025-04-30 Listing Removed — Cincy MLS
• 2024-12-10 Listed $625,000 Cincy MLS
• 2012-03-14 Sold (Public Records) $37,000 Public Records
• 2011-12-16 Sold (MLS) $11,123 Cincy MLS
• 2011-07-26 Listed $10,000 Cincy MLS
• 2011-07-14 Listing Removed — Cincy MLS
• 2011-04-23 Listed $29,900 Cincy MLS
• 2010-12-16 Listing Removed — Cincy MLS
• 2010-06-18 Listed $150,000 Cincy MLS
• 2010-04-30 Listing Removed — Cincy MLS
• 2009-10-02 Listed $175,000 Cincy MLS
• 2009-09-26 Listing Removed — Cincy MLS
• 2009-03-26 Listed $175,000 Cincy MLS
• 2009-03-18 Listing Removed — Cincy MLS
• 2008-12-10 Listed $299,900 Cincy MLS
• 2002-04-17 Sold (Public Records) $71,500 Public Records

Property tax history

+6.0%/yr

Latest (2025): $9,616 · +0.1% YoY. Source: county tax records.