923 Bank St

Cincinnati, OH 45214

$575,000D

8 bd · 4.0 ba · 5,832 sqft · Built 1863 · MultiFamily · Active · 32 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,283/mo
• Mortgage (P&I): −$3,015
• Tax + insurance: −$1,041
• HOA: −$0
• Vac / Maint / Mgmt: −$899
• Net cashflow: $-673/mo
• Annual: $-8,073/yr
• Cap rate: 4.89%
• Cash-on-cash: -5.01%
• DSCR: 0.78
• 1% rule: 0.74%
• Cash to close: $161,000

Investor read

• This is a 3 × 2-bed/1.0-bath units multifamily listed at $575k.
• 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).
• It's been on market 32 days — a 3% lower offer ($558k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $428k (25.5% below list) — sets the bar for 1% rule.
• In year one you build about $61k of equity ($4k loan paydown + $58k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: built in 1863 — expect roof / HVAC / electrical / plumbing capex.
• 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).
• 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.
• By year 2, paydown + projected appreciation supports a ~$99k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.
• 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.
• 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.

Questions for listing agent

• 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?
• 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?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1863 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?