28 Curtis St · Middletown, OH 45044

$219,999

4 bd · 4.0 ba · 4,532 sqft · MultiFamily · 30 Days on market

Built 1920 Fair condition 4,400 sqft lot

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Why this score? — see what drove the B- 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• ARV discount +7.5/15.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Schools +2.0/10.0
• Condition / age +2.0/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Mixed-use investment opportunity in Middletown ! Property features a commercial barber shop space on the first floor and residential apartments on the second level. Excellent value-add opportunity with income-producing potential. Property needs updates but offers strong upside for investors or owner-occupants. Convenient location with great visibility and flexible mixed-use possibilities. Property being sold as-is.

Key facts

• Convenient location
• Great visibility
• 4,400 sq ft lot

Tags

• COMMERCIAL BARBER SHOP SPACE
• RESIDENTIAL APARTMENTS
• INCOME-PRODUCING POTENTIAL
• CONVENIENT LOCATION
• GREAT VISIBILITY

Property features AI

Finance

• Other: Zoned residential and commercial; Brick fireplace
• Financial info: Four total units; Each 1-bedroom unit listed with rent around $800 (one unit listed at $900; individual unit rents provided)

Exterior

• Parking: 6 open parking spaces; Parking on lot and on-street
• Utilities: Public water; Public sewer; Natural gas
• Home design: Quad (four-unit) structure; Two levels
• Construction: Vinyl siding; Shingle roof; Block foundation
• Exterior features: Porch; Balcony; Corner lot; Busline nearby

Interior

• Bedrooms: Total of 4 one-bedroom units (each unit listed as 1-bedroom); One unit shows 4 bedrooms (data indicates one unit with 4 bedrooms)
• Bathrooms: One unit reported 4 full bathrooms
• Heating & cooling: Gas heating; Window unit cooling
• Interior features: Partial basement; Storage area

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath multifamily listed at $220k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $771 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $220k).
• Recommended offer: $217k (1.5% below list) — sets the bar for market timing.
• Cap rate 10.5% 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; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• At $2,900/mo this rent would consume 47% of the median local household income ($74k/yr) (locally 1532% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $62k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 30 days — a 2% lower offer ($217k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $216,699 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 10.50%
• Cash-on-cash: 15.01%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.31% rent growth · sell at horizon

5-year hold

• IRR: 9.3%
• Equity multiple: 1.38×
• Total profit: $23,455
• Equity at exit: $32,803

10-year hold

• IRR: 21.1%
• Equity multiple: 3.07×
• Total profit: $127,635
• Equity at exit: $19,021

Cash invested: $61,600 (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: 12.6×

Monthly cashflow live

• Estimated rent: $2,900 medium
• Mortgage (P&I): −$1,154
• Tax est. 1.5%: −$275 /mo · $3,300/yr
• Insurance: −$92
• HOA: −$0
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $771

Break-even live

Break-even rent $1,925

Max offer price $219,999

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,900
Total (2 units)			$2,900

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: $55,000
• Closing costs: $6,600
• Reserves months: —
• Total cash needed: —

Listing history 14 events

1. 2026-06-18
   days on market $219,999 Active 30 DOM
2. 2026-06-17
   days on market $219,999 Active 29 DOM
3. 2026-06-16
   days on market $219,999 Active 28 DOM
4. 2026-06-15
   days on market $219,999 Active 27 DOM
5. 2026-06-13
   days on market $219,999 Active 25 DOM
6. 2026-06-09
   days on market $219,999 Active 21 DOM
7. 2026-06-08
   days on market $219,999 Active 20 DOM
8. 2026-06-07
   days on market $219,999 Active 19 DOM
9. 2026-06-03
   days on market $219,999 Active 15 DOM
10. 2026-06-02
    pricedays on market $219,999 Active 14 DOM
11. 2026-06-01
    days on market $224,999 Active 13 DOM
12. 2026-05-31
    days on market $224,999 Active 12 DOM
13. 2026-05-19
    listed $224,999 Active

    Show marketing remark (418 chars)

    Mixed-use investment opportunity in Middletown ! Property features a commercial barber shop space on the first floor and residential apartments on the second level. Excellent value-add opportunity with income-producing potential. Property needs updates but offers strong upside for investors or owner-occupants. Convenient location with great visibility and flexible mixed-use possibilities. Property being sold as-is.

14. 2026-05-19
    listed $224,999 Active 418-char remark

    Show marketing remark (418 chars)

    Mixed-use investment opportunity in Middletown ! Property features a commercial barber shop space on the first floor and residential apartments on the second level. Excellent value-add opportunity with income-producing potential. Property needs updates but offers strong upside for investors or owner-occupants. Convenient location with great visibility and flexible mixed-use possibilities. Property being sold as-is.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $34,800
• − Mortgage interest: −$12,323
• − Property taxes: −$3,300
• − Insurance: −$1,100
• − Repairs & maintenance: −$2,784
• − Management: −$2,784
• − Depreciation: −$6,400
• Taxable income: $6,109
• Est. tax owed @ 24.0%: −$1,466
• After-tax cash flow: $7,782/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.

Condition & rehab AI · 11 photos

Fair 40/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. Exterior repairs and interior updates are necessary to make it move-in ready.

Repairs flagged

• Major roof — Missing shingles
• Major exterior siding — Weathered and damaged
• Major HVAC/mechanicals — Needs inspection and potential replacement

Value-add opportunities

• Both Paint exterior — Enhances curb appeal and value
• Both Replace carpet — Improves living space and rental appeal
• Both Paint interior walls — Enhances interior appearance and rental appeal

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Missing shingles	Major	$15,000–50,000
exterior siding · Weathered and damaged	Major	$15,000–50,000
HVAC/mechanicals · Needs inspection and potential replacement	Major	$15,000–50,000
Total estimated repair cost · 3 items		$45,000–150,000

Value-add ROI direction

• Both Paint exterior — Enhances curb appeal and value ↑
• Both Replace carpet — Improves living space and rental appeal ↑
• Both Paint interior walls — Enhances interior appearance and rental appeal ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

+0.0% since first listed

2 events — show timeline

• 2026-05-19 Listed $224,999 Dayton MLS
• 2026-05-19 Listed $224,999 Cincy MLS