622 Crawford St · Middletown, OH 45044

$180,000

3 bd · 2.0 ba · 2,021 sqft · MultiFamily public records · 37 Days on market

Built 1907 Est $154k · 17% over

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• ARV discount +0.0/15.0
• 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

Great addition to investor portfolio or owner occupied multi-family! Furnace replaced last year. New kitchen and bathroom finishes. New flooring throughout. Large fenced in back yard. Quiet street with a great front porch! This sale includes two lots.

Key facts

• Updates to kitchen
• Deep lot
• 2 kitchens

Tags

• DEEP LOT
• 2 KITCHENS
• LARGE ATTIC
• STORAGE SHED
• UPDATES TO BATHROOMS
• UPDATES TO KITCHEN

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $180k.

Deal economics

• At list price, monthly cash flow is $1k ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $180k).
• Recommended offer: $175k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.0% vs local median 3.8% 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: crime D+, amenities D+, commute F.
• 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.
• Zoned schools: Amanda Elementary School (math 17% / reading 27%, grade F, #1,242 of 1,584 statewide, top 80%, 374 students, 0% FRL); Middletown Middle School (math 24% / reading 33%, grade F, #580 of 654 statewide, top 89%, 941 students, 0% FRL); Middletown High School (math 18% / reading 19%, grade F, #683 of 781 statewide, top 88%, 1,753 students, 0% FRL) — zoned schools average 0% FRL vs 69% district-wide (69 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.3%/yr); 204 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 45% of the median local income ($74k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $50k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($175k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 29y 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 $120k; list at $180k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1907 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $174,600 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1907 — 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: 1.52% ✓
• Cap rate: 12.96%
• Cash-on-cash: 23.82%
• DSCR: 2.06
• GRM: 5.5

CMA / ARV

• ARV (on-the-fly): $153,596
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1830 Woodlawn Ave	0.06mi	4/2.5 (+1)	2,322 (+15%)	2mo	$114,000	$49	64
1406 Forest Ave	0.40mi	3/3.0	1,736 (-14%)	17mo	$154,000	$89	40
2411 Christel Ave	0.51mi	4/2.5 (+1)	2,248 (+11%)	19mo	$170,000	$76	34

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: 20.6%
• Equity multiple: 1.87×
• Total profit: $43,967
• Equity at exit: $26,839

10-year hold

• IRR: 30.8%
• Equity multiple: 4.21×
• Total profit: $161,699
• Equity at exit: $15,563

Cash invested: $50,400 (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: 204
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,739 high
• Mortgage (P&I): −$944
• Tax from tax record: −$144 /mo · $1,733/yr
• Insurance: −$75
• HOA: −$0
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $1,000

Break-even live

Break-even rent $1,473

Max offer price $180,000

Occupancy floor 58%

Sensitivity live

Price	-10% $1,102	-5% $1,051	+0% $1,000	+5% $949	+10% $899
Rent	-10% $784	-5% $892	+0% $1,000	+5% $1,109	+10% $1,217
Rate	-1.0pp $1,091	-0.5pp $1,046	base $1,000	+0.5pp $954	+1.0pp $906

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,740
Total (2 units)			$2,739

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: $45,000
• Closing costs: $5,400
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2007 Logan Ave Middletown, OH	3.0	1.0	1502	$1,150	$0.77	0d	1	0.26mi
3504 Greenwood Dr Middletown, OH	3.0	1.5	1712	$1,831	$1.07	14d	1	1.48mi

Listing history 47 events

1. 2026-06-22
   days on market $180,000 Active 37 DOM
2. 2026-06-21
   days on market $180,000 Active 36 DOM
3. 2026-06-18
   days on market $180,000 Active 33 DOM
4. 2026-06-17
   days on market $180,000 Active 32 DOM
5. 2026-06-16
   days on market $180,000 Active 31 DOM
6. 2026-06-15
   days on market $180,000 Active 30 DOM
7. 2026-06-13
   days on market $180,000 Active 28 DOM
8. 2026-06-09
   days on market $180,000 Active 24 DOM
9. 2026-06-08
   days on market $180,000 Active 23 DOM
10. 2026-06-07
    days on market $180,000 Active 22 DOM
11. 2026-06-03
    days on market $180,000 Active 18 DOM
12. 2026-06-02
    days on market $180,000 Active 17 DOM
13. 2026-06-01
    days on market $180,000 Active 16 DOM
14. 2026-05-31
    days on market $180,000 Active 15 DOM
15. 2026-05-17
    listed $180,000 Active
16. 2022-05-10
    soldstatus $120,000
17. 2022-04-21
    soldstatus $120,000 Sold 257-char remark

    Show marketing remark (257 chars)

    Great addition to investor portfolio or owner occupied multi-family! Furnace replaced last year. New kitchen and bathroom finishes. New flooring throughout. Large fenced in back yard. Quiet street with a great front porch! This sale includes two lots.

18. 2022-02-13
    historical Contingency Pending 257-char remark

    Show marketing remark (257 chars)

    Great addition to investor portfolio or owner occupied multi-family! Furnace replaced last year. New kitchen and bathroom finishes. New flooring throughout. Large fenced in back yard. Quiet street with a great front porch! This sale includes two lots.

19. 2022-02-11
    listed $130,000 Active 257-char remark

    Show marketing remark (257 chars)

    Great addition to investor portfolio or owner occupied multi-family! Furnace replaced last year. New kitchen and bathroom finishes. New flooring throughout. Large fenced in back yard. Quiet street with a great front porch! This sale includes two lots.

20. 2022-02-11
    historical

    Show marketing remark (257 chars)

    Great addition to investor portfolio or owner occupied multi-family! Furnace replaced last year. New kitchen and bathroom finishes. New flooring throughout. Large fenced in back yard. Quiet street with a great front porch! This sale includes two lots.

21. 2022-01-31
    historical Contingency Pending
22. 2022-01-21
    historical
23. 2022-01-21
    listed $155,000 Active
24. 2021-12-08
    historical
25. 2021-12-08
    listed $170,000 Active
26. 2021-11-10
    listed $180,000 Active
27. 2019-06-08
    soldstatus $60,000 Closed
28. 2019-06-08
    soldstatus $60,000 Sold
29. 2019-06-08
    soldstatus $60,000 Sold
30. 2019-06-07
    soldstatus $60,000
31. 2019-05-09
    status Pending
32. 2019-05-09
    historical Accept Backup Offers
33. 2019-04-22
    status Active
34. 2019-04-22
    status Active
35. 2019-03-18
    status Pending
36. 2019-03-18
    historical Accept Backup Offers
37. 2019-02-20
    listed $69,900 Active
38. 2019-02-20
    listed $69,900 Active
39. 2008-03-25
    historical
40. 2007-09-24
    listed $84,900
41. 2007-07-31
    historical
42. 2007-01-30
    listed $84,900
43. 2005-10-19
    historical
44. 2005-07-18
    listed $82,000
45. 1998-05-04
    soldstatus $54,000
46. 1998-04-28
    soldstatus $54,000
47. 1997-11-14
    listed $59,000

ⓘ 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: $1,733 · $144/mo
• Projected year-2 tax: $2,271 · $189/mo
• Expected delta: +$537/yr (+$45/mo · 31.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 72% 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: $32,868
• − Mortgage interest: −$10,083
• − Property taxes: −$1,733
• − Insurance: −$900
• − Repairs & maintenance: −$2,629
• − Management: −$2,629
• − Depreciation: −$5,236
• Taxable income: $9,657
• Est. tax owed @ 24.0%: −$2,318
• After-tax cash flow: $9,688/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

+205.1% since first listed

33 events — show timeline

• 2026-05-17 Listed $180,000 FSBO.com
• 2022-05-10 Sold (Public Records) $120,000 Public Records
• 2022-04-21 Sold (MLS) $120,000 Cincy MLS
• 2022-02-13 Contingent — Cincy MLS
• 2022-02-11 Listing Removed — Cincy MLS
• 2022-02-11 Listed $130,000 Cincy MLS
• 2022-01-31 Contingent — Cincy MLS
• 2022-01-21 Listed $155,000 Cincy MLS
• 2022-01-21 Listing Removed — Cincy MLS
• 2021-12-08 Listed $170,000 Cincy MLS
• 2021-12-08 Listing Removed — Cincy MLS
• 2021-11-10 Listed $180,000 Cincy MLS
• 2019-06-08 Sold (MLS) $60,000 Cincy MLS
• 2019-06-08 Sold (MLS) $60,000 Dayton MLS
• 2019-06-08 Sold (MLS) $60,000 Dayton MLS
• 2019-06-07 Sold (Public Records) $60,000 Public Records
• 2019-05-09 Pending — Dayton MLS
• 2019-05-09 Contingent — Cincy MLS
• 2019-04-22 Relisted — Cincy MLS
• 2019-04-22 Relisted — Dayton MLS
• 2019-03-18 Pending — Dayton MLS
• 2019-03-18 Contingent — Cincy MLS
• 2019-02-20 Listed $69,900 Cincy MLS
• 2019-02-20 Listed $69,900 Dayton MLS
• 2008-03-25 Listing Removed — Cincy MLS
• 2007-09-24 Listed $84,900 Cincy MLS
• 2007-07-31 Listing Removed — Cincy MLS
• 2007-01-30 Listed $84,900 Cincy MLS
• 2005-10-19 Listing Removed — Cincy MLS
• 2005-07-18 Listed $82,000 Cincy MLS
• 1998-05-04 Sold (Public Records) $54,000 Public Records
• 1998-04-28 Sold (MLS) $54,000 Cincy MLS
• 1997-11-14 Listed $59,000 Cincy MLS

Property tax history

+6.9%/yr

Latest (2025): $1,733 · +1.3% YoY. Source: county tax records.