1712 Queen City Ave #1

Cincinnati, OH 45214

$390,000C+

6 bd · 0.0 ba · 3,707 sqft · Built 1895 · MultiFamily · Active · 9 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,985/mo
• Mortgage (P&I): −$2,045
• Tax + insurance: −$650
• HOA: −$0
• Vac / Maint / Mgmt: −$837
• Net cashflow: $453/mo
• Annual: $5,435/yr
• Cap rate: 7.69%
• Cash-on-cash: 4.98%
• DSCR: 1.22
• 1% rule: 1.02%
• Cash to close: $109,200

Investor read

• This is a 2×2bd/1.0ba + 1×3bd/1.0ba units multifamily listed at $390k. Condition is rated fair.
• At list price, monthly cash flow is $453 ($5k/yr) — positive. Per door: $151/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $390k).
• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• In year one you build about $42k of equity ($3k loan paydown + $39k 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 1895 — 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).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $109k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$67k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 7.7% 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.
• At $3,985/mo this rent would consume 172% 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

• 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?
• Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
• Built in 1895 — 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?
• 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.

Repairs flagged (vision-AI assessment)

• Major: Landscaping — Overgrown and unkempt
• Moderate: Exterior paint — Brick facade shows weathering
• Minor: Fencing — Slight wear