873 E US Rt 22 & 3 · South Lebanon, OH 45152

$275,000

3 bd · 1.0 ba · 1,156 sqft · SingleFamily · 15 Days on market

Built 1959 0.69 ac lot $238/sqft · 14% below area Est $321k · 14% under ↓ 8% since listing

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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).

• ARV discount +14.0/15.0
• Cash flow +8.6/30.0
• Schools +6.1/10.0
• Livability +3.7/5.0
• 1% rule +2.7/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

Key facts

• 0.69 acre lot
• Garage
• Built 1959

Property features AI

Finance

• Other: Lease not considered
• HOA & community: No homeowners association

Exterior

• Parking: Attached garage (1-car); Driveway parking
• Utilities: Public water; Septic tank sewer
• Home design: Single-family ranch home; One level
• Construction: Brick construction; Poured foundation
• Exterior features: Shingle roof; Insulated windows; Shed on the property; Walkout from basement; Property sits on roughly 0.69 acre

Interior

• Kitchen: Eat-in kitchen with wood cabinets; Dishwasher, Microwave, Oven/Range, Refrigerator
• Bedrooms: Three bedrooms, all on the main level; Primary bedroom about 13 x 12; Second bedroom about 12 x 9; Third bedroom about 11 x 10
• Flooring: Wood flooring in living room, dining room, and entry foyer; Vinyl flooring in finished basement
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating (oil); Central air conditioning; Electric water heater
• Interior features: Finished full basement with vinyl flooring and walkout; Fireplace with stone and wood details; Total of 7 rooms
• Laundry & utility: Basement utility area

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $275k.

Deal economics

• At list price, monthly cash flow is $-237 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $241k (12.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $211k (23.4% below list).
• Recommended offer: $211k (23.4% below list) — sets the bar for 1% rule.
• Cap rate 5.3% vs local median 3.5% in South Lebanon — 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 74/100 on livability (#279 in OH, #4,589 nationally) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities F, commute F, health & safety F.
• Little Miami Local (rural): math 67% / reading 70% proficiency, ranked #140 of 656 in OH (top 21%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 17% free/reduced lunch — higher-income household profile.
• Zoned schools: Little Miami Primary School (math 76% / reading 65%, grade A-, #376 of 1,584 statewide, top 24%, 855 students, 18% FRL); Little Miami Middle School (math 67% / reading 72%, grade A, #143 of 654 statewide, top 23%, 1,279 students, 16% FRL); Little Miami High School (math 52% / reading 81%, grade B, #150 of 781 statewide, top 20%, 1,445 students, 14% FRL) — zoned schools at 16% FRL track the district average.
• Market conditions: 127 active listings in the ZIP; high-income renter base; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($271k) is reasonable based on typical stale-listing flexibility.
• 4 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 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $210,560 (23.4% 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. Built in 1959 — 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 F-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. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.77% ✗
• Cap rate: 5.26%
• Cash-on-cash: -3.69%
• DSCR: 0.84
• GRM: 10.9

CMA / ARV

• ARV (median comp): $321,227
• List price: $275,000
• Delta: -14.39%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
5984 Oak Leaf Ct	0.08mi	3/2.0	1,216 (+5%)	1mo	$345,000	$284	83
5586 Castle Dr	0.37mi	3/2.0	1,216 (+5%)	15mo	$316,000	$260	58
5708 Cochran Rd	0.33mi	3/1.0	1,000 (-14%)	8mo	$260,000	$260	55
5481 Windsor Ct	0.51mi	3/2.0	1,232 (+7%)	8mo	$328,000	$266	54
678 Emerald Dr	0.36mi	3/2.0	1,310 (+13%)	8mo	$315,000	$240	50
6308 Winding Way	0.62mi	3/2.0	1,234 (+7%)	8mo	$313,000	$254	49

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -22.5%
• Equity multiple: 0.23×
• Total profit: $-59,627
• Equity at exit: $41,003

10-year hold

• IRR: -16.7%
• Equity multiple: 0.07×
• Total profit: $-71,233
• Equity at exit: $23,777

Cash invested: $77,000 (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 45152

• Home prices YoY: -31.1%
• Active inventory: 127
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,106 medium
• Mortgage (P&I): −$1,442
• Tax est. 1.5%: −$344 /mo · $4,125/yr
• Insurance: −$115
• HOA: −$0
• Vacancy / Maint / Mgmt: −$442
• Net cashflow: $-237

Break-even live

Break-even rent $2,406

Max offer price $240,700

Occupancy floor —

Sensitivity live

Price	-10% $-47	-5% $-142	+0% $-237	+5% $-332	+10% $-427
Rent	-10% $-403	-5% $-320	+0% $-237	+5% $-154	+10% $-71
Rate	-1.0pp $-99	-0.5pp $-167	base $-237	+0.5pp $-308	+1.0pp $-381

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-21
   days on market $275,000 Active 15 DOM
2. 2026-06-18
   days on market $275,000 Active 12 DOM
3. 2026-06-17
   days on market $275,000 Active 11 DOM
4. 2026-06-16
   days on market $275,000 Active 10 DOM
5. 2026-06-15
   days on market $275,000 Active 9 DOM
6. 2026-06-13
   days on market $275,000 Active 7 DOM
7. 2026-06-09
   days on market $275,000 Active 3 DOM
8. 2026-06-08
   days on market $275,000 Active 2 DOM
9. 2026-06-07
   statusdays on marketlisting id $275,000 Active 1 DOM
10. 2026-06-03
    days on market $275,000 Contingency Pending 20 DOM
11. 2026-06-02
    days on market $275,000 Contingency Pending 19 DOM
12. 2026-06-01
    days on market $275,000 Contingency Pending 18 DOM
13. 2026-05-31
    days on market $275,000 Contingency Pending 17 DOM
14. 2026-05-17
    historical Contingency Pending 892-char remark

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

15. 2026-05-15
    listed $275,000 Active 892-char remark

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

16. 2026-05-14
    historical 892-char remark

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

17. 2026-05-03
    historical Contingency Pending 892-char remark

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

18. 2026-03-30
    price $290,000 892-char remark

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

19. 2026-03-27
    listed $295,000 Active 892-char remark

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

20. 2026-03-27
    historical

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

21. 2026-03-27
    price $295,000

    Show marketing remark (892 chars)

    Beautiful brick ranch with finished walkout basement on over a 2/3 acre! Hardwood floors, Fresh paint and an inviting living room with a wood burning fireplace creates a warm cozy feel. The kitchen has been opened up for better flow and updated with new cabinetry, subway tile backsplash, new countertops, farmhouse sink, faucet, stainless steel appliances, flooring, and updated lighting. All three bedrooms include ceiling fans and consistent updated lighting throughout the home. Bathroom includes extra large vanity with lots of counter space. The finished walkout lower level adds a spacious family room and bar, ideal for relaxing alone and entertaining a party. Enjoy the covered porch, new exterior railing and steps, patio. Large fenced in backyard and shed with plenty of room to play. Convenient location with easy access to Lebanon, Morrow, and Maineville as well as 71 & 275.

22. 2026-03-19
    listed $300,000 Active

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 6 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,267
• − Mortgage interest: −$15,404
• − Property taxes: −$4,125
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,021
• − Management: −$2,021
• − Depreciation: −$8,000
• Taxable loss: −$7,680
• Est. tax savings @ 24.0%: +$1,843
• After-tax cash flow: $-1,001/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: Little Miami Local
• NCES district ID: 3905044
• Math proficiency: 67% ▼ -11.00%
• Reading proficiency: 70% ▼ -6.00%
• Median HH income: $74,949
• Composite: 60.5/100
• National rank: #844
• State rank: #140 of 656 in OH

Livability — South Lebanon

• Score: 74/100
• State rank: #279
• US rank: #4589

Category grades

Amenities F Commute F Cost of living A+ Crime A+ Employment A+ Housing A+ Health & safety F User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Warren · 227,646 people
• City population: 7,053
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 13,577
• Household income: $120,340
• Rent vs Own: 11.8% rent · 88.2% own
• Severe rent burden: 5.6

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (91%)
• Race & ethnicity: White 91% Hispanic / Latino 4% Two or more races 3% Black 2% Asian 2%
• Common ancestry: Romanian 7% Italian 3% Lithuanian 2%
• Foreign-born: 3% · Canada, South Korea
• Languages at home: 96% English-only · Spanish 2% Chinese 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -108.41%
• Current HPI: 239.7828
• Rent YoY: —
• Metro: —
• 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

-8.3% since first listed

11 events — show timeline

• 2026-06-07 Listed $275,000 Cincy MLS
• 2026-06-04 Listing Removed — Cincy MLS
• 2026-05-17 Contingent — Cincy MLS
• 2026-05-15 Listed $275,000 Cincy MLS
• 2026-05-14 Listing Removed — Cincy MLS
• 2026-05-03 Contingent — Cincy MLS
• 2026-03-30 Price Changed $290,000 Cincy MLS
• 2026-03-27 Listing Removed — Cincy MLS
• 2026-03-27 Listed $295,000 Cincy MLS
• 2026-03-27 Price Changed $295,000 Cincy MLS
• 2026-03-19 Listed $300,000 Cincy MLS