5228 Relluk Dr · Covedale, OH 45238

$209,900

4 bd · 2.0 ba · 1,901 sqft · SingleFamily public records · 17 Days on market

Built 1935 7,928 sqft lot Est $240k · 12% under

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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).

• Cash flow +13.4/30.0
• ARV discount +13.1/15.0
• 1% rule +4.2/10.0
• DSCR +4.0/10.0
• Livability +3.8/5.0
• Rent growth +3.7/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this spacious 4-bedroom, 2-bath home offering over 1,900 square feet of living space in the desirable Covedale area. This well-maintained property features generous room sizes, a functional floor plan, an attached garage, and ample off-street parking. The versatile layout provides plenty of space for everyday living, entertaining, or working from home. Conveniently located near schools, parks, shopping, dining, and major commuter routes, this home offers comfort, value, and endless potential.

Key facts

• 7,928 sq ft lot
• Garage
• Built 1935

Property features AI

Finance

• Other: Directions: Glenway Ave to Sidney Rd, left on Relluk Dr; property on the right.; Suburb: Covedale
• HOA & community: No homeowners association

Exterior

• Parking: Attached front garage (1 car); Off-street parking and driveway
• Utilities: Public water; Public sewer; Natural gas
• Home design: Traditional single-family home; Residential zoning
• Construction: Brick and vinyl siding exterior; Shingle roof; Block foundation; Built with double-hung vinyl windows
• Exterior features: Deck; Porch; Level lot

Interior

• Kitchen: Eat-in kitchen with wood cabinets and window treatments; Oven/Range, Refrigerator
• Bedrooms: 4 bedrooms total; Primary bedroom 14 x 12 (level 1); Bedroom 2 12 x 11 (level 1); Bedroom 3 11 x 10 (level 1); Bedroom 4 11 x 10 (level 1)
• Flooring: Wall-to-wall carpet in living/family room
• Bathrooms: 1 full bathroom (level 1); 2 half bathrooms (both level 1)
• Heating & cooling: Forced air heating (gas); Central air conditioning; Gas water heating
• Interior features: Natural woodwork; Smoke alarm; 7 total rooms; Full basement with part-finished area and concrete floor
• Laundry & utility: Basement utility space

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath single-family listed at $210k.

Deal economics

• At list price, monthly cash flow is $5 ($64/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $192k (8.4% below list).
• Recommended offer: $192k (8.4% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.2% in Covedale — 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 76/100 on livability (#235 in OH, #3,713 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: schools C-, amenities F, health & safety 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.
• Market conditions: Rents rising fast (+4.9%/yr); 78 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• This rent runs 35% of the median local income ($66k/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 $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1935 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $192,190 (8.4% below list)

Questions for the listing agent

1. Built in 1935 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 0.92% ✗
• Cap rate: 6.32%
• Cash-on-cash: 0.11%
• DSCR: 1.00
• GRM: 9.1

CMA / ARV

• ARV (on-the-fly): $239,526
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4952 Western Hills Ave	0.33mi	3/2.0 (-1)	1,892 (-0%)	1mo	$100,000	$53	78
4915 Heuwerth Ave	0.33mi	4/2.0	1,970 (+4%)	2mo	$228,500	$116	76
5318 Sidney Rd	0.39mi	4/2.0	1,845 (-3%)	7mo	$249,000	$135	71
3061 Veazey Ave	0.53mi	3/1.5 (-1)	1,928 (+1%)	2mo	$225,000	$117	64
5152 Highview Dr	0.65mi	3/2.0 (-1)	1,909 (+0%)	2mo	$180,000	$94	63
5027 Sidney Rd	0.26mi	4/1.0	1,710 (-10%)	6mo	$215,000	$126	62
5352 Laured Pl	0.58mi	3/2.0 (-1)	1,856 (-2%)	4mo	$330,000	$178	61
5154 Leona Dr	0.13mi	3/2.0 (-1)	2,176 (+14%)	5mo	$267,500	$123	60
1137 Covedale Ave	0.57mi	3/1.5 (-1)	1,736 (-9%)	2mo	$250,000	$144	51
1092 Morado Dr	0.73mi	4/2.0	1,668 (-12%)	2mo	$249,900	$150	43
1191 Rulison Ave	0.70mi	3/2.0 (-1)	1,720 (-10%)	5mo	$285,000	$166	43
1023 Woodbriar Ln	0.73mi	4/2.0	1,620 (-15%)	2mo	$186,000	$115	39

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 · 4.87% rent growth · sell at horizon

5-year hold

• IRR: -13.9%
• Equity multiple: 0.49×
• Total profit: $-29,922
• Equity at exit: $31,297

10-year hold

• IRR: -2.2%
• Equity multiple: 0.84×
• Total profit: $-9,641
• Equity at exit: $18,148

Cash invested: $58,772 (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 45238

• Rents YoY: 4.9%
• Active inventory: 78
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $1,922 high
• Mortgage (P&I): −$1,101
• Tax from tax record: −$325 /mo · $3,897/yr
• Insurance: −$87
• HOA: −$0
• Vacancy / Maint / Mgmt: −$404
• Net cashflow: $5

Break-even live

Break-even rent $1,915

Max offer price $209,900

Occupancy floor 95%

Sensitivity live

Price	-10% $124	-5% $65	+0% $5	+5% $-54	+10% $-113
Rent	-10% $-146	-5% $-71	+0% $5	+5% $81	+10% $157
Rate	-1.0pp $111	-0.5pp $59	base $5	+0.5pp $-49	+1.0pp $-104

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: $52,475
• Closing costs: $6,297
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5256 Ponce Ln Cincinnati, OH	3.0	2.0	1270	$1,866	$1.47	2d	1	0.11mi
1723 Tuxworth Ave Cincinnati, OH	3.0	2.0	1587	$1,800	$1.13	24d	1	0.71mi
1024 Edgetree Ln Cincinnati, OH	3.0	2.0	1949	$2,250	$1.15	22d	1	0.73mi
2706 E Tower Dr Cincinnati, OH	1.0–3.0	1.0–2.0	951	$1,520	$1.60	2d	61	0.80mi
2621 Gehrum Ln Cincinnati, OH	3.0	1.0	1373	$1,850	$1.35	24d	1	1.03mi
5408 Style Ln Cincinnati, OH	4.0	1.5	1824	$2,625	$1.44	2d	1	1.05mi
3414 Corrine Ave Cincinnati, OH	3.0	2.0	1542	$1,861	$1.21	2d	1	1.11mi
3283 Pickbury Dr Cincinnati, OH	4.0	2.0	2100	$2,400	$1.14	44d	1	1.19mi
3114 Roosevelt Ave Cincinnati, OH	3.0	1.0	1450	$1,400	$0.97	24d	1	1.24mi
3245 Koenig Ave Cincinnati, OH	4.0	2.0	2045	$2,475	$1.21	2d	1	1.47mi

Listing history 11 events

1. 2026-06-21
   days on market $209,900 Active 17 DOM
2. 2026-06-18
   days on market $209,900 Active 14 DOM
3. 2026-06-17
   days on market $209,900 Active 13 DOM
4. 2026-06-16
   days on market $209,900 Active 12 DOM
5. 2026-06-15
   days on market $209,900 Active 11 DOM
6. 2026-06-13
   days on market $209,900 Active 9 DOM
7. 2026-06-13
   days on market $209,900 Active 8 DOM
8. 2026-06-09
   days on market $209,900 Active 5 DOM
9. 2026-06-08
   days on market $209,900 Active 4 DOM
10. 2026-06-07
    remarks 508-char remark
11. 2026-06-07
    listed $209,900 Active 3 DOM

ⓘ 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: $3,897 · $325/mo
• Projected year-2 tax: $3,897 · $325/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

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 ≥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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,063
• − Mortgage interest: −$11,758
• − Property taxes: −$3,897
• − Insurance: −$1,050
• − Repairs & maintenance: −$1,845
• − Management: −$1,845
• − Depreciation: −$6,106
• Taxable loss: −$3,438
• Est. tax savings @ 24.0%: +$825
• After-tax cash flow: $889/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: Cincinnati Public Schools
• NCES district ID: 3904375
• Math proficiency: 25% ▼ -19.00%
• Reading proficiency: 36% ▼ -14.00%
• Median HH income: $35,743
• Composite: 25.21/100
• National rank: #7508
• State rank: #581 of 656 in OH

Livability — Covedale

• Score: 76/100
• State rank: #235
• US rank: #3713

Category grades

Amenities F Commute A- 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

• Census place: Covedale, OH
• County: Hamilton County · 701,295 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 48,351
• Household income: $66,277
• Rent vs Own: 40.3% rent · 59.7% own
• Severe rent burden: 2012.0

Population outlook (Hamilton County) Hauer SSP2

• Today (2025): 826,054 people
• By 2030: 830,947 · +0.6%
• By 2040: 832,319 · +0.8%
• By 2050: 822,428 · -0.4%
• By 2075: 788,688 · -4.5%
• By 2100: 710,674 · -14.0%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Majority White (64%)
• Race & ethnicity: White 64% Black 28% Two or more races 6% Hispanic / Latino 3%
• Common ancestry: Italian 2% Lithuanian 2% Slovak 1%
• Foreign-born: 10% · Canada
• Languages at home: 88% English-only · French/Haitian/Cajun 4% Spanish 2% German/W. Germanic 1%

Political lean MEDSL · Hamilton

• 2024 margin: D (+14.9) · D 57.0% · R 42.1%
• 2008→2024 swing: +7.9pp toward D · 2008: 7.0pp · 2024: 14.9pp
• All cycles: 2024: D+14.9 2020: D+15.9 2016: D+9.5 2012: D+4.9 2008: D+7.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -197.57%
• Current HPI: 213.5097
• Rent YoY: ▲ 4.87%
• 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

+337.3% since first listed

3 events — show timeline

• 2026-06-04 Listed $209,900 Cincy MLS
• 2024-11-21 Sold (Public Records) $10,904,000 Public Records
• 2017-10-17 Sold (Public Records) $48,000 Public Records

Property tax history

+7.4%/yr

Latest (2025): $3,897 · +0.3% YoY. Source: county tax records.