3194 Harry Lee Ln · White Oak, OH 45239

$445,000

5 bd · 7.5 ba · 3,450 sqft · MultiFamily · 92 Days on market

Built 1960

---

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 +20.0/30.0
• ARV discount +7.5/15.0
• DSCR +6.3/10.0
• 1% rule +5.6/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Opportunity to own a solid cash-flowing 5-unit building in Colerain! 4- 1 bed/bath units and 1- 2 bed/1.5 bath unit. 2 units updated recently, other 3 have long term stable residents. Coin laundry machines in basememt are owner owned, providing additional income. Great location and room to increase rents with minimal work, and immediate cashflow! 24 hr notice to show. Property also being marketed as a package deal with 3078, 3096, and 3108 Harry Lee Lane a few doors down. Same type of buildings. Owner/Agent

Key facts

• Updated units
• 4 garage spots
• Built 1960

Tags

• UPDATED UNITS
• COIN LAUNDRY MACHINES

Property features AI

Finance

• Other: Zoned for multi-family; Location: Groesbeck; directions — Colerain Ave to Harry Lee Lane
• Financial info: Reported maintenance expense: $4,000; Separate gas/electric metering (individual utilities); Unit rents reported: 1-bed units $860, 2-bed unit $995
• HOA & community: Maintenance expense reported

Exterior

• Parking: 4 garage spaces; 5 open parking spaces; Concrete driveway, off-street and private parking
• Utilities: Public water; Public sewer; Natural gas; Owner pays water; Separate furnace not provided
• Home design: Multi-family property; Two levels; One building
• Construction: Brick construction; Shingle roof; Poured foundation; Vinyl windows; Built with multiple units (5 total)
• Exterior features: Porch

Interior

• Bedrooms: Four 1-bedroom units; One 2-bedroom unit
• Heating & cooling: Hot water heat (owner pays); Wall A/C units; Natural gas available; Separate gas/electric utilities for units
• Interior features: Full basement; Coin laundry; Smoke alarm
• Laundry & utility: On-site coin laundry

What this means for you Summary

Snapshot

• This is a 4×1.0bd/1.5ba + 1×2.0bd/1.5ba units multifamily listed at $445k.

Deal economics

• At list price, monthly cash flow is $543 ($7k/yr) — positive. Per door: $109/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $445k).
• Recommended offer: $405k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 69/100 on livability (#499 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, employment A-; Watch: health & safety C-, schools D-, amenities F.
• Northwest Local (suburban): math 38% / reading 46% proficiency, ranked #508 of 656 in OH (top 77%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+6.0%/yr); 57 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $4,714/mo this rent would consume 94% of the median local household income ($60k/yr) (locally 1566% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 92 days — a 9% lower offer ($405k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 2y 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.

Recommended offer $404,950 (9.0% below list)

Questions for the listing agent

1. It's been on market 92 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1960 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 7.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: -4.7%
• Equity multiple: 0.82×
• Total profit: $-22,741
• Equity at exit: $66,351

10-year hold

• IRR: 8.2%
• Equity multiple: 1.72×
• Total profit: $89,237
• Equity at exit: $38,475

Cash invested: $124,600 (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 45239

• Home prices YoY: -32.8%
• Rents YoY: 6.0%
• Active inventory: 57
• Price-to-rent: 40.0×

Monthly cashflow live

• Estimated rent: $4,714 medium
• Mortgage (P&I): −$2,334
• Tax from tax record: −$662 /mo · $7,946/yr
• Insurance: −$185
• HOA: −$0
• Vacancy / Maint / Mgmt: −$990
• Net cashflow: $543

Break-even live

Break-even rent $4,027

Max offer price $445,000

Occupancy floor 83%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1.0	1.5	$3,712
1× unit	2.0	1.5	$1,002
Total (5 units)			$4,714

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: $111,250
• Closing costs: $13,350
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $445,000 Active 92 DOM
2. 2026-06-18
   status $445,000 Active 91 DOM
3. 2026-06-17
   days on market $445,000 Contingency Pending 91 DOM
4. 2026-06-16
   days on market $445,000 Contingency Pending 90 DOM
5. 2026-06-15
   days on market $445,000 Contingency Pending 89 DOM
6. 2026-06-13
   days on market $445,000 Contingency Pending 87 DOM
7. 2026-06-12
   days on market $445,000 Contingency Pending 86 DOM
8. 2026-06-09
   days on market $445,000 Contingency Pending 83 DOM
9. 2026-06-08
   days on market $445,000 Contingency Pending 82 DOM
10. 2026-06-08
    days on market $445,000 Contingency Pending 81 DOM
11. 2026-06-07
    days on market $445,000 Contingency Pending 80 DOM
12. 2026-06-04
    days on market $445,000 Contingency Pending 77 DOM
13. 2026-06-02
    days on market $445,000 Contingency Pending 76 DOM
14. 2026-06-01
    days on market $445,000 Contingency Pending 75 DOM
15. 2026-05-31
    days on market $445,000 Contingency Pending 74 DOM
16. 2026-04-23
    historical Contingency Pending
17. 2026-03-18
    listed $445,000 Active
18. 2025-11-03
    historical $900
19. 2025-08-24
    listed $900
20. 2025-07-19
    historical $875
21. 2025-07-14
    listed $875
22. 2025-05-30
    historical $875
23. 2025-05-30
    listed $875
24. 2024-08-23
    historical $875
25. 2024-08-23
    listed $875

ⓘ 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: $7,946 · $662/mo
• Projected year-2 tax: $7,946 · $662/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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $56,568
• − Mortgage interest: −$24,927
• − Property taxes: −$7,946
• − Insurance: −$2,225
• − Repairs & maintenance: −$4,525
• − Management: −$4,525
• − Depreciation: −$12,945
• Taxable loss: −$526
• Est. tax savings @ 24.0%: +$126
• After-tax cash flow: $6,641/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: Northwest Local
• NCES district ID: 3904736
• Math proficiency: 38% ▼ -18.00%
• Reading proficiency: 46% ▼ -10.00%
• Median HH income: $58,765
• Composite: 36.97/100
• National rank: #4528
• State rank: #508 of 656 in OH

Livability — White Oak

• Score: 69/100
• State rank: #499
• US rank: #8343

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: White Oak, OH
• County: Hamilton County · 701,295 people
• City population: 29,035
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 29,607
• Household income: $60,324
• Rent vs Own: 40.7% rent · 59.3% own
• Severe rent burden: 1566.0

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: Diverse neighborhood (Simpson 0.63)
• Race & ethnicity: White 50% Black 35% Two or more races 8% Hispanic / Latino 4% Asian 4%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 4% · India, Canada
• Languages at home: 93% English-only · Other Indo-European 3% Spanish 2%

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: ▼ -114.46%
• Current HPI: 234.6033
• Rent YoY: ▲ 6.00%
• 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

10 events — show timeline

• 2026-04-23 Contingent — Cincy MLS
• 2026-03-18 Listed $445,000 Cincy MLS
• 2025-11-03 Rental Removed $900 RENTALBEAST
• 2025-08-24 Listed for Rent $900 RENTALBEAST
• 2025-07-19 Rental Removed $875 RENTALBEAST
• 2025-07-14 Listed for Rent $875 RENTALBEAST
• 2025-05-30 Rental Removed $875 LEASESTAR
• 2025-05-30 Listed for Rent $875 LEASESTAR
• 2024-08-23 Rental Removed $875 LEASESTAR
• 2024-08-23 Listed for Rent $875 LEASESTAR

Property tax history

+6.5%/yr

Latest (2025): $7,946 · +4.1% YoY. Source: county tax records.