212 Baltimore St · Middletown, OH 45044

$99,900

3 bd · 3.0 ba · 1,536 sqft · MultiFamily public records · 6 Days on market

Built 1909 Est $137k · 27% under

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Why this score? — see what drove the B+ 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
• ARV discount +15.0/15.0
• 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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks MLS

Multifamily for sale in Middletown. Three units all one bedroom with two units currently rented with leases thru the end of the year. Agent Owned. Property Being Sold AS-IS.

Key facts

• Listed 6 days

Property features AI

Finance

• Financial info: Property contains 3 total units: 1 efficiency (studio) and 2 one-bedroom units; Unit 2 currently rents for $525; Unit 3 currently rents for $300

Exterior

• Parking: Off-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Triplex; Two levels; Residential, multi-family zoning
• Construction: Poured foundation
• Exterior features: Wood windows; Wood siding; Shingle roof

Interior

• Bedrooms: Three 1-bedroom units (one efficiency/studio, two one-bedroom units)
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Gas heating
• Interior features: Full basement; Inoperable fireplace

What this means for you Summary

Snapshot

• This is a 3 × 1-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $621/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $100k).
• Cap rate 28.7% 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: Rosa Parks Elementary School (math 5% / reading 14%, grade F, #1,505 of 1,584 statewide, top 95%, 582 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); 203 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• At $3,161/mo this rent would consume 51% of the median local household income ($74k/yr) (locally 1532% 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 $691 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $28k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 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.
• Current owner paid $55k; list at $100k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $99,900

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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?
7. 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.
8. 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.
9. 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: 3.16% ✓
• Cap rate: 28.68%
• Cash-on-cash: 79.96%
• DSCR: 4.56
• GRM: 2.6

CMA / ARV

• ARV (on-the-fly): $136,704
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1324 Fairmount Ave	0.19mi	4/2.0 (+1)	1,668 (+9%)	16mo	$107,000	$64	54
1406 Forest Ave	0.33mi	3/3.0	1,736 (+13%)	17mo	$154,000	$89	48

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: 83.8%
• Equity multiple: 5.05×
• Total profit: $113,417
• Equity at exit: $14,895

10-year hold

• IRR: 87.8%
• Equity multiple: 11.71×
• Total profit: $299,455
• Equity at exit: $8,638

Cash invested: $27,972 (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: 203
• Price-to-rent: 7.9×

Monthly cashflow live

• Estimated rent: $3,161 high
• Mortgage (P&I): −$524
• Tax from tax record: −$68 /mo · $813/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$664
• Net cashflow: $1,864

Break-even live

Break-even rent $802

Max offer price $99,900

Occupancy floor 36%

Sensitivity live

Price	-10% $1,921	-5% $1,892	+0% $1,864	+5% $1,836	+10% $1,807
Rent	-10% $1,614	-5% $1,739	+0% $1,864	+5% $1,989	+10% $2,114
Rate	-1.0pp $1,914	-0.5pp $1,889	base $1,864	+0.5pp $1,838	+1.0pp $1,812

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

Units	Beds	Baths	Est. rent
▸ 3× units	1	1	$3,162
Total (3 units)			$3,161

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1915 Woodlawn Ave Middletown, OH	3.0	1.5	1060	$1,550	$1.46	45d	1	0.51mi
2007 Logan Ave Middletown, OH	3.0	1.5	1502	$1,195	$0.80	19d	1	0.52mi
907 8th Ave Middletown, OH	3.0	1.5	1380	$1,400	$1.01	19d	1	0.59mi
108 Shafor St Middletown, OH	2.0	1.0	1110	$925	$0.83	22d	1	0.84mi
108 Shafor St Middletown, OH	2.0	1.0	1110	$925	$0.83	13d	1	0.84mi
2201 Wilbraham Rd Middletown, OH	3.0	1.0	1300	$1,549	$1.19	19d	1	1.36mi

Listing history 5 events

1. 2026-06-21
   statusdays on market $99,900 Contingency Pending 6 DOM
2. 2026-06-18
   days on market $99,900 Active 3 DOM
3. 2026-06-17
   days on market $99,900 Active 2 DOM
4. 2026-06-16
   remarks 173-char remark
5. 2026-06-16
   listed $99,900 Active 1 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: $813 · $68/mo
• Projected year-2 tax: $1,186 · $99/mo
• Expected delta: +$373/yr (+$31/mo · 45.9%)

ⓘ 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 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,932
• − Mortgage interest: −$5,596
• − Property taxes: −$813
• − Insurance: −$500
• − Repairs & maintenance: −$3,035
• − Management: −$3,035
• − Depreciation: −$2,906
• Taxable income: $22,049
• Est. tax owed @ 24.0%: −$5,292
• After-tax cash flow: $17,076/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

+81.6% since first listed

3 events — show timeline

• 2026-06-15 Listed $99,900 Dayton MLS
• 2026-06-15 Listed $99,900 Cincy MLS
• 2026-04-28 Sold (Public Records) $55,000 Public Records

Property tax history

+1.2%/yr

Latest (2025): $813 · +1.1% YoY. Source: county tax records.