1209 W Galbraith Rd

Cincinnati, OH 45231

$699,900B

100 bd · None ba · — sqft · Built 1974 · MultiFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $11,890/mo
• Mortgage (P&I): −$3,670
• Tax + insurance: −$1,268
• HOA: −$0
• Vac / Maint / Mgmt: −$2,497
• Net cashflow: $4,455/mo
• Annual: $53,461/yr
• Cap rate: 14.05%
• Cash-on-cash: 27.69%
• DSCR: 2.23
• 1% rule: 1.70%
• Cash to close: $195,972

Investor read

• This is a 10 × 1-bed/1-bath units multifamily listed at $700k.
• At list price, monthly cash flow is $4k ($53k/yr) — positive. Per door: $446/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($12k rent vs $700k).
• It's been on market 28 days — a 2% lower offer ($689k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $689k (1.5% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $5k of loan paydown is wiped out by about $21k of value loss. Plan a longer hold.
• 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: flood insurance adds $66/mo.
• Market conditions: Rents rising fast (+6.9%/yr); 85 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 9 sale attempts since 27y 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.
• Current owner paid $360k; list at $700k implies a 94% gain — meaningful room to come down on a strong offer.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $196k cash investment doubles in ~4 years — after that, you're playing with house money.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.
• Cap rate 14.0% 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 $11,890/mo this rent would consume 200% of the median local household income ($71k/yr) (locally 846% 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?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• 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.