409 N E St · Hamilton, OH 45013

$189,900

3 bd · 1.5 ba · 2,028 sqft · SingleFamily public records · 216 Days on market

Built 1929 4,779 sqft lot $94/sqft · 12% below area Est $216k · 12% under

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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 +20.9/30.0
• ARV discount +12.9/15.0
• DSCR +6.6/10.0
• 1% rule +5.1/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Fantastic opportunity in a quiet, up-and-coming Hamilton neighborhood! This brick and wood-sided ranch/bungalow offers 3 bedrooms on the main level, a possible 4th bedroom in the finished lower level, and 1,183 sq ft of above-grade living space. Features include hardwood floors, a full bath on the main floor, and a half bath in the lower level. The flexible floor plan provides great potential for renovation, value-add updates, and instant equity growth. A two-car detached garage adds extra storage, parking, or workshop spaceperfect for today's buyers. Located in a walkable community just steps from schools, parks, shops, dining, and public transportation, this home is ideal for those seeking convenience, neighborhood charm, and long-term upside. Whether you're an investor, a first-time homebuyer, or a DIY renovator, this property offers incredible potential and tons of curb appeal. Bring your vision and make this home your next success story!

Key facts

• Brick and wood-sided
• Flexible floor plan
• Walkable community

Tags

• BRICK AND WOOD-SIDED
• HARDWOOD FLOORS
• FLEXIBLE FLOOR PLAN
• TWO-CAR DETACHED GARAGE
• WALKABLE COMMUNITY
• STEPS FROM SCHOOLS

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $264 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Recommended offer: $167k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.0% vs local median 4.6% in Hamilton — 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 73/100 on livability (#332 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime C-, amenities C-, employment D.
• Hamilton City (suburban): math 42% / reading 45% proficiency, ranked #517 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 127 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 31% of the median local income ($74k/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 216 days — a 12% lower offer ($167k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $45k; list at $190k implies a 322% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $167,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 216 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
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: 1.01% ✓
• Cap rate: 7.96%
• Cash-on-cash: 5.95%
• DSCR: 1.26
• GRM: 8.3

CMA / ARV

• ARV (median comp): $215,674
• List price: $189,900
• Delta: -11.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
430 Elvin Ave	0.09mi	4/2.5 (+1)	2,090 (+3%)	5mo	$315,000	$151	78
501 Prytania Ave	0.20mi	3/1.5	1,874 (-8%)	7mo	$190,000	$101	72
834 Ross Ave	0.51mi	3/1.5	2,032 (+0%)	6mo	$100,000	$49	71
1156 Cleveland Ave	0.74mi	3/1.0	2,083 (+3%)	0mo	$255,000	$122	59
500 Marcia Ave	0.46mi	2/1.5 (-1)	1,885 (-7%)	7mo	$397,500	$211	56
677 Franklin St	0.48mi	3/2.0	1,820 (-10%)	4mo	$126,000	$69	55
317 Main St	0.38mi	4/2.0 (+1)	1,732 (-15%)	4mo	$317,000	$183	47
114 Milville Ave	0.44mi	3/2.0	1,729 (-15%)	7mo	$240,000	$139	47
802 Lawn Ave	0.62mi	2/2.0 (-1)	1,872 (-8%)	10mo	$290,000	$155	42
225 Millville Ave	0.51mi	4/1.5 (+1)	2,322 (+14%)	6mo	$285,000	$123	42
222 Millikin St	0.74mi	3/2.5	1,790 (-12%)	1mo	$285,000	$159	42
610 Armo Ave	0.71mi	3/2.0	1,770 (-13%)	6mo	$275,000	$155	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 · 3.69% rent growth · sell at horizon

5-year hold

• IRR: -6.4%
• Equity multiple: 0.76×
• Total profit: $-12,647
• Equity at exit: $28,315

10-year hold

• IRR: 4.0%
• Equity multiple: 1.30×
• Total profit: $16,154
• Equity at exit: $16,419

Cash invested: $53,172 (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 45013

• Rents YoY: 3.7%
• Active inventory: 127
• Price-to-rent: 8.3×

Monthly cashflow live

• Estimated rent: $1,917 high
• Mortgage (P&I): −$996
• Tax from tax record: −$176 /mo · $2,114/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $264

Break-even live

Break-even rent $1,584

Max offer price $189,900

Occupancy floor 81%

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
307 N E St Hamilton, OH	4.0	1.5	1466	$1,450	$0.99	43d	1	0.15mi
547 Rhea Ave Hamilton, OH	3.0	2.5	1412	$2,300	$1.63	43d	1	0.16mi
501 Prytania Ave Hamilton, OH	3.0	1.5	1874	$2,275	$1.21	1d	1	0.18mi
157 Sherman Ave Hamilton, OH	4.0	2.0	1498	$2,100	$1.40	7d	1	0.20mi
121 Gordon Ave Hamilton, OH	4.0	2.0	1880	$1,975	$1.05	16d	1	0.50mi
401 Hyde Park Dr Hamilton, OH	3.0	2.0	1929	$1,750	$0.91	14d	1	0.90mi
306 N 6th St Hamilton, OH	3.0	1.5	1776	$1,975	$1.11	43d	1	1.00mi
1025 Heaton St Hamilton, OH	2.0	1.0	1436	$1,025	$0.71	23d	1	1.33mi

Listing history 15 events

1. 2026-06-18
   days on market $189,900 Active 216 DOM
2. 2026-06-17
   days on market $189,900 Active 215 DOM
3. 2026-06-16
   days on market $189,900 Active 214 DOM
4. 2026-06-15
   days on market $189,900 Active 213 DOM
5. 2026-06-13
   days on market $189,900 Active 211 DOM
6. 2026-06-13
   days on market $189,900 Active 210 DOM
7. 2026-06-09
   days on market $189,900 Active 207 DOM
8. 2026-06-08
   days on market $189,900 Active 206 DOM
9. 2026-06-07
   days on market $189,900 Active 205 DOM
10. 2026-06-03
    days on market $189,900 Active 201 DOM
11. 2026-06-02
    days on market $189,900 Active 200 DOM
12. 2026-06-01
    days on market $189,900 Active 199 DOM
13. 2026-05-31
    days on market $189,900 Active 198 DOM
14. 2025-11-14
    listed $189,900 Active 965-char remark

    Show marketing remark (965 chars)

    Fantastic opportunity in a quiet, up-and-coming Hamilton neighborhood! This brick and wood-sided ranch/bungalow offers 3 bedrooms on the main level, a possible 4th bedroom in the finished lower level, and 1,183 sq ft of above-grade living space. Features include hardwood floors, a full bath on the main floor, and a half bath in the lower level. The flexible floor plan provides great potential for renovation, value-add updates, and instant equity growth. A two-car detached garage adds extra storage, parking, or workshop spaceperfect for today's buyers. Located in a walkable community just steps from schools, parks, shops, dining, and public transportation, this home is ideal for those seeking convenience, neighborhood charm, and long-term upside. Whether you're an investor, a first-time homebuyer, or a DIY renovator, this property offers incredible potential and tons of curb appeal. Bring your vision and make this home your next success story!

15. 1985-04-01
    soldstatus $45,000

ⓘ 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: $2,114 · $176/mo
• Projected year-2 tax: $2,538 · $212/mo
• Expected delta: +$424/yr (+$35/mo · 20.1%)

ⓘ 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 ≥104°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: $23,010
• − Mortgage interest: −$10,637
• − Property taxes: −$2,114
• − Insurance: −$950
• − Repairs & maintenance: −$1,841
• − Management: −$1,841
• − Depreciation: −$5,524
• Taxable income: $103
• Est. tax owed @ 24.0%: −$25
• After-tax cash flow: $3,139/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: Hamilton City
• NCES district ID: 3904410
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $40,488
• Composite: 36.48/100
• National rank: #4656
• State rank: #517 of 656 in OH

Livability — Hamilton

• Score: 73/100
• State rank: #332
• US rank: #5467

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamilton, OH
• County: Butler County · 381,674 people
• City population: 140,900
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 53,998
• Household income: $73,633
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 1047.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 2%

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: ▼ -210.85%
• Current HPI: 237.0239
• Rent YoY: ▲ 3.69%
• 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

+322.0% since first listed

2 events — show timeline

• 2025-11-14 Listed $189,900 Cincy MLS
• 1985-04-01 Sold (Public Records) $45,000 Public Records

Property tax history

+4.8%/yr

Latest (2025): $2,114 · +0.5% YoY. Source: county tax records.