529 Baltimore St · Middletown, OH 45044

$238,000

6 bd · 2.0 ba · 2,340 sqft · MultiFamily public records · 63 Days on market

Built 1900 4,792 sqft lot $102/sqft · 51% above area

---

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 +26.2/30.0
• DSCR +8.9/10.0
• ARV discount +7.5/15.0
• 1% rule +5.8/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover an exceptional income-producing investment opportunity in Middletown, where income potential meets comfortable living. This distinguished multi-family residence, offering 2-4 units, presents a unique chance to acquire a valuable asset in a thriving community, currently generating $1900 gross per month. Boasting a generous 2340 square feet of living space across two stories, this property provides ample room for tenants while ensuring a desirable lifestyle. The structure includes a total of six bedrooms, with three in each unit, and two full bathrooms, one in each unit, catering to diverse occupancy needs. Each unit benefits from practical features such as 220 Volt electrical service, ensuring modern appliance compatibility and efficiency. The exterior provides welcoming spaces for relaxation and enjoyment, with both a charming patio and a classic porch. Situated on a substantial 0.11-acre lot, the property offers a blend of urban convenience and a sense of personal space.

Key facts

• Classic porch
• Urban convenience
• Charming patio

Tags

• MULTI FAMILY RESIDENCE
• 220 VOLT ELECTRICAL SERVICE
• CHARMING PATIO
• CLASSIC PORCH
• SUBSTANTIAL LOT
• URBAN CONVENIENCE

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $238k.

Deal economics

• At list price, monthly cash flow is $610 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $238k).
• Recommended offer: $224k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.4% vs local median 4.5% 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: schools D+, crime D+, amenities D+.
• 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.
• Market conditions: Rents rising fast (+6.3%/yr); 203 active listings in the ZIP; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 42% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $67k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 63 days — a 6% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 19y 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 $28k; list at $238k implies a 750% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 63 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — 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 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: 1.08% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.98%
• DSCR: 1.49
• GRM: 7.7

CMA / ARV

• ARV (median comp): $157,474
• List price: $238,000
• Delta: 51.14%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1305 First Ave	0.48mi	6/—	2,129 (-9%)	21mo	$190,000	$89	45

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: 3.4%
• Equity multiple: 1.14×
• Total profit: $9,050
• Equity at exit: $35,487

10-year hold

• IRR: 15.6%
• Equity multiple: 2.45×
• Total profit: $96,485
• Equity at exit: $20,578

Cash invested: $66,640 (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: 15.4×

Monthly cashflow live

• Estimated rent: $2,579 high
• Mortgage (P&I): −$1,248
• Tax from tax record: −$80 /mo · $964/yr
• Insurance: −$99
• HOA: −$0
• Vacancy / Maint / Mgmt: −$542
• Net cashflow: $610

Break-even live

Break-even rent $1,807

Max offer price $238,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,580
Total (2 units)			$2,579

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: $59,500
• Closing costs: $7,140
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $238,000 Active 63 DOM
2. 2026-06-17
   days on market $238,000 Active 62 DOM
3. 2026-06-16
   days on market $238,000 Active 61 DOM
4. 2026-06-15
   days on market $238,000 Active 60 DOM
5. 2026-06-13
   days on market $238,000 Active 58 DOM
6. 2026-06-09
   days on market $238,000 Active 54 DOM
7. 2026-06-08
   days on market $238,000 Active 53 DOM
8. 2026-06-07
   days on market $238,000 Active 52 DOM
9. 2026-06-03
   days on market $238,000 Active 48 DOM
10. 2026-06-02
    days on market $238,000 Active 47 DOM
11. 2026-06-01
    days on market $238,000 Active 46 DOM
12. 2026-05-31
    days on market $238,000 Active 45 DOM
13. 2026-04-22
    historical 995-char remark

    Show marketing remark (995 chars)

    Discover an exceptional income-producing investment opportunity in Middletown, where income potential meets comfortable living. This distinguished multi-family residence, offering 2-4 units, presents a unique chance to acquire a valuable asset in a thriving community, currently generating $1900 gross per month. Boasting a generous 2340 square feet of living space across two stories, this property provides ample room for tenants while ensuring a desirable lifestyle. The structure includes a total of six bedrooms, with three in each unit, and two full bathrooms, one in each unit, catering to diverse occupancy needs. Each unit benefits from practical features such as 220 Volt electrical service, ensuring modern appliance compatibility and efficiency. The exterior provides welcoming spaces for relaxation and enjoyment, with both a charming patio and a classic porch. Situated on a substantial 0.11-acre lot, the property offers a blend of urban convenience and a sense of personal space.

14. 2026-04-16
    listed $238,000 Active 995-char remark

    Show marketing remark (1306 chars)

    Discover an exceptional income-producing investment opportunity in Middletown, where income potential meets comfortable living. This distinguished multi-family residence, offering 2-4 units, presents a unique chance to acquire a valuable asset in a thriving community, currently generating $1900 gross per month. Boasting a generous 2340 square feet of living space across two stories, this property provides ample room for tenants while ensuring a desirable lifestyle. The structure includes a total of six bedrooms, with three in each unit, and two full bathrooms, one in each unit, catering to diverse occupancy needs. Each unit benefits from practical features such as 220 Volt electrical service, ensuring modern appliance compatibility and efficiency. The exterior provides welcoming spaces for relaxation and enjoyment, with both a charming patio and a classic porch. Situated on a substantial 0.11-acre lot, the property offers a blend of urban convenience and a sense of personal space. This Middletown location provides access to local amenities and a vibrant neighborhood atmosphere, making it an attractive prospect for long-term residents and savvy investors alike. Embrace the opportunity to enhance your portfolio with this well-maintained and income-generating property on Baltimore Street.

15. 2026-04-16
    listed $238,000 Active 1306-char remark

    Show marketing remark (1306 chars)

    Discover an exceptional income-producing investment opportunity in Middletown, where income potential meets comfortable living. This distinguished multi-family residence, offering 2-4 units, presents a unique chance to acquire a valuable asset in a thriving community, currently generating $1900 gross per month. Boasting a generous 2340 square feet of living space across two stories, this property provides ample room for tenants while ensuring a desirable lifestyle. The structure includes a total of six bedrooms, with three in each unit, and two full bathrooms, one in each unit, catering to diverse occupancy needs. Each unit benefits from practical features such as 220 Volt electrical service, ensuring modern appliance compatibility and efficiency. The exterior provides welcoming spaces for relaxation and enjoyment, with both a charming patio and a classic porch. Situated on a substantial 0.11-acre lot, the property offers a blend of urban convenience and a sense of personal space. This Middletown location provides access to local amenities and a vibrant neighborhood atmosphere, making it an attractive prospect for long-term residents and savvy investors alike. Embrace the opportunity to enhance your portfolio with this well-maintained and income-generating property on Baltimore Street.

16. 2018-10-03
    historical
17. 2018-04-05
    listed $68,500 Active
18. 2010-11-29
    soldstatus $28,000
19. 2010-09-16
    historical
20. 2010-09-16
    historical
21. 2009-12-17
    listed $35,000
22. 2009-12-17
    listed $35,000
23. 2008-04-28
    soldstatus $15,000
24. 2008-03-04
    listed $15,000
25. 2007-11-19
    historical
26. 2007-09-04
    listed $29,592
27. 2007-08-29
    historical
28. 2007-06-22
    listed $34,960
29. 2005-01-04
    soldstatus $85,000
30. 1994-07-06
    soldstatus $39,000

ⓘ 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: $964 · $80/mo
• Projected year-2 tax: $2,339 · $195/mo
• Expected delta: +$1,374/yr (+$115/mo · 142.5%)

ⓘ 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: $30,948
• − Mortgage interest: −$13,332
• − Property taxes: −$964
• − Insurance: −$1,190
• − Repairs & maintenance: −$2,476
• − Management: −$2,476
• − Depreciation: −$6,924
• Taxable income: $3,587
• Est. tax owed @ 24.0%: −$861
• After-tax cash flow: $6,457/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

+510.3% since first listed

18 events — show timeline

• 2026-04-22 Listing Removed — Cincy MLS
• 2026-04-16 Listed $238,000 Dayton MLS
• 2026-04-16 Listed $238,000 Cincy MLS
• 2018-10-03 Listing Removed — Cincy MLS
• 2018-04-05 Listed $68,500 Cincy MLS
• 2010-11-29 Sold (Public Records) $28,000 Public Records
• 2010-09-16 Listing Removed — Cincy MLS
• 2010-09-16 Listing Removed — Dayton MLS
• 2009-12-17 Listed $35,000 Cincy MLS
• 2009-12-17 Listed $35,000 Dayton MLS
• 2008-04-28 Sold (MLS) $15,000 Cincy MLS
• 2008-03-04 Listed $15,000 Cincy MLS
• 2007-11-19 Listing Removed — Cincy MLS
• 2007-09-04 Listed $29,592 Cincy MLS
• 2007-08-29 Listing Removed — Cincy MLS
• 2007-06-22 Listed $34,960 Cincy MLS
• 2005-01-04 Sold (Public Records) $85,000 Public Records
• 1994-07-06 Sold (Public Records) $39,000 Public Records

Property tax history

+9.8%/yr

Latest (2025): $964 · +1.3% YoY. Source: county tax records.