3896 Reading Rd Unit P · Cincinnati, OH 45229

$59,900

1 bd · 1.0 ba · 1,276 sqft · Condo public records · 102 Days on market

Built 1930 $415/mo HOA · 33% of rent

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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 +27.1/30.0
• 1% rule +10.0/10.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.9/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Sold Before Sent.

Key facts

• $415 HOA
• Built 1930
• Listed 101 days

Property features AI

Finance

• Other: Residential zoning; Located in Avondale (cross street: Paddock Rd.); Directions: Norwood Lateral to Reading Rd. or Paddock Rd. exit south to property
• HOA & community: HOA with monthly fee of $415; HOA covers exterior maintenance, sewer, snow removal, trash, water, association dues, and landscaping/community services

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Traditional style; Condo unit in High Rise 4+; One level; Unit entry at Level 1; City street access
• Construction: Brick construction; Tile roof; Poured foundation; Built on less than 0.5 acre (lot approx. 0.68 acre)
• Exterior features: Patio; Vinyl insulated windows

Interior

• Kitchen: Vinyl flooring; Wood cabinets; Dishwasher; Garbage disposal; Oven/Range; Refrigerator
• Bedrooms: 1 bedroom (Primary: 14 x 12, Level 1)
• Flooring: Wall-to-wall carpet in study; Vinyl in kitchen
• Bathrooms: 1 full bathroom on Level 1
• Heating & cooling: Forced air gas heating; Central air conditioning; Gas water heating
• Interior features: 9ft+ ceilings; Fireplace (gas); Full unfinished basement; Cable available

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $169 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $60k).
• Recommended offer: $55k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.7% 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.

Location & tenants

• 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.
• Market conditions: Rents rising fast (+5.5%/yr); 49 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $1,260/mo this rent would consume 47% of the median local household income ($32k/yr) (locally 1730% 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 $414 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($55k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 29y 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.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent; built in 1930 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,509 (9.0% below list)

Questions for the listing agent

1. It's been on market 102 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1930 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
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 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?
8. 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?
9. 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.
10. 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.
11. 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: 2.10% ✓
• Cap rate: 9.68%
• Cash-on-cash: 12.09%
• DSCR: 1.54
• GRM: 4.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 5.55% rent growth · sell at horizon

5-year hold

• IRR: 6.7%
• Equity multiple: 1.28×
• Total profit: $4,642
• Equity at exit: $8,931

10-year hold

• IRR: 19.6%
• Equity multiple: 2.99×
• Total profit: $33,340
• Equity at exit: $5,179

Cash invested: $16,772 (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 45229

• Home prices YoY: -24.0%
• Rents YoY: 5.5%
• Active inventory: 49
• Price-to-rent: 4.0×

Monthly cashflow live

• Estimated rent: $1,260 high
• Mortgage (P&I): −$314
• Tax from tax record: −$72 /mo · $868/yr
• Insurance: −$25
• HOA: −$415
• Vacancy / Maint / Mgmt: −$265
• Net cashflow: $169

Break-even live

Break-even rent $1,046

Max offer price $59,900

Occupancy floor 82%

Sensitivity live

Price	-10% $203	-5% $186	+0% $169	+5% $152	+10% $135
Rent	-10% $69	-5% $119	+0% $169	+5% $219	+10% $269
Rate	-1.0pp $199	-0.5pp $184	base $169	+0.5pp $153	+1.0pp $138

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: $14,975
• Closing costs: $1,797
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
961 Avondale Ave Cincinnati, OH	2.0	1.0	1800	$2,200	$1.22	4d	1	0.11mi
1607 Asmann Ave Cincinnati, OH	1.0–4.0	1.0–1.5	1069	$895	$0.84	13d	6	0.27mi
800 N Fred Shuttlesworth Cir Apt 3 Cincinnati, OH	2.0	1.0	1200	$1,300	$1.08	24d	1	0.33mi
710 Chalfonte Pl Apt 101 Cincinnati, OH	2.0	1.0	1000	$1,250	$1.25	24d	1	0.60mi
1701 Cleveland Ave Norwood, OH	1.0	1.0	1000	$1,200	$1.20	24d	1	0.73mi
611 E Mitchell Ave Unit 2 Cincinnati, OH	2.0	1.0	1200	$1,395	$1.16	24d	1	0.76mi
611 E Mitchell Ave Unit 2 Cincinnati, OH	2.0	1.0	1400	$1,395	$1.00	11d	1	0.76mi
1725 Cleneay Ave Norwood, OH	1.0–5.0	1.0–5.0	1060	$787	$0.74	2d	46	0.77mi
811 Lexington Ave Unit 1 Cincinnati, OH	2.0	1.0	1674	$1,250	$0.75	5d	1	0.81mi
835 Hutchins Ave #3 Cincinnati, OH	2.0	1.0	1200	$950	$0.79	24d	1	0.82mi
1815 Cleveland Ave Apt 3 Cincinnati, OH	1.0	1.0	1012	$850	$0.84	24d	1	0.91mi
566 Glenwood Ave Unit 5 Cincinnati, OH	2.0	1.0	1100	$1,095	$1.00	4d	1	0.95mi
562 Glenwood Ave Unit 1 Cincinnati, OH	2.0	1.0	1075	$1,160	$1.08	15d	1	0.95mi
4423 Greenlee Ave Unit 2 Cincinnati, OH	2.0	1.0	950	$1,095	$1.15	24d	1	0.97mi
4423 Greenlee Ave Unit 2 Cincinnati, OH	2.0	1.0	950	$1,095	$1.15	5d	1	0.97mi
4303 Allison St Cincinnati, OH	2.0	1.0	1070	$1,495	$1.40	5d	1	0.98mi
116 Clinton Springs Ave Unit 3 Cincinnati, OH	1.0	1.0	900	$850	$0.94	22d	1	1.12mi
2131 Williams Ave Unit 2 Cincinnati, OH	1.0	1.0	950	$1,250	$1.32	44d	1	1.14mi
2131 Williams Ave Unit 1 Cincinnati, OH	2.0	1.0	900	$1,395	$1.55	44d	1	1.14mi
2131 Williams Ave Unit 1 Cincinnati, OH	1.0	1.0	950	$1,350	$1.42	5d	1	1.14mi
2131 Williams Ave Unit 1 Cincinnati, OH	2.0	1.0	900	$1,395	$1.55	24d	1	1.14mi
3583 Alaska Ave Cincinnati, OH	1.0–2.0	1.0	839	$870	$1.04	4d	32	1.16mi
1525 Dixmont Ave Cincinnati, OH	2.0	1.0	1000	$1,200	$1.20	17d	1	1.22mi
1525 Dixmont Ave Cincinnati, OH	2.0	1.0	1000	$1,100	$1.10	5d	1	1.22mi
3221 Gilbert Ave Unit 2 Cincinnati, OH	1.0	1.0	900	$975	$1.08	24d	1	1.26mi
3221 Gilbert Ave Unit 5 Cincinnati, OH	2.0	1.0	900	$1,100	$1.22	24d	1	1.26mi
39 Glen Este Pl Fl 1 Cincinnati, OH	2.0	1.0	900	$1,150	$1.28	24d	1	1.27mi
568 Hale Ave Unit 2 Cincinnati, OH	2.0	1.0	900	$1,400	$1.56	18d	1	1.28mi
4539 Montgomery Rd Unit 2 Cincinnati, OH	1.0	1.0	1000	$1,100	$1.10	11d	1	1.29mi
4539 Montgomery Rd Unit 2 Cincinnati, OH	1.0	1.0	1000	$1,100	$1.10	44d	1	1.29mi
4539 Montgomery Rd Unit 3 Cincinnati, OH	2.0	1.0	1200	$1,375	$1.15	11d	1	1.29mi
4539 Montgomery Rd Unit 3 Cincinnati, OH	2.0	1.0	1200	$1,375	$1.15	24d	1	1.29mi
5 E Mitchell Ave Unit 4 Cincinnati, OH	1.0	1.0	1000	$825	$0.82	24d	1	1.34mi
1500 Yarmouth Ave Unit 2 Cincinnati, OH	1.0	1.0	899	$800	$0.89	18d	1	1.38mi
1916 Lawn Ave Unit 1 Cincinnati, OH	1.0	1.0	1000	$1,250	$1.25	21d	1	1.45mi
5111 Warren Ave Cincinnati, OH	2.0	1.0	1326	$1,525	$1.15	24d	1	1.46mi

HOA detail condo

• Monthly dues: $415 · $4,980/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-21
   days on market $59,900 Active 102 DOM
2. 2026-06-18
   days on market $59,900 Active 99 DOM
3. 2026-06-17
   days on market $59,900 Active 98 DOM
4. 2026-06-16
   days on market $59,900 Active 97 DOM
5. 2026-06-15
   days on market $59,900 Active 96 DOM
6. 2026-06-13
   days on market $59,900 Active 94 DOM
7. 2026-06-13
   days on market $59,900 Active 93 DOM
8. 2026-06-09
   days on market $59,900 Active 90 DOM
9. 2026-06-08
   days on market $59,900 Active 89 DOM
10. 2026-06-07
    days on market $59,900 Active 88 DOM
11. 2026-06-03
    days on market $59,900 Active 84 DOM
12. 2026-06-02
    days on market $59,900 Active 83 DOM
13. 2026-06-01
    days on market $59,900 Active 82 DOM
14. 2026-05-31
    days on market $59,900 Active 81 DOM
15. 2026-03-11
    listed $59,900 Active
16. 2014-08-18
    historical
17. 2014-07-09
    listed $59,900
18. 1997-07-02
    soldstatus $59,900
19. 1997-06-27
    soldstatus $59,900 17-char remark

    Show marketing remark (17 chars)

    Sold Before Sent.

20. 1997-05-06
    listed $59,900 17-char remark

    Show marketing remark (17 chars)

    Sold Before Sent.

21. 1993-02-23
    soldstatus $524,661
22. 1988-04-19
    soldstatus $550,000
23. 1987-10-19
    soldstatus $350,000
24. 1987-05-21
    soldstatus $275,000
25. 1986-02-13
    soldstatus $310,000

ⓘ 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: $868 · $72/mo
• Projected year-2 tax: $901 · $75/mo
• Expected delta: +$33/yr (+$3/mo · 3.8%)

ⓘ 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: $15,120
• − Mortgage interest: −$3,355
• − Property taxes: −$868
• − Insurance: −$300
• − Repairs & maintenance: −$1,210
• − Management: −$1,210
• − HOA: −$4,980
• − Depreciation: −$1,743
• Taxable income: $1,455
• Est. tax owed @ 24.0%: −$349
• After-tax cash flow: $1,678/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: Cincinnati Public Schools
• NCES district ID: 3904375
• Math proficiency: 25% ▼ -19.00%
• Reading proficiency: 36% ▼ -14.00%
• Median HH income: $35,743
• Composite: 25.21/100
• National rank: #7508
• State rank: #581 of 656 in OH

Livability — Cincinnati

• Score: 80/100
• State rank: #130
• US rank: #1856

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cincinnati, OH
• County: Hamilton County · 701,295 people
• City population: 505,555
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 13,529
• Household income: $32,263
• Rent vs Own: 69.4% rent · 30.6% own
• Severe rent burden: 1730.0

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: Predominantly Black (65%)
• Race & ethnicity: Black 65% White 24% Two or more races 5% Hispanic / Latino 4% Asian 1%
• Common ancestry: Italian 2% Iranian 1% Lithuanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 93% English-only · Spanish 4% Russian/Polish/Slavic 1% Other Indo-European 1%

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: ▼ -80.34%
• Current HPI: 254.492
• Rent YoY: ▲ 5.55%
• 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

-80.7% since first listed

11 events — show timeline

• 2026-03-11 Listed $59,900 Cincy MLS
• 2014-08-18 Listing Removed — Cincy MLS
• 2014-07-09 Listed $59,900 Cincy MLS
• 1997-07-02 Sold (Public Records) $59,900 Public Records
• 1997-06-27 Sold (MLS) $59,900 Cincy MLS
• 1997-05-06 Listed $59,900 Cincy MLS
• 1993-02-23 Sold (Public Records) $524,661 Public Records
• 1988-04-19 Sold (Public Records) $550,000 Public Records
• 1987-10-19 Sold (Public Records) $350,000 Public Records
• 1987-05-21 Sold (Public Records) $275,000 Public Records
• 1986-02-13 Sold (Public Records) $310,000 Public Records

Property tax history

-3.2%/yr

Latest (2025): $868 · +3.1% YoY. Source: county tax records.