2404 S Sutphin St · Middletown, OH 45044

$145,000

4 bd · 2.0 ba · 2,128 sqft · MultiFamily public records · 15 Days on market

Built 1900 4,356 sqft lot Est $162k · 10% 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 +12.2/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Presenting 2404-2406 S Sutphin St, a well-maintained duplex offering an excellent investment opportunity in the heart of Middletown, Ohio. This property features two separate units, each with 2 bedrooms and 1 bathroom, combining for a total of 2,128 sq ft of living space. Both units are thoughtfully designed with spacious living areas, functional kitchens, and comfortable bedrooms, providing a cozy environment for residents. With separate entrances, this duplex is ideal for investors seeking rental income or homeowners looking to occupy one unit while renting out the other. Situated in a convenient area of Middletown, residents will enjoy easy access to local amenities, shopping centers, and public transportation options. The property includes off-street parking, ensuring convenience for both tenants and guests. Don't miss out on this versatile investment opportunity that offers both immediate rental income and long-term growth potential. Schedule a viewing today.

Key facts

• Tenant occupied
• Major roadways
• Functional layout

Tags

• FUNCTIONAL LAYOUT
• TENANT OCCUPIED
• VACANT UNIT
• LOCAL AMENITIES
• MAJOR ROADWAYS
• INCOME PRODUCING POTENTIAL

Property features AI

Finance

• Financial info: Offered for sale; Reported gross income: $758

Exterior

• Parking: No garage
• Home design: 2-story building; Single building containing 2 units
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Residential zoning; Lot recorded as 0.1 acre (4,356 sq ft)

Interior

• Bedrooms: Two-bedroom unit(s)
• Bathrooms: 2 full bathrooms
• Heating & cooling: Central air conditioning; Forced air heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $145k.

Deal economics

• At list price, monthly cash flow is $963 ($12k/yr) — positive. Per door: $481/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $145k).
• Recommended offer: $143k (1.5% below list) — sets the bar for market timing.
• Cap rate 14.3% 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 39% 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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $41k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 15 days — a 2% lower offer ($143k) is reasonable based on typical stale-listing flexibility.
• 5 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.

Risks & watch-outs

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

Recommended offer $142,825 (1.5% below list)

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 1900 — 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: 1.67% ✓
• Cap rate: 14.26%
• Cash-on-cash: 28.46%
• DSCR: 2.27
• GRM: 5.0

CMA / ARV

• ARV (on-the-fly): $161,728
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2411 Christel Ave	0.21mi	4/2.5	2,248 (+6%)	19mo	$170,000	$76	63
1830 Woodlawn Ave	0.45mi	4/2.5	2,322 (+9%)	2mo	$114,000	$49	60

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: 26.3%
• Equity multiple: 2.14×
• Total profit: $46,154
• Equity at exit: $21,620

10-year hold

• IRR: 35.9%
• Equity multiple: 4.84×
• Total profit: $155,705
• Equity at exit: $12,537

Cash invested: $40,600 (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: 10.0×

Monthly cashflow live

• Estimated rent: $2,417 high
• Mortgage (P&I): −$760
• Tax from tax record: −$126 /mo · $1,508/yr
• Insurance: −$60
• HOA: −$0
• Vacancy / Maint / Mgmt: −$508
• Net cashflow: $963

Break-even live

Break-even rent $1,198

Max offer price $145,000

Occupancy floor 55%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,418
Total (2 units)			$2,417

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: $36,250
• Closing costs: $4,350
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2007 Logan Ave Middletown, OH	3.0	1.5	1502	$1,195	$0.80	17d	1	0.38mi
3504 Greenwood Dr Middletown, OH	3.0	1.5	1712	$1,831	$1.07	12d	1	1.11mi
11 Redbud Dr Middletown, OH	4.0	3.0	1562	$2,175	$1.39	21d	1	1.22mi

Listing history 9 events

1. 2026-06-18
   days on market $145,000 Active 15 DOM
2. 2026-06-17
   days on market $145,000 Active 14 DOM
3. 2026-06-16
   days on market $145,000 Active 13 DOM
4. 2026-06-15
   days on market $145,000 Active 12 DOM
5. 2026-06-13
   days on market $145,000 Active 10 DOM
6. 2026-06-09
   days on market $145,000 Active 6 DOM
7. 2026-06-08
   days on market $145,000 Active 5 DOM
8. 2026-06-07
   remarks 690-char remark
9. 2026-06-07
   listed $145,000 Active 4 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: $1,508 · $126/mo
• Projected year-2 tax: $1,885 · $157/mo
• Expected delta: +$377/yr (+$31/mo · 25.0%)

ⓘ 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: $29,004
• − Mortgage interest: −$8,122
• − Property taxes: −$1,508
• − Insurance: −$725
• − Repairs & maintenance: −$2,320
• − Management: −$2,320
• − Depreciation: −$4,218
• Taxable income: $9,790
• Est. tax owed @ 24.0%: −$2,350
• After-tax cash flow: $9,206/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

+81.5% since first listed

15 events — show timeline

• 2026-06-03 Listed $145,000 Dayton MLS
• 2025-09-14 Listing Removed — Cincy MLS
• 2025-04-23 Price Changed $174,999 Cincy MLS
• 2025-03-14 Listed $189,999 Cincy MLS
• 2023-09-05 Sold (MLS) $140,000 Cincy MLS
• 2023-09-05 Sold (MLS) $140,000 Dayton MLS
• 2023-09-05 Sold (MLS) $140,000 Dayton MLS
• 2023-07-25 Listing Removed — Cincy MLS
• 2023-07-25 Pending — Dayton MLS
• 2023-07-25 Listed $140,000 Cincy MLS
• 2023-07-25 Listed $140,000 Dayton MLS
• 2007-04-16 Sold (Public Records) $85,500 Public Records
• 1999-03-04 Sold (Public Records) $77,000 Public Records
• 1999-03-01 Sold (MLS) $77,000 Cincy MLS
• 1999-02-07 Listed $79,900 Cincy MLS

Property tax history

+9.9%/yr

Latest (2025): $1,508 · +1.2% YoY. Source: county tax records.