840 Lexington Ave · Cincinnati, OH 45229

$190,000

5 bd · 8.0 ba · 4,547 sqft · MultiFamily public records · 14 Days on market

Built 1900 8,059 sqft lot

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

investors ! Ideally located 5 unit building in the heart of North Avondale with excellent income opportunity . This property has been taken down to the studs, framing , plumbing , wiring completed , All you need to do is finishing touches,Third level has 2 units with 2 bedrooms 1 bath, second floor one bedroom 1 bath, first floor 2 bedroom 1 bath units, Selling as is , Seller prefers cash , quick close .

Key facts

• Strong rental demand
• Custom living space
• Thoughtful updates

Tags

• AMPLE OFF-STREET PARKING
• STRONG RENTAL DEMAND
• THOUGHTFUL UPDATES
• IMPRESSIVE MONTHLY INCOME
• MULTI-UNIT CASH-FLOW PROPERTY
• CUSTOM LIVING SPACE

Property features AI

Exterior

• Parking: Off-street parking via driveway
• Utilities: Public water; Public sewer; Natural gas
• Home design: Three or more levels
• Construction: Stone foundation
• Exterior features: Shingle roof; Brick exterior; Other window features; Lot of about 0.185 acres (8,059 sq ft)

Interior

• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 5-bed/8.0-bath multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $3k ($35k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $190k).
• Cap rate 24.5% 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.
• Zoned schools: Sands Montessori School (math 70% / reading 77%, grade A, #311 of 1,584 statewide, top 20%, 683 students, 22% FRL); Hartwell School (math 17% / reading 31%, grade F, #593 of 654 statewide, top 91%, 447 students, 0% FRL); Walnut Hills High School (math 79% / reading 89%, grade A, #17 of 781 statewide, top 2%, 2,582 students, 14% FRL) — zoned schools average 12% FRL vs 70% district-wide (59 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 60% at this address vs 30% district-wide (+30 pts) — the actual schools serving this property are materially stronger than the Cincinnati Public Schools average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+5.5%/yr); 49 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals leasing fast (median 0d on market — plan ~1-2 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $5,458/mo this rent would consume 203% 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $53k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 14 days on market — expect competitive offers; lowballing is unlikely to land.
• 13 sale attempts since 20y 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 $145k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $190,000

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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?
5. 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.
6. 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.
7. 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: 2.87% ✓
• Cap rate: 24.51%
• Cash-on-cash: 65.06%
• DSCR: 3.89
• GRM: 2.9

CMA / ARV

• ARV (on-the-fly): $404,683
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1041 Dana Ave	0.42mi	5/4.0	4,265 (-6%)	21mo	$379,900	$89	37
3474 Harvey Ave	0.55mi	5/2.0	4,288 (-6%)	13mo	$126,000	$29	34

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 · 5.55% rent growth · sell at horizon

5-year hold

• IRR: 67.2%
• Equity multiple: 4.15×
• Total profit: $167,437
• Equity at exit: $28,330

10-year hold

• IRR: 72.2%
• Equity multiple: 9.37×
• Total profit: $445,071
• Equity at exit: $16,428

Cash invested: $53,200 (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: 14.2×

Monthly cashflow live

• Estimated rent: $5,458 high
• Mortgage (P&I): −$996
• Tax from tax record: −$352 /mo · $4,222/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,146
• Net cashflow: $2,884

Break-even live

Break-even rent $1,807

Max offer price $190,000

Occupancy floor 42%

Sensitivity live

Price	-10% $2,992	-5% $2,938	+0% $2,884	+5% $2,831	+10% $2,777
Rent	-10% $2,453	-5% $2,669	+0% $2,884	+5% $3,100	+10% $3,316
Rate	-1.0pp $2,980	-0.5pp $2,933	base $2,884	+0.5pp $2,835	+1.0pp $2,785

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,448
1× unit	1	1	$1,009
Total (5 units)			$5,458

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
907 Lexington Ave Unit A Cincinnati, OH	6.0	2.0	6500	$2,900	$0.45	17d	1	0.17mi
907 Lexington Ave Unit A Cincinnati, OH	6.0	2.0	6500	$2,580	$0.40	0d	1	0.17mi
907 Lexington Ave Cincinnati, OH	6.0	2.0	6000	$2,550	$0.42	0d	1	0.17mi

Listing history 10 events

1. 2026-06-22
   days on market $190,000 Active 14 DOM
2. 2026-06-21
   days on market $190,000 Active 13 DOM
3. 2026-06-18
   days on market $190,000 Active 10 DOM
4. 2026-06-17
   days on market $190,000 Active 9 DOM
5. 2026-06-16
   days on market $190,000 Active 8 DOM
6. 2026-06-15
   days on market $190,000 Active 7 DOM
7. 2026-06-13
   days on market $190,000 Active 5 DOM
8. 2026-06-13
   days on market $190,000 Active 4 DOM
9. 2026-06-08
   remarks 699-char remark
10. 2026-06-08
    listed $190,000 Active 1 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: $4,222 · $352/mo
• Projected year-2 tax: $4,222 · $352/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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: $65,496
• − Mortgage interest: −$10,643
• − Property taxes: −$4,222
• − Insurance: −$950
• − Repairs & maintenance: −$5,240
• − Management: −$5,240
• − Depreciation: −$5,527
• Taxable income: $33,675
• Est. tax owed @ 24.0%: −$8,082
• After-tax cash flow: $26,532/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

+123.5% since first listed

43 events — show timeline

• 2026-06-08 Listed $190,000 Cincy MLS
• 2025-04-14 Listing Removed — Cincy MLS
• 2025-01-22 Relisted — Cincy MLS
• 2025-01-20 Listing Removed — Cincy MLS
• 2024-11-21 Price Changed $310,000 Cincy MLS
• 2024-11-05 Price Changed $345,000 Cincy MLS
• 2024-10-19 Price Changed $355,000 Cincy MLS
• 2024-09-26 Listed $375,000 Cincy MLS
• 2022-05-06 Sold (MLS) $145,000 Cincy MLS
• 2022-04-18 Contingent — Cincy MLS
• 2022-04-09 Listed $155,000 Cincy MLS
• 2021-02-23 Sold (Public Records) $65,000 Public Records
• 2021-02-05 Sold (MLS) $65,000 Cincy MLS
• 2020-12-30 Contingent — Cincy MLS
• 2020-11-06 Price Changed $85,000 Cincy MLS
• 2020-09-18 Listed $99,900 Cincy MLS
• 2016-04-15 Sold (Public Records) $39,500 Public Records
• 2016-03-17 Sold (MLS) $39,500 Cincy MLS
• 2016-03-03 Contingent — Cincy MLS
• 2015-12-01 Listed $30,000 Cincy MLS
• 2015-11-22 Listing Removed — Cincy MLS
• 2015-07-02 Relisted — Cincy MLS
• 2015-06-23 Contingent — Cincy MLS
• 2015-05-27 Listed $30,000 Cincy MLS
• 2015-02-13 Listing Removed — Cincy MLS
• 2015-02-13 Sold (Public Records) $15,000 Public Records
• 2015-02-12 Sold (MLS) $15,000 Cincy MLS
• 2015-01-09 Listing Removed — Cincy MLS
• 2014-12-12 Listed $17,000 Cincy MLS
• 2008-06-27 Sold (Public Records) $90,000 Public Records
• 2008-06-13 Sold (MLS) $90,000 Cincy MLS
• 2008-03-11 Listed $110,926 Cincy MLS
• 2008-02-28 Listing Removed — Cincy MLS
• 2007-08-27 Listed $126,000 Cincy MLS
• 2007-08-08 Listing Removed — Cincy MLS
• 2006-12-06 Listed $138,900 Cincy MLS
• 2006-10-10 Sold (Public Records) $78,500 Public Records
• 2006-08-31 Sold (MLS) $78,500 Cincy MLS
• 2006-05-19 Listed $79,000 Cincy MLS
• 2006-04-12 Sold (Public Records) $76,000 Public Records
• 2006-04-07 Sold (Public Records) $76,000 Public Records
• 2000-09-27 Sold (Public Records) $115,000 Public Records
• 1997-11-05 Sold (Public Records) $85,000 Public Records

Property tax history

+8.0%/yr

Latest (2025): $4,222 · +0.7% YoY. Source: county tax records.