404 Mohawk St · Cincinnati, OH 45214

$439,000

2 bd · 2.0 ba · 2,083 sqft · MultiFamily public records · 11 Days on market

Built 1874 2,483 sqft lot Est $308k · 42% over

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Why this score? — see what drove the D+ 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 +14.3/30.0
• Appreciation +10.0/10.0
• Rent growth +4.5/5.0
• DSCR +4.3/10.0
• Livability +4.0/5.0
• 1% rule +3.6/10.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Turnkey income producing duplex close to UC and OTR! Enjoy the fully furnished 2-bed short-term rental with Superhost management in place. Long-term tenant on the first floor 1-bed unit provides stability for the building. Leased through 7/31 but great option for owner occupant! Both units have been updated and feature contemporary design touches and new kitchens. Laundry equipment provided in both units.

Key facts

• Recent improvements
• Major updates
• 2,483 sq ft lot

Tags

• HISTORIC MOHAWK DISTRICT
• INCREDIBLE CITY VIEWS
• HIGHLY WALKABLE LOCATION
• RECENT IMPROVEMENTS
• MAJOR UPDATES
• BEAUTIFULLY RENOVATED BATHROOM

Property features AI

Finance

• Financial info: Two-unit property: one 1-bedroom unit and one 2-bedroom unit

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Three or more levels; Entry faces unspecified
• Construction: Vinyl siding; Wood siding; Stone foundation; Shingle roof; Second floor area present
• Exterior features: Deck; Busline nearby

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 2 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating (gas); Central air conditioning; Separate furnace for units; Separate A/C for units; Separate gas and electric for units; Heat paid by tenant; Water paid by owner
• Interior features: Partial basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/2.0-bath units multifamily listed at $439k.

Deal economics

• At list price, monthly cash flow is $79 ($947/yr) — positive. Per door: $39/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $376k (14.3% below list).
• Recommended offer: $376k (14.3% below list) — sets the bar for 1% rule.
• Cap rate 6.5% 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.
• Market conditions: Rents rising fast (+8.1%/yr); 67 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 13d 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 $3,763/mo this rent would consume 162% of the median local household income ($28k/yr) (locally 857% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $47k of equity ($3k loan paydown + $44k appreciation (10.0% local appreciation)).
• At projected returns (10.0% appreciation + 8.0% rent growth), your $123k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$75k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 8 sale attempts since 5y 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 1874 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $376,300 (14.3% 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 1874 — 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 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. 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?
7. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
8. 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.
9. 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.
10. 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: 0.86% ✗
• Cap rate: 6.51%
• Cash-on-cash: 0.77%
• DSCR: 1.03
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $308,284
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
318 Mohawk St	0.03mi	3/2.0 (+1)	2,226 (+7%)	2mo	$380,000	$171	81
221 Emming St	0.24mi	2/2.0	1,832 (-12%)	9mo	$272,000	$148	62
458 Lloyd Pl	0.26mi	3/3.5 (+1)	2,217 (+6%)	9mo	$344,900	$156	59
633 Straight St	0.57mi	3/2.0 (+1)	1,931 (-7%)	15mo	$220,000	$114	44
813 Livingston St	0.46mi	2/—	2,386 (+14%)	20mo	$38,000	$16	38

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

10.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 26.5%
• Equity multiple: 3.15×
• Total profit: $263,975
• Equity at exit: $395,486

10-year hold

• IRR: 24.6%
• Equity multiple: 7.69×
• Total profit: $822,618
• Equity at exit: $852,880

Cash invested: $122,920 (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 45214

• Home prices YoY: 3.6%
• Rents YoY: 8.1%
• Active inventory: 67
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,763 high
• Mortgage (P&I): −$2,302
• Tax from tax record: −$409 /mo · $4,905/yr
• Insurance: −$183
• HOA: −$0
• Vacancy / Maint / Mgmt: −$790
• Net cashflow: $79

Break-even live

Break-even rent $3,663

Max offer price $439,000

Occupancy floor 93%

Sensitivity live

Price	-10% $327	-5% $203	+0% $79	+5% $-45	+10% $-170
Rent	-10% $-218	-5% $-70	+0% $79	+5% $228	+10% $376
Rate	-1.0pp $300	-0.5pp $191	base $79	+0.5pp $-35	+1.0pp $-151

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	2	$3,762
Total (2 units)			$3,763

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: $109,750
• Closing costs: $13,170
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
472 Dayton St Cincinnati, OH	2.0	1.5	2519	$1,500	$0.60	4d	1	0.25mi
812 Dayton St Unit 1056021P Cincinnati, OH	3.0	1.0	1453	$2,995	$2.06	2d	1	0.25mi
474 Dayton St Apt A Cincinnati, OH	1.0	1.5	1500	$1,300	$0.87	24d	1	0.25mi
2227 Wheeler St Cincinnati, OH	1.0	1.0	1984	$1,495	$0.75	24d	1	0.29mi
2332 Chickasaw St Unit 1 Cincinnati, OH	3.0	1.0	2000	$1,800	$0.90	24d	1	0.36mi
1 Foxhall Ct Unit 1 Cincinnati, OH	2.0	2.5	1500	$2,200	$1.47	24d	1	0.36mi
107 E Clifton Ave Unit 1234537P Cincinnati, OH	2.0–3.0	1.0–2.0	2260	$3,754	$1.66	15d	2	0.45mi
1925 Colerain Ave Unit 1056034P Cincinnati, OH	2.0	1.0	1453	$2,790	$1.92	13d	1	0.45mi
2521 Ravine St Cincinnati, OH	3.0	3.5	1528	$2,995	$1.96	24d	1	0.50mi
1826 Republic St Unit 1056093P Cincinnati, OH	2.0	1.0	1614	$2,812	$1.74	15d	1	0.60mi
55 Mulberry St Cincinnati, OH	3.0	3.0	2500	$3,500	$1.40	24d	1	0.61mi
111 W Elder St Unit 1056044P Cincinnati, OH	1.0–4.0	1.0–4.0	1835	$3,983	$2.17	11d	2	0.62mi
2704 W McMicken Ave Unit 2 Cincinnati, OH	3.0	1.0	1760	$1,500	$0.85	24d	1	0.63mi
1617 Elm St Cincinnati, OH	3.0	1.0–2.0	1028	$3,673	$3.57	2d	44	0.69mi
1610 Pleasant St Unit 1056041P Cincinnati, OH	3.0–4.0	2.0–3.0	2960	$4,370	$1.48	11d	2	0.71mi
1622 Vine St Unit 1622-11 Cincinnati, OH	1.0	1.0	2500	$1,725	$0.69	4d	1	0.78mi
1508 Pleasant St Unit 1495913P Cincinnati, OH	1.0–3.0	1.0–2.0	1431	$5,854	$4.09	2d	2	0.82mi
1042 Marshall Ave Apt 3 Cincinnati, OH	3.0	1.0	1400	$1,195	$0.85	24d	1	0.83mi
1507 Race St Unit 1056026P Cincinnati, OH	2.0	1.0	1453	$3,630	$2.50	15d	1	0.85mi
1423 Pleasant St Unit 1056037P Cincinnati, OH	2.0	1.0	1560	$3,411	$2.19	2d	1	0.87mi
21 E 15th St Unit 1512946P Cincinnati, OH	3.0	2.0	2852	$12,830	$4.50	24d	1	0.91mi
328 Mulberry St Cincinnati, OH	3.0	3.5	2640	$5,500	$2.08	24d	1	0.94mi
328 Mulberry St Cincinnati, OH	3.0	3.5	2640	$5,500	$2.08	15d	1	0.94mi
623 Riddle Rd Cincinnati, OH	3.0	2.0	2028	$1,800	$0.89	24d	1	0.95mi
216 Gilman Ave Unit 1363975P Cincinnati, OH	3.0	1.0	1776	$3,474	$1.96	3d	1	0.99mi
1610 Sycamore St Cincinnati, OH	2.0	2.0	1600	$1,900	$1.19	11d	1	1.03mi
236 Gilman Ave Cincinnati, OH	3.0	2.5	1699	$2,200	$1.29	13d	1	1.03mi
1602 Mansfield St Unit 1056028P Cincinnati, OH	2.0	2.0	1453	$4,145	$2.85	2d	1	1.09mi
1410 Mansfield St Apt 3 Cincinnati, OH	3.0	2.0	1412	$2,401	$1.70	11d	1	1.11mi
1410 Mansfield St Apt 4 Cincinnati, OH	3.0	2.0	1412	$2,387	$1.69	11d	1	1.11mi
424 Liberty Hl Unit 1056033P Cincinnati, OH	3.0	2.0	1453	$5,780	$3.98	2d	1	1.17mi
1326 Broadway Unit 1324946P Cincinnati, OH	1.0–3.0	1.0–3.0	1162	$6,715	$5.78	24d	2	1.19mi
306 Grear Aly Unit 1459457P Cincinnati, OH	1.0	1.0	1722	$4,150	$2.41	24d	1	1.20mi
100 East Central Pkwy Cincinnati, OH	1.0–2.0	1.0–2.0	1080	$2,734	$2.53	4d	8	1.21mi
595 Martin Luther King Dr W Cincinnati, OH	3.0	2.0	2048	$1,650	$0.81	11d	1	1.22mi
1304 Broadway Unit 1056130P Cincinnati, OH	1.0–5.0	1.0–4.0	2072	$4,465	$2.16	11d	2	1.23mi
3141 Bishop St Unit 1 Cincinnati, OH	3.0	1.0	1500	$2,100	$1.40	24d	1	1.23mi
2025 Burnet Ave Unit 2 Cincinnati, OH	3.0	2.0	1513	$1,795	$1.19	4d	1	1.25mi
19 Garfield Pl Cincinnati, OH	1.0–2.0	1.0–2.0	1680	$2,260	$1.34	2d	11	1.38mi
3031 Eden Ave Cincinnati, OH	1.0–2.0	1.0–2.0	1113	$3,150	$2.83	21d	9	1.38mi

Listing history 9 events

1. 2026-06-18
   days on market $439,000 Active 11 DOM
2. 2026-06-17
   days on market $439,000 Active 10 DOM
3. 2026-06-16
   days on market $439,000 Active 9 DOM
4. 2026-06-15
   days on market $439,000 Active 8 DOM
5. 2026-06-13
   days on market $439,000 Active 6 DOM
6. 2026-06-13
   days on market $439,000 Active 5 DOM
7. 2026-06-09
   days on market $439,000 Active 2 DOM
8. 2026-06-08
   remarks 699-char remark
9. 2026-06-08
   listed $439,000 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: $4,905 · $409/mo
• Projected year-2 tax: $5,877 · $490/mo
• Expected delta: +$972/yr (+$81/mo · 19.8%)

ⓘ 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 5/10 Major 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: $45,156
• − Mortgage interest: −$24,591
• − Property taxes: −$4,905
• − Insurance: −$2,195
• − Repairs & maintenance: −$3,612
• − Management: −$3,612
• − Depreciation: −$12,771
• Taxable loss: −$6,531
• Est. tax savings @ 24.0%: +$1,567
• After-tax cash flow: $2,514/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): 8,630
• Household income: $27,852
• Rent vs Own: 76.1% rent · 23.9% own
• Severe rent burden: 857.0

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: Majority Black (63%)
• Race & ethnicity: Black 63% White 27% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Romanian 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▲ 15.01%
• Current HPI: 433.2346
• Rent YoY: ▲ 8.09%
• 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

+56.8% since first listed

21 events — show timeline

• 2026-06-07 Listed $439,000 Cincy MLS
• 2025-04-25 Rental Removed $1,250 Avail
• 2025-03-24 Listed for Rent $1,250 Avail
• 2025-03-10 Rental Removed $1,250 Avail
• 2025-02-06 Listed for Rent $1,250 Avail
• 2024-12-30 Rental Removed $1,250 Avail
• 2024-11-03 Price Changed $1,250 Avail
• 2024-10-30 Listed for Rent $1,300 Avail
• 2024-10-04 Rental Removed $1,300 Avail
• 2024-08-09 Listed for Rent $1,300 Avail
• 2024-06-13 Sold (Public Records) $393,000 Public Records
• 2024-06-10 Sold (MLS) $393,000 Cincy MLS
• 2024-04-24 Contingent — Cincy MLS
• 2024-04-05 Listed $395,000 Cincy MLS
• 2022-02-25 Sold (MLS) $225,000 Cincy MLS
• 2022-01-31 Contingent — Cincy MLS
• 2021-12-17 Price Changed $239,500 Cincy MLS
• 2021-10-20 Listed $249,000 Cincy MLS
• 2021-10-13 Listing Removed — Cincy MLS
• 2021-08-18 Price Changed $259,900 Cincy MLS
• 2021-07-21 Listed $279,900 Cincy MLS

Property tax history

+13.1%/yr

Latest (2025): $4,905 · -1.6% YoY. Source: county tax records.