2228 Lincoln Ave Unit E · North College Hill, OH 45224

$109,900

3 bd · 1.5 ba · 880 sqft · Townhouse public records · 36 Days on market

Built 1974 Est $110k · at est. $227/mo HOA · 17% of rent

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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 +20.8/30.0
• ARV discount +7.5/15.0
• 1% rule +7.3/10.0
• DSCR +6.6/10.0
• Livability +3.7/5.0
• Rent growth +3.0/5.0
• Condition / age +2.5/5.0
• Schools +1.5/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to 2228 Lincoln Ave. in desirable College Hill! This charming 2nd-floor condo offers 3 bedrooms and 1 bath with beautiful hardwood floors throughout. Enjoy a spacious living room and dining room, plus a private back deck overlooking a peaceful wooded yard. The kitchen includes a stove and refrigerator, and the home also features a utility room and 1-car garage. Conveniently located in the North College Hill Local School District, this condo is a must see!

Key facts

• Private back deck
• Utility room
• Wooded yard

Tags

• HARDWOOD FLOORS
• PRIVATE BACK DECK
• WOODED YARD
• UTILITY ROOM

Property features AI

Finance

• Other: Residential zoning; Condo classification; Less than 0.5 acre
• HOA & community: HOA present (Balanced Property So); Monthly association fee of $227

Exterior

• Parking: Detached 1-car garage
• Utilities: Public water; Public sewer; Natural gas available
• Home design: Townhouse-style condo; Traditional architecture; One-level unit with entry on level 1; Private entry; Unit faces unknown
• Construction: Brick and wood siding exterior; Shingle roof; Slab foundation; Built with traditional materials
• Exterior features: Balcony; Aluminum windows; Level lot; Partially wooded

Interior

• Kitchen: Vinyl flooring in kitchen; Wood cabinets; Electric cooktop; Refrigerator
• Bedrooms: Three bedrooms total; Primary bedroom about 12 x 11 (on level 1); Second bedroom about 11 x 11 (on level 1); Third bedroom about 10 x 8 (on level 1)
• Flooring: Wood floors in dining and living areas; Vinyl floor in kitchen
• Bathrooms: One full bathroom (on level 1)
• Heating & cooling: Electric forced-air heating; Central air conditioning; Gas water heating
• Interior features: Private entry; Thermostat

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath townhouse listed at $110k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $107k (3.0% below list) — sets the bar for market timing.
• Cap rate 7.9% vs local median 6.5% in North College Hill — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 74/100 on livability (#288 in OH, #4,745 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: employment C-, schools D+, amenities D.
• North College Hill City (suburban): math 13% / reading 22% proficiency, ranked #637 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+1.8%/yr); 52 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 36 days — a 3% lower offer ($107k) is reasonable based on typical stale-listing flexibility.

Recommended offer $106,603 (3.0% below list)

Questions for the listing agent

1. It's been on market 36 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — 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. 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 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. 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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.23% ✓
• Cap rate: 7.95%
• Cash-on-cash: 5.92%
• DSCR: 1.26
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $110,000
• Comps found: 5

Show comp detail 5 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2180 Lincoln Ave	0.09mi	3/1.5	880 (0%)	11mo	$62,501	$71	87
2236 Lincoln Ave	0.02mi	3/1.5	880 (0%)	15mo	$109,900	$125	86
2171 Lincoln Ave	0.16mi	2/1.5 (-1)	860 (-2%)	4mo	$95,000	$110	81
2151 Lincoln Ave	0.11mi	3/1.5	880 (0%)	22mo	$135,000	$153	76
5649 Regimental Pl	0.69mi	2/1.5 (-1)	1,003 (+14%)	6mo	$209,900	$209	35

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 · 1.82% rent growth · sell at horizon

5-year hold

• IRR: -8.6%
• Equity multiple: 0.69×
• Total profit: $-9,615
• Equity at exit: $16,386

10-year hold

• IRR: -0.9%
• Equity multiple: 0.94×
• Total profit: $-1,813
• Equity at exit: $9,502

Cash invested: $30,772 (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 45224

• Rents YoY: 1.8%
• Active inventory: 52
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,352 high
• Mortgage (P&I): −$576
• Tax from tax record: −$67 /mo · $808/yr
• Insurance: −$46
• HOA: −$227
• Vacancy / Maint / Mgmt: −$284
• Net cashflow: $152

Break-even live

Break-even rent $1,160

Max offer price $109,900

Occupancy floor 84%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
5800 Renee Ct Cincinnati, OH	2.0	1.0	775	$1,099	$1.42	21d	1	0.28mi
5856 Renee Ct Cincinnati, OH	2.0	1.0	775	$1,099	$1.42	24d	1	0.34mi
1908 Emerson Ave Cincinnati, OH	4.0	1.0	760	$1,550	$2.04	24d	1	0.46mi
2512 Rack Ct Unit 3 Cincinnati, OH	2.0	1.0	900	$1,125	$1.25	24d	1	0.62mi
2536 Rack Ct Cincinnati, OH	2.0	1.0	840	$900	$1.07	24d	1	0.67mi
5928 Belmont Ave Unit Washer Dryer Hookup Cincinnati, OH	3.0	1.0	1120	$1,395	$1.25	16d	1	0.74mi
5910 Belmont Ave Unit 3 Cincinnati, OH	2.0	1.0	900	$995	$1.11	4d	1	0.79mi
1720 W North Bend Rd Cincinnati, OH	3.0	1.0	900	$1,400	$1.56	24d	1	0.80mi
5824 Shadymist Ln Unit 3 Cincinnati, OH	2.0	1.0	875	$1,100	$1.26	24d	1	0.83mi
1837 W Galbraith Rd Cincinnati, OH	2.0	2.0	1087	$1,500	$1.38	24d	1	0.85mi
5845 Shadymist Ln Apt 1 Cincinnati, OH	2.0	1.0	850	$990	$1.16	20d	1	0.86mi
6211 Hamilton Ave Cincinnati, OH	2.0	1.0–2.0	842	$1,968	$2.34	2d	17	0.97mi
5465 Kirby Ave Unit 5465-21 Cincinnati, OH	2.0	1.0	820	$1,095	$1.34	24d	1	1.13mi
5465 Kirby Ave Unit 5465-8 Cincinnati, OH	2.0	1.0	820	$1,095	$1.34	10d	1	1.13mi
5469 Kirby Ave Cincinnati, OH	1.0–2.0	1.0	720	$1,095	$1.52	3d	33	1.17mi
1628 Linden Dr Unit 937 Cincinnati, OH	2.0	1.0	950	$1,163	$1.22	24d	1	1.27mi
5293 E Knoll Ct Cincinnati, OH	1.0–3.0	1.0–1.5	835	$1,599	$1.91	2d	14	1.47mi

HOA detail

• Monthly dues: $227 · $2,724/yr

Listing history 16 events

1. 2026-06-18
   days on market $109,900 Active 36 DOM
2. 2026-06-17
   days on market $109,900 Active 35 DOM
3. 2026-06-16
   days on market $109,900 Active 34 DOM
4. 2026-06-15
   days on market $109,900 Active 33 DOM
5. 2026-06-13
   days on market $109,900 Active 31 DOM
6. 2026-06-09
   days on market $109,900 Active 27 DOM
7. 2026-06-08
   days on market $109,900 Active 26 DOM
8. 2026-06-07
   days on market $109,900 Active 25 DOM
9. 2026-06-03
   days on market $109,900 Active 21 DOM
10. 2026-06-02
    days on market $109,900 Active 20 DOM
11. 2026-06-01
    days on market $109,900 Active 19 DOM
12. 2026-05-31
    days on market $109,900 Active 18 DOM
13. 2026-05-13
    listed $109,900 Active
14. 2024-12-06
    soldstatus $10,723,000
15. 2018-07-27
    soldstatus $623,500
16. 2006-05-22
    soldstatus $28,500

ⓘ 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: $808 · $67/mo
• Projected year-2 tax: $1,261 · $105/mo
• Expected delta: +$453/yr (+$38/mo · 56.1%)

ⓘ 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 2/10 Low 1 unhealthy d/yr today · 1 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,225
• − Mortgage interest: −$6,156
• − Property taxes: −$808
• − Insurance: −$550
• − Repairs & maintenance: −$1,298
• − Management: −$1,298
• − HOA: −$2,724
• − Depreciation: −$3,197
• Taxable income: $195
• Est. tax owed @ 24.0%: −$47
• After-tax cash flow: $1,774/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: North College Hill City
• NCES district ID: 3904451
• Math proficiency: 13% ▼ -14.00%
• Reading proficiency: 22% ▼ -11.00%
• Median HH income: $40,355
• Composite: 14.89/100
• National rank: #9375
• State rank: #637 of 656 in OH

Livability — North College Hill

• Score: 74/100
• State rank: #288
• US rank: #4745

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Hamilton County · 701,295 people
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 21,900
• Household income: $56,471
• Rent vs Own: 40.5% rent · 59.5% own
• Severe rent burden: 1382.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: Black 51% White 37% Two or more races 6% Hispanic / Latino 5%
• Common ancestry: Lithuanian 2% Italian 2% Slovak 1%
• Foreign-born: 5% · Canada
• Languages at home: 95% English-only · Spanish 3%

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: ▼ -148.06%
• Current HPI: 224.1379
• Rent YoY: ▲ 1.82%
• 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

+285.6% since first listed

4 events — show timeline

• 2026-05-13 Listed $109,900 Cincy MLS
• 2024-12-06 Sold (Public Records) $10,723,000 Public Records
• 2018-07-27 Sold (Public Records) $623,500 Public Records
• 2006-05-22 Sold (Public Records) $28,500 Public Records

Property tax history

+2.1%/yr

Latest (2025): $808 · +0.0% YoY. Source: county tax records.