3440 Harvey Ave · Cincinnati, OH 45229

$524,900

45 bd · None ba · 6,396 sqft · MultiFamily · 64 Days on market

Built 1908 7,318 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: 9 units. confirmed

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

Fantastic 9-unit investment opportunity in the heart of Cincinnati's rapidly growing Avondale neighborhood! Just minutes from Cincinnati Children's Hospital, University Hospital, the UC College of Medicine, and the University of Cincinnati campus, this property offers unmatched access to major medical and educational employers. Centrally located with quick connections to I-71, downtown, and surrounding districts, this building is ideally positioned for strong rental demand and long-term appreciation. A perfect investment for anyone looking to capitalize on the area's continued redevelopment and high tenant demand.

Key facts

• Strong rental demand
• High tenant demand
• 7,318 sq ft lot

Tags

• 9 UNIT INVESTMENT OPPORTUNITY
• AVONDALE NEIGHBORHOOD
• QUICK CONNECTIONS TO I-71
• STRONG RENTAL DEMAND
• LONG TERM APPRECIATION
• HIGH TENANT DEMAND

Property features AI

Finance

• Other: Zoned residential, multi-family
• Financial info: Total buildings: 1; Lease details: See listing agent; Semi-annual taxes listed (refer to listing)

Exterior

• Parking: Four garage spaces; Four off-street/open parking spaces; Driveway access
• Utilities: Public water; Public sewer
• Home design: Two levels; Multi-family residential property
• Construction: Brick construction; Stone foundation; Membrane roof; Metal roof
• Exterior features: Deck; Porch; Balcony; Corner lot; Busline nearby; Insulated windows

Interior

• Bedrooms: Nine total units: five 1-bedroom units and four efficiency units
• Heating & cooling: Forced air heating (gas); Natural gas service; Owner pays heat; Separate gas/electric services for units
• Interior features: Full basement; Coin laundry on site; Smoke alarms installed; Brick fireplace
• Laundry & utility: On-site coin laundry

What this means for you Summary

Snapshot

• This is a 9 × 5-bed/?-bath units multifamily listed at $525k.

Deal economics

• At list price, monthly cash flow is $7k ($89k/yr) — positive. Per door: $826/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $525k).
• Recommended offer: $493k (6.0% below list) — sets the bar for market timing.
• Cap rate 23.3% 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; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $14,193/mo this rent would consume 528% 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 $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $147k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 64 days — a 6% lower offer ($493k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 24y 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 $180k; list at $525k implies a 192% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1908 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $493,406 (6.0% below list)

Questions for the listing agent

1. It's been on market 64 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1908 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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: 2.70% ✓
• Cap rate: 23.28%
• Cash-on-cash: 60.68%
• DSCR: 3.70
• GRM: 3.1

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: 62.4%
• Equity multiple: 3.90×
• Total profit: $425,913
• Equity at exit: $78,264

10-year hold

• IRR: 67.8%
• Equity multiple: 8.78×
• Total profit: $1,143,063
• Equity at exit: $45,384

Cash invested: $146,972 (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: 27.7×

Monthly cashflow live

• Estimated rent: $14,193 medium
• Mortgage (P&I): −$2,753
• Tax from tax record: −$810 /mo · $9,715/yr
• Insurance: −$219
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,981
• Net cashflow: $7,432

Break-even live

Break-even rent $4,786

Max offer price $524,900

Occupancy floor 43%

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

Units	Beds	Baths	Est. rent
▸ 9× units	5	—	$14,193
Total (9 units)			$14,193

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: $131,225
• Closing costs: $15,747
• Reserves months: —
• Total cash needed: —

Listing history 38 events

1. 2026-06-18
   days on market $524,900 Active 64 DOM
2. 2026-06-17
   days on market $524,900 Active 63 DOM
3. 2026-06-16
   days on market $524,900 Active 62 DOM
4. 2026-06-15
   days on market $524,900 Active 61 DOM
5. 2026-06-13
   days on market $524,900 Active 59 DOM
6. 2026-06-13
   days on market $524,900 Active 58 DOM
7. 2026-06-09
   days on market $524,900 Active 55 DOM
8. 2026-06-08
   days on market $524,900 Active 54 DOM
9. 2026-06-07
   days on market $524,900 Active 53 DOM
10. 2026-06-03
    days on market $524,900 Active 49 DOM
11. 2026-06-02
    days on market $524,900 Active 48 DOM
12. 2026-06-01
    days on market $524,900 Active 47 DOM
13. 2026-05-31
    days on market $524,900 Active 46 DOM
14. 2026-04-15
    listed $524,900 Active
15. 2026-03-31
    historical 621-char remark

    Show marketing remark (621 chars)

    Fantastic 9-unit investment opportunity in the heart of Cincinnati's rapidly growing Avondale neighborhood! Just minutes from Cincinnati Children's Hospital, University Hospital, the UC College of Medicine, and the University of Cincinnati campus, this property offers unmatched access to major medical and educational employers. Centrally located with quick connections to I-71, downtown, and surrounding districts, this building is ideally positioned for strong rental demand and long-term appreciation. A perfect investment for anyone looking to capitalize on the area's continued redevelopment and high tenant demand.

16. 2025-10-11
    listed $524,900 Active 621-char remark

    Show marketing remark (621 chars)

    Fantastic 9-unit investment opportunity in the heart of Cincinnati's rapidly growing Avondale neighborhood! Just minutes from Cincinnati Children's Hospital, University Hospital, the UC College of Medicine, and the University of Cincinnati campus, this property offers unmatched access to major medical and educational employers. Centrally located with quick connections to I-71, downtown, and surrounding districts, this building is ideally positioned for strong rental demand and long-term appreciation. A perfect investment for anyone looking to capitalize on the area's continued redevelopment and high tenant demand.

17. 2019-12-16
    soldstatus $180,000 Sold 229-char remark

    Show marketing remark (229 chars)

    WOW!! If You Want To Be Apart Of The Movement!! Check This One.....Area Is On The Move!! Owner Is Relocating....Rents could be up-graded,, Notice the 1 bedrms are less than the Efficiencies. One bedrms are mostly long term.

18. 2019-10-07
    historical Contingency Pending 229-char remark

    Show marketing remark (229 chars)

    WOW!! If You Want To Be Apart Of The Movement!! Check This One.....Area Is On The Move!! Owner Is Relocating....Rents could be up-graded,, Notice the 1 bedrms are less than the Efficiencies. One bedrms are mostly long term.

19. 2019-09-13
    listed $169,900 Active 229-char remark

    Show marketing remark (229 chars)

    WOW!! If You Want To Be Apart Of The Movement!! Check This One.....Area Is On The Move!! Owner Is Relocating....Rents could be up-graded,, Notice the 1 bedrms are less than the Efficiencies. One bedrms are mostly long term.

20. 2011-12-30
    historical
21. 2011-05-11
    listed $145,000
22. 2007-05-01
    historical
23. 2006-10-06
    listed $175,000
24. 2005-05-10
    soldstatus $149,500
25. 2005-04-29
    soldstatus $149,500
26. 2004-11-29
    listed $164,900
27. 2004-11-19
    historical
28. 2004-03-26
    listed $159,900
29. 2004-02-22
    historical
30. 2003-04-18
    listed $159,900
31. 2003-04-01
    historical
32. 2002-10-31
    listed $164,900
33. 2002-10-20
    historical
34. 2002-06-19
    listed $173,900
35. 1989-11-17
    soldstatus $110,000
36. 1989-11-17
    soldstatus $45,000
37. 1986-04-18
    soldstatus $45,000
38. 1986-04-11
    soldstatus $28,000

ⓘ 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: $9,715 · $810/mo
• Projected year-2 tax: $9,715 · $810/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: $170,316
• − Mortgage interest: −$29,403
• − Property taxes: −$9,715
• − Insurance: −$2,624
• − Repairs & maintenance: −$13,625
• − Management: −$13,625
• − Depreciation: −$15,270
• Taxable income: $86,054
• Est. tax owed @ 24.0%: −$20,653
• After-tax cash flow: $68,526/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

+1774.6% since first listed

25 events — show timeline

• 2026-04-15 Listed $524,900 Cincy MLS
• 2026-03-31 Listing Removed — Cincy MLS
• 2025-10-11 Listed $524,900 Cincy MLS
• 2019-12-16 Sold (MLS) $180,000 Cincy MLS
• 2019-10-07 Contingent — Cincy MLS
• 2019-09-13 Listed $169,900 Cincy MLS
• 2011-12-30 Listing Removed — Cincy MLS
• 2011-05-11 Listed $145,000 Cincy MLS
• 2007-05-01 Listing Removed — Cincy MLS
• 2006-10-06 Listed $175,000 Cincy MLS
• 2005-05-10 Sold (Public Records) $149,500 Public Records
• 2005-04-29 Sold (MLS) $149,500 Cincy MLS
• 2004-11-29 Listed $164,900 Cincy MLS
• 2004-11-19 Listing Removed — Cincy MLS
• 2004-03-26 Listed $159,900 Cincy MLS
• 2004-02-22 Listing Removed — Cincy MLS
• 2003-04-18 Listed $159,900 Cincy MLS
• 2003-04-01 Listing Removed — Cincy MLS
• 2002-10-31 Listed $164,900 Cincy MLS
• 2002-10-20 Listing Removed — Cincy MLS
• 2002-06-19 Listed $173,900 Cincy MLS
• 1989-11-17 Sold (Public Records) $45,000 Public Records
• 1989-11-17 Sold (Public Records) $110,000 Public Records
• 1986-04-18 Sold (Public Records) $45,000 Public Records
• 1986-04-11 Sold (Public Records) $28,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $9,715 · +0.7% YoY. Source: county tax records.