428 Elizabeth St · Cincinnati, OH 45203

$775,000

5 bd · 4.0 ba · 4,359 sqft · MultiFamily · 101 Days on market

Built 1875 3,920 sqft lot Est $785k · at est.

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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 +26.3/30.0
• DSCR +8.9/10.0
• ARV discount +8.1/15.0
• Appreciation +6.1/10.0
• 1% rule +5.9/10.0
• Livability +4.0/5.0
• Rent growth +2.5/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0

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

Historic Italianate brick multi-family located in the vibrant urban neighborhood of Betts-Longworth district within downtown Cincinnati. Currently fully rented. One unit has been recently updated and features its own private yard, creating an exceptional space that could serve as a beautiful owner's suite or a potential short-term rental opportunity. The remaining units are attractive and comfortable as-is, while also offering future potential for cosmetic updates that could support increased rental income over time. The property includes five off-street parking spaces, a highly desirable amenity that significantly enhances tenant appeal in this area. An additional lot is included with the

Key facts

• Private yard
• Additional lot
• 3,920 sq ft lot

Tags

• HISTORIC ITALIANATE BRICK
• PRIVATE YARD
• OFF-STREET PARKING SPACES
• ADDITIONAL LOT

Property features AI

Finance

• Other: Zoned for multi-family
• Financial info: Property has four rental units with listed rents: three 1-bedroom units at $1,468 (market figure), and one 2-bedroom at $1,375; individual unit rents listed as $1,730, $1,300, $1,375, and $1,225; Gas and electric figure listed as 1,140; Water paid by owner; heat paid by tenants; Two parcels included in the sale

Exterior

• Parking: Five garage spaces; Five open off-street parking spaces; Off-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Quadruplex (four-unit building); Three or more levels; Stone foundation
• Construction: Brick construction; Membrane roof; Stone foundation; Built on multiple levels
• Exterior features: Wood fence; Enclosed patio

Interior

• Kitchen: No specific appliances listed
• Bedrooms: Four separate units: three 1-bedroom units and one 2-bedroom unit
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Forced air heating (gas); Central air conditioning; Heat paid by tenants
• Interior features: Full basement; Insulated windows
• Laundry & utility: Separate furnaces and separate A/C for units; Separate gas/electric metering

What this means for you Summary

Snapshot

• This is a 5-bed/4.0-bath multifamily listed at $775k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($8k rent vs $775k).
• Recommended offer: $705k (9.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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: 13 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $8,470/mo this rent would consume 301% of the median local household income ($34k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $22k of equity ($5k loan paydown + $17k appreciation (2.1% local appreciation)).
• At projected returns (2.1% appreciation + 3.0% rent growth), your $217k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$56k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 101 days — a 9% lower offer ($705k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $75k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $80k; list at $775k implies a 869% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1875 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→20/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $705,250 (9.0% below list)

Questions for the listing agent

1. It's been on market 101 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1875 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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. 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: 1.09% ✓
• Cap rate: 9.38%
• Cash-on-cash: 11.01%
• DSCR: 1.49
• GRM: 7.6

CMA / ARV

• ARV (on-the-fly): $784,620
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
440 Hopkins St	0.13mi	5/5.5	4,488 (+3%)	15mo	$810,000	$180	71
819 Findlay St	0.73mi	6/— (+1)	4,080 (-6%)	3mo	$80,000	$20	48

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

Projected returns pro-forma

2.15% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 15.7%
• Equity multiple: 1.86×
• Total profit: $185,712
• Equity at exit: $312,068

10-year hold

• IRR: 18.0%
• Equity multiple: 3.43×
• Total profit: $527,173
• Equity at exit: $454,341

Cash invested: $217,000 (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 45203

• Home prices YoY: 1.2%
• Active inventory: 13
• Price-to-rent: 22.9×

Monthly cashflow live

• Estimated rent: $8,470 high
• Mortgage (P&I): −$4,064
• Tax from tax record: −$313 /mo · $3,751/yr
• Insurance: −$323
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,779
• Net cashflow: $1,992

Break-even live

Break-even rent $5,949

Max offer price $775,000

Occupancy floor 71%

Sensitivity live

Price	-10% $2,430	-5% $2,211	+0% $1,992	+5% $1,772	+10% $1,553
Rent	-10% $1,323	-5% $1,657	+0% $1,992	+5% $2,326	+10% $2,661
Rate	-1.0pp $2,382	-0.5pp $2,189	base $1,992	+0.5pp $1,791	+1.0pp $1,587

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	1	$8,469
Total (3 units)			$8,470

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: $193,750
• Closing costs: $23,250
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
120 E 13th St Unit 1056091P Cincinnati, OH	4.0	2.0	3229	$10,667	$3.30	22d	1	0.58mi
122 W Elder St Unit 1056110P Cincinnati, OH	5.0	3.0	3444	$7,875	$2.29	2d	1	0.67mi
2017 Elm St Unit 1056145P Cincinnati, OH	5.0	2.0	3939	$7,694	$1.95	13d	1	0.83mi
258 Dorchester Ave Unit 1056079P Cincinnati, OH	6.0	3.0	3498	$7,661	$2.19	15d	1	1.18mi

Listing history 20 events

1. 2026-06-18
   days on market $775,000 Active 101 DOM
2. 2026-06-17
   pricedays on market $775,000 Active 100 DOM
3. 2026-06-16
   days on market $795,000 Active 99 DOM
4. 2026-06-15
   days on market $795,000 Active 98 DOM
5. 2026-06-13
   days on market $795,000 Active 96 DOM
6. 2026-06-13
   days on market $795,000 Active 95 DOM
7. 2026-06-09
   days on market $795,000 Active 92 DOM
8. 2026-06-08
   days on market $795,000 Active 91 DOM
9. 2026-06-07
   days on market $795,000 Active 90 DOM
10. 2026-06-03
    days on market $795,000 Active 86 DOM
11. 2026-06-02
    days on market $795,000 Active 85 DOM
12. 2026-06-01
    days on market $795,000 Active 84 DOM
13. 2026-05-31
    days on market $795,000 Active 83 DOM
14. 2026-04-22
    price $795,000
15. 2026-03-04
    listed $850,000 Active
16. 2026-01-02
    historical $1,375
17. 2025-12-27
    listed $1,375
18. 2010-04-21
    soldstatus $80,000
19. 1999-06-28
    soldstatus $175,000
20. 1995-05-01
    soldstatus $181,250

ⓘ 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: $3,751 · $313/mo
• Projected year-2 tax: $7,920 · $660/mo
• Expected delta: +$4,170/yr (+$347/mo · 111.2%)

ⓘ 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 · 20 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: $101,640
• − Mortgage interest: −$43,412
• − Property taxes: −$3,751
• − Insurance: −$3,875
• − Repairs & maintenance: −$8,131
• − Management: −$8,131
• − Depreciation: −$22,545
• Taxable income: $11,794
• Est. tax owed @ 24.0%: −$2,831
• After-tax cash flow: $21,069/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 · 838,887 people
• City population: 505,555
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 2,530
• Household income: $33,798
• Rent vs Own: 67.2% rent · 32.8% own
• Severe rent burden: 5.2

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 0.59)
• Race & ethnicity: Black 54% White 33% Asian 7% Two or more races 3% Hispanic / Latino 3%
• Common ancestry: English 1% Serbian 1% Slovak 1%
• Foreign-born: 7% · South Korea, China, Canada
• Languages at home: 87% English-only · Korean 5% Russian/Polish/Slavic 5% Chinese 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: ▲ 2.15%
• Current HPI: 185.8445
• Rent YoY: —
• Metro: —
• 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

+338.6% since first listed

7 events — show timeline

• 2026-04-22 Price Changed $795,000 Cincy MLS
• 2026-03-04 Listed $850,000 Cincy MLS
• 2026-01-02 Rental Removed $1,375 CINCYMLS
• 2025-12-27 Listed for Rent $1,375 CINCYMLS
• 2010-04-21 Sold (Public Records) $80,000 Public Records
• 1999-06-28 Sold (Public Records) $175,000 Public Records
• 1995-05-01 Sold (Public Records) $181,250 Public Records

Property tax history

+3.8%/yr

Latest (2025): $3,751 · -0.3% YoY. Source: county tax records.