1119 Kunz Ave · Middletown, OH 45044

$124,900

2 bd · 1.0 ba · 1,007 sqft · SingleFamily public records · 41 Days on market

Built 1924 5,663 sqft lot $124/sqft · 11% above area Est $113k · 11% 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 +20.0/30.0
• DSCR +6.3/10.0
• 1% rule +4.5/10.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• ARV discount +2.7/15.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Welcome to this charming 3-bedroom, 1-bathroom cottage in the heart of Middletown! Perfectly suited for first-time buyers or savvy investors, this home offers a cozy and efficient floor plan with a warm, inviting atmosphere. The main living area features large windows for plenty of natural light, while the kitchen provides ample cabinetry and a convenient layout for meal prep. The full basement offers excellent storage solutions or the potential to be finished for additional living space. Outside, the level backyard is a private oasis, perfect for summer BBQs or gardening, complemented by a detached garage for secure parking. Situated on a quiet street, you're just minutes from downtown Mid

Key facts

• Quiet street
• Level backyard
• Full basement

Tags

• FULL BASEMENT
• LEVEL BACKYARD
• DETACHED GARAGE
• QUIET STREET
• EASY ACCESS TO I-75

Property features AI

Finance

• Other: Lease not considered
• HOA & community: No HOA

Exterior

• Utilities: Public water; Public sewer; Cable available
• Home design: Traditional single-family home; One story; Poured foundation; Residential zoning
• Construction: Wood siding; Shingle roof
• Exterior features: Front porch

Interior

• Kitchen: Kitchen approximately 10 x 10; Oven/Range; Refrigerator
• Bedrooms: Three bedrooms on main level; Primary bedroom approximately 11 x 13; Second bedroom approximately 11 x 11; Third bedroom approximately 10 x 10
• Flooring: Wall-to-wall carpet in living and dining rooms
• Bathrooms: One full bathroom on main level
• Heating & cooling: Forced air gas heating; Window air conditioning unit; Gas water heater
• Interior features: Five total rooms; Full unfinished basement; Wall-to-wall carpet in living and dining areas
• Laundry & utility: 220 volt service available

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $125k.

Deal economics

• At list price, monthly cash flow is $152 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $118k (5.2% below list).
• Recommended offer: $118k (5.2% below list) — sets the bar for 1% rule.
• Cap rate 7.8% vs local median 4.5% in Middletown — 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 72/100 on livability (#389 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: schools D+, crime D+, amenities D+.
• Middletown City (suburban): math 21% / reading 28% proficiency, ranked #610 of 656 in OH (top 93%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 69% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+6.3%/yr); 203 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $864 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 41 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y 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 $100k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1924 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $118,446 (5.2% below list)

Questions for the listing agent

1. It's been on market 41 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1924 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. Crime grade is D 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?
6. 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?
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: 0.95% ✗
• Cap rate: 7.76%
• Cash-on-cash: 5.23%
• DSCR: 1.23
• GRM: 8.8

CMA / ARV

• ARV (median comp): $112,966
• List price: $124,900
• Delta: 10.56%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1404 Young St	0.19mi	2/1.0	1,002 (-0%)	7mo	$100,500	$100	85
1019 Kunz Ave	0.12mi	2/1.0	1,056 (+5%)	6mo	$159,500	$151	81
1212 Pine St	0.33mi	2/2.0	990 (-2%)	5mo	$125,000	$126	74
925 Garden Ave	0.30mi	3/1.0 (+1)	1,048 (+4%)	2mo	$94,500	$90	73
709 Fourteenth Ave	0.51mi	2/1.5	990 (-2%)	2mo	$115,000	$116	70
1621 Lafayette Ave	0.60mi	2/1.0	984 (-2%)	3mo	$112,000	$114	66
1503 Brown St	0.38mi	2/1.0	888 (-12%)	1mo	$106,000	$119	62
1206 Parkview Ave	0.26mi	2/1.0	864 (-14%)	4mo	$110,000	$127	61
704 Fourteenth Ave	0.52mi	2/1.0	864 (-14%)	0mo	$110,000	$127	52
1107 Baltimore St	0.36mi	3/1.0 (+1)	1,148 (+14%)	4mo	$95,500	$83	51
706 Fourteenth Ave	0.51mi	3/1.0 (+1)	1,152 (+14%)	2mo	$158,700	$138	46
608 Fifteenth Ave	0.57mi	2/2.0	1,128 (+12%)	7mo	$143,000	$127	44

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 · 6.31% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.81×
• Total profit: $-6,495
• Equity at exit: $18,623

10-year hold

• IRR: 8.1%
• Equity multiple: 1.70×
• Total profit: $24,610
• Equity at exit: $10,799

Cash invested: $34,972 (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 45044

• Rents YoY: 6.3%
• Active inventory: 203
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $1,184 high
• Mortgage (P&I): −$655
• Tax from tax record: −$76 /mo · $917/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$249
• Net cashflow: $152

Break-even live

Break-even rent $992

Max offer price $124,900

Occupancy floor 82%

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: $31,225
• Closing costs: $3,747
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1409 Young St Unit 1 Middletown, OH	1.0	1.0	1050	$950	$0.90	4d	1	0.20mi
702 Baltimore St Middletown, OH	2.0	1.0	848	$895	$1.06	43d	1	0.42mi
907 8th Ave Middletown, OH	3.0	1.5	1380	$1,400	$1.01	17d	1	0.59mi
2000 Pearl St Middletown, OH	2.0	1.0	900	$3,500	$3.89	1d	4	0.64mi
1915 Woodlawn Ave Middletown, OH	3.0	1.5	1060	$1,550	$1.46	43d	1	0.80mi
2101 S Main St Middletown, OH	1.0–2.0	1.0	757	$900	$1.19	1d	1	0.89mi
1302 Central Ave Middletown, OH	1.0	1.0	800	$1,095	$1.37	43d	1	1.00mi
2208 Woodlawn Ave Middletown, OH	2.0	1.0	780	$895	$1.15	43d	1	1.00mi
2310 S Sutphin St Middletown, OH	2.0	1.0	967	$1,025	$1.06	23d	1	1.06mi
2400 Sherman Ave Middletown, OH	2.0	1.0	920	$1,280	$1.39	43d	1	1.15mi
3 N Sutphin St Middletown, OH	2.0	1.0	715	$925	$1.29	4d	1	1.17mi
5 N Sutphin St Middletown, OH	2.0	1.0	715	$925	$1.29	4d	1	1.18mi
206 N Sutphin St Middletown, OH	2.0	1.0	900	$1,400	$1.56	43d	1	1.28mi
202 Harrison St Middletown, OH	2.0	1.0	1015	$895	$0.88	43d	1	1.32mi
108 Shafor St Middletown, OH	2.0	1.0	1110	$925	$0.83	11d	1	1.41mi
108 Shafor St Middletown, OH	2.0	1.0	1110	$925	$0.83	20d	1	1.41mi
1804 Brentwood St Middletown, OH	3.0	1.0	1044	$1,430	$1.37	23d	1	1.43mi
1820 Clarendon Ave Middletown, OH	2.0	1.0	1040	$1,200	$1.15	43d	1	1.45mi
1109 Oxford State Rd Middletown, OH	2.0	1.0	744	$995	$1.34	1d	1	1.45mi

Listing history 25 events

1. 2026-06-18
   days on market $124,900 Active 41 DOM
2. 2026-06-17
   days on market $124,900 Active 40 DOM
3. 2026-06-16
   days on market $124,900 Active 39 DOM
4. 2026-06-15
   days on market $124,900 Active 38 DOM
5. 2026-06-13
   days on market $124,900 Active 36 DOM
6. 2026-06-09
   days on market $124,900 Active 32 DOM
7. 2026-06-08
   days on market $124,900 Active 31 DOM
8. 2026-06-07
   days on market $124,900 Active 30 DOM
9. 2026-06-03
   days on market $124,900 Active 26 DOM
10. 2026-06-02
    days on market $124,900 Active 25 DOM
11. 2026-06-01
    days on market $124,900 Active 24 DOM
12. 2026-05-31
    days on market $124,900 Active 23 DOM
13. 2026-05-08
    listed $124,900 Active 829-char remark
14. 2018-01-04
    soldstatus $100,000
15. 2007-11-06
    historical
16. 2006-11-06
    listed $55,000
17. 2006-08-16
    historical
18. 2006-02-15
    listed $49,000
19. 2006-02-02
    historical
20. 2005-08-03
    listed $50,000
21. 2005-07-02
    historical
22. 2005-01-02
    listed $50,000
23. 1987-11-01
    soldstatus $27,500
24. 1987-08-01
    soldstatus $16,000
25. 1984-10-01
    soldstatus $32,800

ⓘ 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: $917 · $76/mo
• Projected year-2 tax: $1,433 · $119/mo
• Expected delta: +$516/yr (+$43/mo · 56.3%)

ⓘ 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: $14,214
• − Mortgage interest: −$6,996
• − Property taxes: −$917
• − Insurance: −$624
• − Repairs & maintenance: −$1,137
• − Management: −$1,137
• − Depreciation: −$3,633
• Taxable loss: −$232
• Est. tax savings @ 24.0%: +$56
• After-tax cash flow: $1,883/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: Middletown City
• NCES district ID: 3904440
• Math proficiency: 21% ▼ -17.00%
• Reading proficiency: 28% ▼ -15.00%
• Median HH income: $36,650
• Composite: 20.35/100
• National rank: #8605
• State rank: #610 of 656 in OH

Livability — Middletown

• Score: 72/100
• State rank: #389
• US rank: #6338

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Middletown, OH
• County: Butler County · 381,674 people
• City population: 96,117
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 56,217
• Household income: $73,732
• Rent vs Own: 38.1% rent · 61.9% own
• Severe rent burden: 1532.0

Population outlook (Butler County) Hauer SSP2

• Today (2025): 387,706 people
• By 2030: 392,028 · +1.1%
• By 2040: 395,307 · +2.0%
• By 2050: 391,116 · +0.9%
• By 2075: 378,642 · -2.3%
• By 2100: 343,248 · -11.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (72%)
• Race & ethnicity: White 72% Black 12% Two or more races 8% Hispanic / Latino 7% Asian 2%
• Hispanic origin (detail): Mexican 2% Dominican 1%
• Common ancestry: Slovak 2% Italian 2% Romanian 2%
• Foreign-born: 6% · Canada
• Languages at home: 92% English-only · Spanish 4% Other Indo-European 1% Tagalog/Filipino 1%

Political lean MEDSL · Butler

• 2024 margin: Strong R (+26.3) · D 36.4% · R 62.7%
• 2008→2024 swing: -3.6pp toward R · 2008: -22.6pp · 2024: -26.3pp
• All cycles: 2024: R+26.3 2020: R+24.0 2016: R+28.3 2012: R+26.2 2008: R+22.6

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -164.07%
• Current HPI: 219.0479
• Rent YoY: ▲ 6.31%
• 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

+280.8% since first listed

13 events — show timeline

• 2026-05-08 Listed $124,900 Cincy MLS
• 2018-01-04 Sold (Public Records) $100,000 Public Records
• 2007-11-06 Listing Removed — Cincy MLS
• 2006-11-06 Listed $55,000 Cincy MLS
• 2006-08-16 Listing Removed — Cincy MLS
• 2006-02-15 Listed $49,000 Cincy MLS
• 2006-02-02 Listing Removed — Cincy MLS
• 2005-08-03 Listed $50,000 Cincy MLS
• 2005-07-02 Listing Removed — Cincy MLS
• 2005-01-02 Listed $50,000 Cincy MLS
• 1987-11-01 Sold (Public Records) $27,500 Public Records
• 1987-08-01 Sold (Public Records) $16,000 Public Records
• 1984-10-01 Sold (Public Records) $32,800 Public Records

Property tax history

+1.1%/yr

Latest (2025): $917 · +1.1% YoY. Source: county tax records.