5547 Kirby Ave

Cincinnati, OH 45239

$350,000D

6 bd · 4.0 ba · 2,900 sqft · Built 2002 · MultiFamily · Active · 37 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,199/mo
• Mortgage (P&I): −$1,835
• Tax + insurance: −$709
• HOA: −$0
• Vac / Maint / Mgmt: −$672
• Net cashflow: $-18/mo
• Annual: $-212/yr
• Cap rate: 6.23%
• Cash-on-cash: -0.22%
• DSCR: 0.99
• 1% rule: 0.91%
• Cash to close: $98,000

Investor read

• This is a 2 × 3-bed/2-bath units multifamily listed at $350k.
• At list price, monthly cash flow is $-18 ($-212/yr) — negative. Per door: $-9/mo.
• To cash-flow at today's rent, offer at most $347k (0.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (8.6% below list).
• It's been on market 37 days — a 3% lower offer ($340k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $320k (8.6% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• 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.
• Zoned schools: Roberts Academy (math 16% / reading 22%, grade F, #1,320 of 1,584 statewide, top 83%, 765 students, 0% FRL); Hartwell School (math 17% / reading 31%, grade F, #593 of 654 statewide, top 91%, 447 students, 0% FRL); Walnut Hills High School (math 79% / reading 89%, grade A, #17 of 781 statewide, top 2%, 2,582 students, 14% FRL) — zoned schools average 5% FRL vs 70% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+6.0%/yr); 57 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 5 sale attempts since 8y 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 $140k; list at $350k implies a 150% gain — meaningful room to come down on a strong offer.
• Cap rate 6.2% 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.
• At $3,199/mo this rent would consume 64% of the median local household income ($60k/yr) (locally 1566% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• It's been on market 37 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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?