2429 Robertson Ave · Norwood, OH 45212

$435,000

4 bd · 3.5 ba · 3,251 sqft · MultiFamily public records · 19 Days on market

Built 1920 4,487 sqft lot Est $475k · 8% under

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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 +15.2/30.0
• ARV discount +11.3/15.0
• DSCR +4.7/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• 1% rule +3.6/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Check out the opportunity with this brick 3 family in great location. Needs work but priced accordingly. Sold as is no disclosures. Rely on your own inspections.

Key facts

• Turnkey duplex
• 3-car garage
• New roof

Tags

• TURNKEY DUPLEX
• 3-CAR GARAGE
• UPDATED FIRE ESCAPE LADDER
• NEW ROOF

Property features AI

Finance

• Financial info: Both units are vacant; Unit 1 rent previously $925; Unit 2 rent previously $1,475; Total of 2 units (one 2-bedroom unit and one 4-bedroom unit)

Exterior

• Parking: Detached garage (3 garage spaces); Driveway parking; On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two levels; Poured foundation
• Construction: Aluminum siding and brick construction; Shingle roof; Poured foundation; Built with two stories
• Exterior features: Shingle roof; Aluminum siding and brick exterior; Vinyl windows; Inoperable fireplace; Lot approximately 0.103 acres (4,487 sq ft); Residential zoning

Interior

• Bedrooms: Two-bedroom unit (Unit 1); Four-bedroom unit (Unit 2)
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom and 1 partial bathroom
• Heating & cooling: Gas heating with separate furnaces; Central air with separate A/C; Separate gas and electric metering; Heat paid by tenant; Water paid by owner
• Interior features: Storage area; Full basement; Smoke alarm

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/?-bath units multifamily listed at $435k.

Deal economics

• At list price, monthly cash flow is $150 ($2k/yr) — positive. Per door: $75/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $374k (14.1% below list).
• Recommended offer: $374k (14.1% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 4.9% in Norwood — 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 79/100 on livability (#154 in OH, #2,322 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment C-, amenities D+.
• Norwood City (suburban): math 35% / reading 53% proficiency, ranked #513 of 656 in OH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Sharpsburg Elementary (math 37% / reading 55%, grade D-, #979 of 1,584 statewide, top 62%, 259 students, 0% FRL); Norwood Middle School (math 41% / reading 57%, grade C-, #426 of 654 statewide, top 66%, 395 students, 0% FRL); Norwood High School (math 17% / reading 52%, grade F, #582 of 781 statewide, top 76%, 456 students, 0% FRL) — zoned schools average 0% FRL vs 62% district-wide (62 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents flat; 56 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $3,737/mo this rent would consume 62% of the median local household income ($72k/yr) (locally 1192% 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($428k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $26k; list at $435k implies a 1542% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $373,700 (14.1% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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 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: 0.86% ✗
• Cap rate: 6.71%
• Cash-on-cash: 1.48%
• DSCR: 1.07
• GRM: 9.7

CMA / ARV

• ARV (on-the-fly): $474,646
• Comps found: 10

Show comp detail 10 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
4229 Twenty Eighth St	0.33mi	4/4.0	3,180 (-2%)	5mo	$471,000	$148	75
2417 Park Ave	0.14mi	5/3.0 (+1)	3,154 (-3%)	9mo	$455,000	$144	74
2802 Hyde Park Ave	0.55mi	4/3.0	3,269 (+1%)	5mo	$512,500	$157	67
4216 Smith Rd	0.20mi	4/4.0	2,900 (-11%)	14mo	$372,500	$128	59
4532 Lafayette Ave	0.46mi	4/2.5	3,293 (+1%)	18mo	$225,000	$68	58
4417 Ashland Ave	0.44mi	5/4.0 (+1)	3,155 (-3%)	13mo	$465,000	$147	57
2323 Adams Ave	0.31mi	5/3.0 (+1)	3,724 (+14%)	8mo	$520,000	$140	48
3914 S Madison Ave	0.60mi	3/3.0 (-1)	2,949 (-9%)	2mo	$415,000	$141	47
2233 Williams Ave	0.67mi	5/3.0 (+1)	3,221 (-1%)	18mo	$470,000	$146	45
4021 Floral Ave	0.64mi	4/3.5	2,874 (-12%)	16mo	$486,000	$169	38

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 · 0.21% rent growth · sell at horizon

5-year hold

• IRR: -16.9%
• Equity multiple: 0.42×
• Total profit: $-71,182
• Equity at exit: $64,860

10-year hold

• IRR: -14.6%
• Equity multiple: 0.26×
• Total profit: $-89,533
• Equity at exit: $37,611

Cash invested: $121,800 (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 45212

• Rents YoY: 0.2%
• Active inventory: 56
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,737 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$339 /mo · $4,072/yr
• Insurance: −$181
• HOA: −$0
• Vacancy / Maint / Mgmt: −$785
• Net cashflow: $150

Break-even live

Break-even rent $3,547

Max offer price $435,000

Occupancy floor 91%

Sensitivity live

Price	-10% $397	-5% $274	+0% $150	+5% $27	+10% $-96
Rent	-10% $-145	-5% $3	+0% $150	+5% $298	+10% $446
Rate	-1.0pp $370	-0.5pp $261	base $150	+0.5pp $38	+1.0pp $-77

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	—	$3,738
Total (2 units)			$3,737

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2434 Kenilworth Ave Cincinnati, OH	4.0	1.0	2744	$1,650	$0.60	16d	1	0.09mi
2757 Norwood Ave Cincinnati, OH	3.0	2.0	2950	$1,450	$0.49	45d	1	0.56mi
3053 Wasson Rd Cincinnati, OH	3.0	3.5	2589	$4,700	$1.82	23d	1	1.18mi

Listing history 12 events

1. 2026-06-21
   days on market $435,000 Active 19 DOM
2. 2026-06-18
   days on market $435,000 Active 16 DOM
3. 2026-06-17
   status $435,000 Active 15 DOM
4. 2026-06-17
   days on market $435,000 Contingency Pending 15 DOM
5. 2026-06-16
   days on market $435,000 Contingency Pending 14 DOM
6. 2026-06-15
   days on market $435,000 Contingency Pending 13 DOM
7. 2026-06-13
   days on market $435,000 Contingency Pending 11 DOM
8. 2026-06-09
   statusdays on market $435,000 Contingency Pending 7 DOM
9. 2026-06-08
   days on market $435,000 Active 6 DOM
10. 2026-06-07
    days on market $435,000 Active 5 DOM
11. 2026-06-02
    remarks 479-char remark
12. 2026-06-02
    listed $435,000 Active 1 DOM

ⓘ 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: $4,072 · $339/mo
• Projected year-2 tax: $5,429 · $452/mo
• Expected delta: +$1,357/yr (+$113/mo · 33.3%)

ⓘ 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 5/10 Major 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 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $44,844
• − Mortgage interest: −$24,367
• − Property taxes: −$4,072
• − Insurance: −$2,175
• − Repairs & maintenance: −$3,588
• − Management: −$3,588
• − Depreciation: −$12,655
• Taxable loss: −$5,599
• Est. tax savings @ 24.0%: +$1,344
• After-tax cash flow: $3,149/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: Norwood City
• NCES district ID: 3904457
• Math proficiency: 35% ▼ -24.00%
• Reading proficiency: 53% ▼ -11.00%
• Median HH income: $38,750
• Composite: 36.66/100
• National rank: #4614
• State rank: #513 of 656 in OH

Livability — Norwood

• Score: 79/100
• State rank: #154
• US rank: #2322

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, OH
• County: Hamilton County · 701,295 people
• City population: 21,526
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 21,526
• Household income: $72,422
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1192.0

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 White (73%)
• Race & ethnicity: White 73% Black 15% Hispanic / Latino 8% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 6% Arabic 1% Russian/Polish/Slavic 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: ▼ -209.95%
• Current HPI: 295.7088
• Rent YoY: ▲ 0.21%
• 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

+176.6% since first listed

11 events — show timeline

• 2026-06-02 Listed $435,000 Cincy MLS
• 2009-01-06 Sold (MLS) $26,500 Cincy MLS
• 2008-09-12 Listed $29,900 Cincy MLS
• 2006-05-24 Sold (Public Records) $145,000 Public Records
• 2006-05-03 Sold (MLS) $145,000 Cincy MLS
• 2006-03-05 Listed $139,900 Cincy MLS
• 2006-03-01 Listing Removed — Cincy MLS
• 2005-07-28 Listed $120,000 Cincy MLS
• 2004-10-01 Listing Removed — Cincy MLS
• 2004-06-07 Listed $120,000 Cincy MLS
• 1997-01-30 Sold (Public Records) $157,250 Public Records

Property tax history

+3.9%/yr

Latest (2025): $4,072 · -0.0% YoY. Source: county tax records.