2309 Elbe Ave · Hamilton, OH 45015

$129,900

2 bd · 1.0 ba · 832 sqft · SingleFamily public records · 8 Days on market

Built 1909 5,672 sqft lot Est $147k · 12% under

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Why this score? — see what drove the C+ 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 +23.5/30.0
• ARV discount +12.8/15.0
• DSCR +7.6/10.0
• 1% rule +5.3/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Uncover the immediate value at 2309 Elbe Ave. If you are looking for a straightforward, low-headache project, this is it. With a newer central air and water heater this 2-bedroom, 1-bath home is the ideal blank canvas for a simple cosmetic update. Fresh paint and new flooring, and this property is ready to rent. Located in a consistent rental area with a level lot and low-maintenance exterior. Bring your finishing touches and easily add a steady performer to your portfolio. Agent Owned

Key facts

• New water heater
• Level lot
• Newer hvac system

Tags

• NEWER HVAC SYSTEM
• NEW WATER HEATER
• LEVEL LOT
• LOW MAINTENANCE EXTERIOR

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Utilities: Public water; Public sewer; Natural gas service
• Home design: Craftsman/Bungalow style single-family home; One story
• Construction: Stone foundation
• Exterior features: Shingle roof; Double-hung, double-pane vinyl windows; Vinyl siding

Interior

• Kitchen: Kitchen about 12 x 10
• Bedrooms: Two bedrooms (both on main level); Primary bedroom about 9 x 13; Second bedroom about 9 x 11
• Bathrooms: One full bathroom on main level with a shower
• Heating & cooling: Gas heating; Central air conditioning; Gas water heating
• Interior features: Five total rooms; Partial basement

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $130k.

Deal economics

• At list price, monthly cash flow is $243 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $130k).
• Cap rate 8.5% vs local median 4.6% in Hamilton — 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 73/100 on livability (#332 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime C-, amenities C-, employment D.
• Hamilton City (suburban): math 42% / reading 45% proficiency, ranked #517 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: 11 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% 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).
• This rent runs 33% of the median local income ($48k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 28y 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 $51k; list at $130k implies a 155% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1909 — 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 $129,900

Questions for the listing agent

1. Built in 1909 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.03% ✓
• Cap rate: 8.54%
• Cash-on-cash: 8.01%
• DSCR: 1.36
• GRM: 8.1

CMA / ARV

• ARV (on-the-fly): $147,264
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
822 Minor Ave	0.35mi	2/1.0	836 (+0%)	2mo	$148,362	$177	81
936 Minor Ave	0.35mi	2/1.0	872 (+5%)	5mo	$142,500	$163	71
1027 Forest Ave	0.25mi	2/1.0	914 (+10%)	5mo	$105,000	$115	67
920 Tiffin Ave	0.52mi	2/1.0	888 (+7%)	2mo	$185,000	$208	63
2126 Parkamo Ave	0.61mi	3/2.0 (+1)	832 (0%)	4mo	$217,000	$261	59
717 Hooven Ave	0.45mi	2/1.0	936 (+12%)	2mo	$213,200	$228	56
1823 Pater Ave	0.73mi	2/1.0	872 (+5%)	3mo	$80,000	$92	55
1712 Parrish Ave	0.68mi	2/1.0	770 (-8%)	2mo	$66,000	$86	54
1308 Bonacker	0.58mi	2/1.0	732 (-12%)	1mo	$146,000	$199	52
1555 S Twelfth St	0.53mi	2/1.0	708 (-15%)	3mo	$50,000	$71	48
1746 Shuler Ave	0.58mi	2/1.0	720 (-14%)	5mo	$67,500	$94	47
1091 Tiffin Ave	0.57mi	3/1.0 (+1)	936 (+12%)	3mo	$185,000	$198	45

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.1%
• Equity multiple: 0.85×
• Total profit: $-5,621
• Equity at exit: $19,369

10-year hold

• IRR: 5.5%
• Equity multiple: 1.41×
• Total profit: $14,885
• Equity at exit: $11,231

Cash invested: $36,372 (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 45015

• Home prices YoY: -24.1%
• Active inventory: 11
• Price-to-rent: 8.1×

Monthly cashflow live

• Estimated rent: $1,338 high
• Mortgage (P&I): −$681
• Tax from tax record: −$79 /mo · $946/yr
• Insurance: −$54
• HOA: −$0
• Vacancy / Maint / Mgmt: −$281
• Net cashflow: $243

Break-even live

Break-even rent $1,031

Max offer price $129,900

Occupancy floor 77%

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1008 Fairview Ave Hamilton, OH	3.0	1.0	1080	$1,600	$1.48	1d	1	0.16mi
1005 Minor Ave Hamilton, OH	2.0	1.0	886	$1,495	$1.69	20d	1	0.39mi
1118 Bonacker Ave Unit 1116 Hamilton, OH	2.0	1.0	1000	$1,195	$1.20	43d	1	0.58mi
1310 Shuler Ave Unit 2 Hamilton, OH	2.0	1.0	976	$895	$0.92	23d	1	0.80mi
350 Vista Dr Apt 1 Hamilton, OH	1.0	1.0	700	$900	$1.29	43d	1	1.40mi
350 Vista Dr Unit 2 Hamilton, OH	1.0	1.0	700	$875	$1.25	1d	1	1.40mi
358 Hampshire Dr Unit 1FNA-49401 Hamilton, OH	2.0	1.0	788	$1,200	$1.52	7d	1	1.46mi
358 Hampshire Dr Hamilton, OH	1.0–2.0	1.0	687	$1,250	$1.82	1d	23	1.46mi
358 Hampshire Dr Unit 1FNA-49814 Hamilton, OH	1.0	1.0	525	$985	$1.88	43d	1	1.46mi
358 Hampshire Dr Unit BHA-35607 Hamilton, OH	1.0	1.0	630	$1,075	$1.71	43d	1	1.46mi

Listing history 7 events

1. 2026-06-18
   days on market $129,900 Active 8 DOM
2. 2026-06-17
   days on market $129,900 Active 7 DOM
3. 2026-06-16
   days on market $129,900 Active 6 DOM
4. 2026-06-15
   days on market $129,900 Active 5 DOM
5. 2026-06-13
   days on market $129,900 Active 3 DOM
6. 2026-06-13
   remarks 490-char remark
7. 2026-06-13
   listed $129,900 Active 2 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: $946 · $79/mo
• Projected year-2 tax: $1,486 · $124/mo
• Expected delta: +$540/yr (+$45/mo · 57.1%)

ⓘ 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 ≥104°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: $16,055
• − Mortgage interest: −$7,276
• − Property taxes: −$946
• − Insurance: −$650
• − Repairs & maintenance: −$1,284
• − Management: −$1,284
• − Depreciation: −$3,779
• Taxable income: $835
• Est. tax owed @ 24.0%: −$200
• After-tax cash flow: $2,712/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: Hamilton City
• NCES district ID: 3904410
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $40,488
• Composite: 36.48/100
• National rank: #4656
• State rank: #517 of 656 in OH

Livability — Hamilton

• Score: 73/100
• State rank: #332
• US rank: #5467

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamilton, OH
• County: Butler County · 381,674 people
• City population: 140,900
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 11,038
• Household income: $48,312
• Rent vs Own: 40.9% rent · 59.1% own
• Severe rent burden: 407.0

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 (78%)
• Race & ethnicity: White 78% Two or more races 10% Hispanic / Latino 9% Black 4% Native American 1%
• Hispanic origin (detail): Mexican 4% Cuban 1% Dominican 1%
• Common ancestry: Lithuanian 2% Italian 2% Greek 1%
• Foreign-born: 11% · Canada
• Languages at home: 88% English-only · Spanish 6% Arabic 3% French/Haitian/Cajun 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: ▼ -80.41%
• Current HPI: 253.3351
• Rent YoY: —
• 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

+1114.0% since first listed

10 events — show timeline

• 2026-06-10 Listed $129,900 Cincy MLS
• 2003-01-01 Listing Removed — Cincy MLS
• 2002-10-31 Listing Removed — Cincy MLS
• 2002-10-25 Listed $45,900 Cincy MLS
• 2002-07-17 Listed $45,900 Cincy MLS
• 1998-09-09 Sold (Public Records) $51,000 Public Records
• 1998-08-28 Sold (MLS) $51,900 Cincy MLS
• 1998-07-24 Listed $54,900 Cincy MLS
• 1984-12-01 Sold (Public Records) $10,700 Public Records
• 1984-01-27 Sold (Public Records) $10,700 Public Records

Property tax history

+3.6%/yr

Latest (2025): $946 · +0.5% YoY. Source: county tax records.