521 Liberty Hl · Cincinnati, OH 45202

$925,000

20 bd · 16.0 ba · — sqft · MultiFamily · 33 Days on market

Built 1890 3,311 sqft lot

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Livability +4.0/5.0
• Rent growth +3.2/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. 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 MLS

Well established and beautifully renovated 4-family in the desirable Prospect Hill neighborhood. Solid rental history. Units A, B, C are occupied with wonderful long-term tenants. Unit D is currently vacant offering a separate entrance, low maintenance yard w/privacy fence, flagstone patio, landscaping, concrete breezeway/patio and more - perfect for the owner occupant who wants a unique historic property providing income. Each unit has a dishwasher, w/d, HVAC, and hot water heaters. New windows in 2017. New roof in 2019. Turnkey investment. Convenient location to EVERYTHING! Lots of parking available. A really well-maintained building. Don't let this one slip away.

Key facts

• 3,311 sq ft lot
• Built 1890
• Listed 32 days

Property features AI

Finance

• Financial info: Total of 4 units with rental income: three 1-bedroom units renting at $1,550 each and one 2-bedroom unit renting at $3,800

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Quad (four-unit) structure; Quad-level layout
• Construction: Brick construction; Stone foundation; Shingle roof
• Exterior features: Deck; Wood fence

Interior

• Bedrooms: Four-unit property: three 1-bedroom units and one 2-bedroom unit; Unit breakdown available: Unit 1 — 1 bedroom; Unit 2 — 2 bedrooms; Unit 3 — 1 bedroom; Unit 4 — 1 bedroom
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Individual electric heating; Central air conditioning
• Interior features: Full basement; Two wood-burning fireplaces

What this means for you Summary

Snapshot

• This is a 4 × 5-bed/4.0-bath units multifamily listed at $925k.

Deal economics

• At list price, monthly cash flow is $14k ($163k/yr) — positive. Per door: $3k/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($25k rent vs $925k).
• Recommended offer: $897k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.9% 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: Rents rising (+2.7%/yr); 154 active listings in the ZIP; solid renter incomes; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $24,822/mo this rent would consume 311% of the median local household income ($96k/yr) (locally 1514% 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 $6k of loan paydown is wiped out by about $28k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 2.7% rent growth), your $259k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($897k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y 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 $800k; 16% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1890 — 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 $897,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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.
9. 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.
10. 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: 2.68% ✓
• Cap rate: 23.93%
• Cash-on-cash: 62.98%
• DSCR: 3.80
• GRM: 3.1

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 2.7% rent growth · sell at horizon

5-year hold

• IRR: 61.6%
• Equity multiple: 3.74×
• Total profit: $708,538
• Equity at exit: $137,921

10-year hold

• IRR: 66.1%
• Equity multiple: 7.57×
• Total profit: $1,701,893
• Equity at exit: $79,977

Cash invested: $259,000 (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 45202

• Rents YoY: 2.7%
• Active inventory: 154
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $24,822 high
• Mortgage (P&I): −$4,851
• Tax from tax record: −$780 /mo · $9,360/yr
• Insurance: −$385
• HOA: −$0
• Vacancy / Maint / Mgmt: −$5,213
• Net cashflow: $13,593

Break-even live

Break-even rent $7,615

Max offer price $925,000

Occupancy floor 40%

Sensitivity live

Price	-10% $14,117	-5% $13,855	+0% $13,593	+5% $13,331	+10% $13,070
Rent	-10% $11,632	-5% $12,613	+0% $13,593	+5% $14,574	+10% $15,554
Rate	-1.0pp $14,059	-0.5pp $13,828	base $13,593	+0.5pp $13,353	+1.0pp $13,110

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

Units	Beds	Baths	Est. rent
▸ 4× units	5	4	$24,824
Total (4 units)			$24,822

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: $231,250
• Closing costs: $27,750
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-01
   days on market $925,000 Active 33 DOM
2. 2026-05-31
   days on market $925,000 Active 32 DOM
3. 2026-04-29
   listed $925,000 Active
4. 2025-10-24
   soldstatus $800,000 Sold 674-char remark

   Show marketing remark (674 chars)

   Well established and beautifully renovated 4-family in the desirable Prospect Hill neighborhood. Solid rental history. Units A, B, C are occupied with wonderful long-term tenants. Unit D is currently vacant offering a separate entrance, low maintenance yard w/privacy fence, flagstone patio, landscaping, concrete breezeway/patio and more - perfect for the owner occupant who wants a unique historic property providing income. Each unit has a dishwasher, w/d, HVAC, and hot water heaters. New windows in 2017. New roof in 2019. Turnkey investment. Convenient location to EVERYTHING! Lots of parking available. A really well-maintained building. Don't let this one slip away.

5. 2025-09-10
   historical Contingency Pending 674-char remark

   Show marketing remark (674 chars)

   Well established and beautifully renovated 4-family in the desirable Prospect Hill neighborhood. Solid rental history. Units A, B, C are occupied with wonderful long-term tenants. Unit D is currently vacant offering a separate entrance, low maintenance yard w/privacy fence, flagstone patio, landscaping, concrete breezeway/patio and more - perfect for the owner occupant who wants a unique historic property providing income. Each unit has a dishwasher, w/d, HVAC, and hot water heaters. New windows in 2017. New roof in 2019. Turnkey investment. Convenient location to EVERYTHING! Lots of parking available. A really well-maintained building. Don't let this one slip away.

6. 2025-08-01
   listed $850,000 Active 674-char remark

   Show marketing remark (674 chars)

   Well established and beautifully renovated 4-family in the desirable Prospect Hill neighborhood. Solid rental history. Units A, B, C are occupied with wonderful long-term tenants. Unit D is currently vacant offering a separate entrance, low maintenance yard w/privacy fence, flagstone patio, landscaping, concrete breezeway/patio and more - perfect for the owner occupant who wants a unique historic property providing income. Each unit has a dishwasher, w/d, HVAC, and hot water heaters. New windows in 2017. New roof in 2019. Turnkey investment. Convenient location to EVERYTHING! Lots of parking available. A really well-maintained building. Don't let this one slip away.

7. 2011-08-15
   historical
8. 2010-10-15
   listed $250,000
9. 2008-12-24
   historical
10. 2008-04-04
    listed $299,900
11. 2006-08-31
    historical
12. 2006-04-03
    listed $299,900
13. 2004-06-29
    soldstatus $270,000
14. 2004-05-27
    soldstatus $270,000
15. 2004-04-28
    listed $279,900
16. 2001-01-30
    soldstatus $189,200
17. 2001-01-23
    soldstatus $189,116
18. 2000-11-20
    listed $184,900
19. 1992-04-07
    soldstatus $172,387

ⓘ 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: $9,360 · $780/mo
• Projected year-2 tax: $11,895 · $991/mo
• Expected delta: +$2,535/yr (+$211/mo · 27.1%)

ⓘ 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 ≥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: $297,864
• − Mortgage interest: −$51,814
• − Property taxes: −$9,360
• − Insurance: −$4,625
• − Repairs & maintenance: −$23,829
• − Management: −$23,829
• − Depreciation: −$26,909
• Taxable income: $157,497
• Est. tax owed @ 24.0%: −$37,799
• After-tax cash flow: $125,318/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 County · 701,295 people
• City population: 505,555
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 17,869
• Household income: $95,633
• Rent vs Own: 73.6% rent · 26.4% own
• Severe rent burden: 1514.0

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: Majority White (64%)
• Race & ethnicity: White 64% Black 23% Two or more races 6% Asian 4% Hispanic / Latino 2%
• Common ancestry: Italian 2% Lithuanian 2% Romanian 2%
• Foreign-born: 7% · Canada, China, South Korea
• Languages at home: 91% English-only · Other Indo-European 2% Spanish 2% Other Asian/Pacific 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: ▼ -219.24%
• Current HPI: 233.4526
• Rent YoY: ▲ 2.70%
• 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

+436.6% since first listed

17 events — show timeline

• 2026-04-29 Listed $925,000 Cincy MLS
• 2025-10-24 Sold (MLS) $800,000 Cincy MLS
• 2025-09-10 Contingent — Cincy MLS
• 2025-08-01 Listed $850,000 Cincy MLS
• 2011-08-15 Listing Removed — Cincy MLS
• 2010-10-15 Listed $250,000 Cincy MLS
• 2008-12-24 Listing Removed — Cincy MLS
• 2008-04-04 Listed $299,900 Cincy MLS
• 2006-08-31 Listing Removed — Cincy MLS
• 2006-04-03 Listed $299,900 Cincy MLS
• 2004-06-29 Sold (Public Records) $270,000 Public Records
• 2004-05-27 Sold (MLS) $270,000 Cincy MLS
• 2004-04-28 Listed $279,900 Cincy MLS
• 2001-01-30 Sold (Public Records) $189,200 Public Records
• 2001-01-23 Sold (MLS) $189,116 Cincy MLS
• 2000-11-20 Listed $184,900 Cincy MLS
• 1992-04-07 Sold (Public Records) $172,387 Public Records

Property tax history

+1.6%/yr

Latest (2025): $9,360 · +0.7% YoY. Source: county tax records.