40 Crawford St · Middletown, OH 45044

$194,900

3 bd · 2.0 ba · 2,176 sqft · MultiFamily public records · 56 Days on market

Built 1904 6,752 sqft lot $90/sqft · 5% above area Est $185k · 5% over

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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 +29.8/30.0
• DSCR +10.0/10.0
• 1% rule +7.4/10.0
• ARV discount +5.1/15.0
• Rent growth +4.1/5.0
• Livability +3.6/5.0
• Condition / age +2.5/5.0
• Schools +2.0/10.0
• 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

Fully occupied Duplex located in prime location bringing $1750 per month. Beautifully updated with new Roof with gutters, New Windows, New HVAC in both units, Fresh interior and exterior paints, new bathrooms, and many more. Separate Utilities and tenants pay for all. Private back door entrance for basement in order for the landlord to maintain the property (Notice does not required for maintenance). Ideal for savvy investors. Schedule your showing to appreciate its beauty.

Key facts

• Separate utilities
• New hvac
• New bathrooms

Tags

• PRIME LOCATION
• NEW ROOF
• NEW WINDOWS
• NEW HVAC
• NEW BATHROOMS
• SEPARATE UTILITIES

Property features AI

Finance

• Other: Total buildings: 1
• Financial info: Two-unit investment property with rents: one 3-bedroom unit at $950 and one 2-bedroom unit at $900

Exterior

• Parking: Detached 1-car garage; Two off-street/driveway spaces
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Two levels
• Construction: Aluminum siding and brick exterior; Shingle roof; Stone foundation; Built as a duplex (two units)
• Exterior features: Vinyl windows

Interior

• Bedrooms: One 3-bedroom unit; One 2-bedroom unit
• Bathrooms: Each unit has one full bathroom
• Heating & cooling: Forced-air heating (gas); Central air conditioning
• Interior features: Crawl basement; Inoperable fireplace

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $195k.

Deal economics

• At list price, monthly cash flow is $718 ($9k/yr) — positive. Per door: $359/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $195k).
• Recommended offer: $189k (3.0% below list) — sets the bar for market timing.
• Cap rate 10.7% 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; 1 comparable units currently listed for rent nearby; 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 39% of the median local income ($74k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $55k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 29y ago; this cycle's ask has dropped $105k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $195k implies a 225% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1904 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $189,053 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1904 — 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 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?
7. 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?
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: 1.24% ✓
• Cap rate: 10.71%
• Cash-on-cash: 15.79%
• DSCR: 1.70
• GRM: 6.7

CMA / ARV

• ARV (median comp): $185,178
• List price: $194,900
• Delta: 5.25%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1830 Woodlawn Ave	0.35mi	4/2.5 (+1)	2,322 (+7%)	2mo	$114,000	$49	64
1718 Columbia Ave	0.35mi	4/2.0 (+1)	2,328 (+7%)	19mo	$165,500	$71	51
2411 Christel Ave	0.51mi	4/2.5 (+1)	2,248 (+3%)	19mo	$170,000	$76	48

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: 10.1%
• Equity multiple: 1.41×
• Total profit: $22,442
• Equity at exit: $29,060

10-year hold

• IRR: 21.6%
• Equity multiple: 3.10×
• Total profit: $114,862
• Equity at exit: $16,851

Cash invested: $54,572 (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: 13.4×

Monthly cashflow live

• Estimated rent: $2,425 high
• Mortgage (P&I): −$1,022
• Tax from tax record: −$94 /mo · $1,133/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$509
• Net cashflow: $718

Break-even live

Break-even rent $1,516

Max offer price $194,900

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,424
Total (2 units)			$2,425

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2007 Logan Ave Middletown, OH	3.0	1.5	1502	$1,195	$0.80	17d	1	0.23mi

Listing history 50 events

1. 2026-06-18
   days on market $194,900 Active 56 DOM
2. 2026-06-17
   days on market $194,900 Active 55 DOM
3. 2026-06-16
   days on market $194,900 Active 54 DOM
4. 2026-06-15
   days on market $194,900 Active 53 DOM
5. 2026-06-13
   days on market $194,900 Active 51 DOM
6. 2026-06-09
   days on market $194,900 Active 47 DOM
7. 2026-06-08
   days on market $194,900 Active 46 DOM
8. 2026-06-07
   days on market $194,900 Active 45 DOM
9. 2026-06-03
   pricedays on market $194,900 Active 41 DOM
10. 2026-06-02
    days on market $199,900 Active 40 DOM
11. 2026-06-01
    days on market $199,900 Active 39 DOM
12. 2026-05-31
    days on market $199,900 Active 38 DOM
13. 2026-04-24
    price $199,900 458-char remark
14. 2026-04-23
    listed $299,900 Active 458-char remark
15. 2025-02-01
    historical 478-char remark

    Show marketing remark (478 chars)

    Fully occupied Duplex located in prime location bringing $1750 per month. Beautifully updated with new Roof with gutters, New Windows, New HVAC in both units, Fresh interior and exterior paints, new bathrooms, and many more. Separate Utilities and tenants pay for all. Private back door entrance for basement in order for the landlord to maintain the property (Notice does not required for maintenance). Ideal for savvy investors. Schedule your showing to appreciate its beauty.

16. 2024-12-23
    listed $199,900 Active 478-char remark

    Show marketing remark (478 chars)

    Fully occupied Duplex located in prime location bringing $1750 per month. Beautifully updated with new Roof with gutters, New Windows, New HVAC in both units, Fresh interior and exterior paints, new bathrooms, and many more. Separate Utilities and tenants pay for all. Private back door entrance for basement in order for the landlord to maintain the property (Notice does not required for maintenance). Ideal for savvy investors. Schedule your showing to appreciate its beauty.

17. 2024-12-20
    historical

    Show marketing remark (313 chars)

    Completely renovated duplex ideal for savvy investors. Both units are occupied by a long term tenants. Recently renovated with new roof, new windows, both units HVAC, fresh exterior and interior pains, bathrooms and many more. Schedule your showing to appreciate inside. Cash flow on a first day of your purchase.

18. 2024-12-19
    listed $199,900 Active

    Show marketing remark (313 chars)

    Completely renovated duplex ideal for savvy investors. Both units are occupied by a long term tenants. Recently renovated with new roof, new windows, both units HVAC, fresh exterior and interior pains, bathrooms and many more. Schedule your showing to appreciate inside. Cash flow on a first day of your purchase.

19. 2022-04-14
    soldstatus $60,000
20. 2022-04-01
    soldstatus $60,000 Sold
21. 2022-04-01
    soldstatus $60,000 Closed
22. 2022-04-01
    soldstatus $60,000 Sold
23. 2022-03-06
    historical Contingency Pending
24. 2022-03-06
    status Pending
25. 2022-02-28
    status Active
26. 2022-02-28
    status Active
27. 2022-02-23
    historical Contingency Pending
28. 2022-02-23
    status Pending
29. 2022-02-14
    status Active
30. 2022-02-14
    listed $65,000 Active
31. 2022-01-30
    status Pending
32. 2022-01-28
    listed $65,000 Active
33. 2021-12-13
    historical
34. 2021-11-26
    listed $65,000 Active
35. 2018-01-19
    historical Accept Backup Offers
36. 2018-01-18
    historical
37. 2017-07-27
    listed $75,000 Active
38. 2006-10-17
    soldstatus $77,800
39. 2006-10-13
    soldstatus $77,800
40. 2006-07-11
    listed $74,900
41. 2006-07-09
    historical
42. 2006-02-08
    listed $84,900
43. 2006-02-08
    historical
44. 2005-10-07
    listed $87,500
45. 2005-09-16
    historical
46. 2005-05-15
    listed $91,999
47. 2003-07-23
    soldstatus $75,000
48. 2003-06-24
    soldstatus $75,000
49. 2003-03-17
    listed $79,000
50. 2003-03-04
    historical

ⓘ 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: $1,133 · $94/mo
• Projected year-2 tax: $2,086 · $174/mo
• Expected delta: +$954/yr (+$79/mo · 84.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 51% 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: $29,100
• − Mortgage interest: −$10,917
• − Property taxes: −$1,133
• − Insurance: −$974
• − Repairs & maintenance: −$2,328
• − Management: −$2,328
• − Depreciation: −$5,670
• Taxable income: $5,750
• Est. tax owed @ 24.0%: −$1,380
• After-tax cash flow: $7,237/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

+116.6% since first listed

47 events — show timeline

• 2026-06-03 Price Changed $194,900 Cincy MLS
• 2026-04-24 Price Changed $199,900 Cincy MLS
• 2026-04-23 Listed $299,900 Cincy MLS
• 2025-02-01 Listing Removed — Cincy MLS
• 2024-12-23 Listed $199,900 Cincy MLS
• 2024-12-20 Listing Removed — Cincy MLS
• 2024-12-19 Listed $199,900 Cincy MLS
• 2022-04-14 Sold (Public Records) $60,000 Public Records
• 2022-04-01 Sold (MLS) $60,000 Cincy MLS
• 2022-04-01 Sold (MLS) $60,000 Dayton MLS
• 2022-04-01 Sold (MLS) $60,000 Dayton MLS
• 2022-03-06 Contingent — Cincy MLS
• 2022-03-06 Pending — Dayton MLS
• 2022-02-28 Relisted — Cincy MLS
• 2022-02-28 Relisted — Dayton MLS
• 2022-02-23 Contingent — Cincy MLS
• 2022-02-23 Pending — Dayton MLS
• 2022-02-14 Relisted — Dayton MLS
• 2022-02-14 Listed $65,000 Cincy MLS
• 2022-01-30 Pending — Dayton MLS
• 2022-01-28 Listed $65,000 Dayton MLS
• 2021-12-13 Listing Removed — Dayton MLS
• 2021-11-26 Listed $65,000 Dayton MLS
• 2018-01-19 Contingent — Cincy MLS
• 2018-01-18 Listing Removed — Cincy MLS
• 2017-07-27 Listed $75,000 Cincy MLS
• 2006-10-17 Sold (Public Records) $77,800 Public Records
• 2006-10-13 Sold (MLS) $77,800 Cincy MLS
• 2006-07-11 Listed $74,900 Cincy MLS
• 2006-07-09 Listing Removed — Cincy MLS
• 2006-02-08 Listing Removed — Cincy MLS
• 2006-02-08 Listed $84,900 Cincy MLS
• 2005-10-07 Listed $87,500 Cincy MLS
• 2005-09-16 Listing Removed — Cincy MLS
• 2005-05-15 Listed $91,999 Cincy MLS
• 2003-07-23 Sold (Public Records) $75,000 Public Records
• 2003-06-24 Sold (MLS) $75,000 Cincy MLS
• 2003-03-17 Listed $79,000 Cincy MLS
• 2003-03-04 Listing Removed — Cincy MLS
• 2002-09-03 Listed $81,000 Cincy MLS
• 1998-12-08 Sold (Public Records) $65,800 Public Records
• 1998-11-30 Sold (MLS) $65,800 Cincy MLS
• 1998-08-28 Listed $67,900 Cincy MLS
• 1998-01-30 Sold (Public Records) $65,000 Public Records
• 1998-01-28 Sold (MLS) $65,000 Cincy MLS
• 1997-06-20 Listed $65,000 Cincy MLS
• 1979-05-01 Sold (Public Records) $90,000 Public Records

Property tax history

+1.4%/yr

Latest (2025): $1,133 · +1.2% YoY. Source: county tax records.