2711 Price Ave

Cincinnati, OH 45204

$555,000D

9 bd · 4.5 ba · 3,934 sqft · Built 1885 · MultiFamily · Active · 36 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $4,679/mo
• Mortgage (P&I): −$2,910
• Tax + insurance: −$601
• HOA: −$0
• Vac / Maint / Mgmt: −$983
• Net cashflow: $185/mo
• Annual: $2,223/yr
• Cap rate: 6.69%
• Cash-on-cash: 1.43%
• DSCR: 1.06
• 1% rule: 0.84%
• Cash to close: $155,400

Investor read

• This is a 3 × 3-bed/2.0-bath units multifamily listed at $555k.
• At list price, monthly cash flow is $185 ($2k/yr) — positive. Per door: $62/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 $468k (15.7% below list).
• It's been on market 36 days — a 3% lower offer ($538k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $468k (15.7% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $17k 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.
• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: 33 active listings in the ZIP; lower-income renter base — watch delinquency; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 5 sale attempts since 27y 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.
• Cap rate 6.7% 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 $4,679/mo this rent would consume 180% of the median local household income ($31k/yr) (locally 487% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 36 days. Have you received any prior offers? Is the seller open to a 16% 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?
• Built in 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?