228 Central Ave · Lockland, OH 45215

$189,900

2 bd · 2.0 ba · 1,430 sqft · SingleFamily public records · 16 Days on market

Built 1937 7,013 sqft lot Est $202k · 6% 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 +14.4/30.0
• ARV discount +10.1/15.0
• Rent growth +4.5/5.0
• DSCR +4.4/10.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Condition / age +2.5/5.0
• Schools +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Beautifully Decorated & Completely Updated! 9 ft ceilings, Wonderful Woodwork & Fireplace, Remodeled Kit, Baths, Windows, Carpet, Electric, Plumbing, etc. Lg lot, Fncd Yd, Home Warranty - Ready to move in & enjoy! Also available for Lease.

Key facts

• Covered front porch
• Walk-in shower
• 7,013 sq ft lot

Tags

• DETACHED TWO-CAR GARAGE
• COVERED FRONT PORCH
• WALK-IN SHOWER

Property features AI

Finance

• Other: Less than 0.5 acre lot (approx. 0.161 acres, 50 x 150); Public transportation within 1 mile; City street access
• HOA & community: No HOA

Exterior

• Parking: Detached rear garage (2 garage spaces); Driveway and on-street parking
• Utilities: Public water; Public sewer; Natural gas service
• Home design: Cape Cod style single-family home; Two levels; Poured foundation
• Construction: Vinyl and wood siding; Shingle roof
• Exterior features: Corner lot; Covered deck/patio; Porch; Metal fencing

Interior

• Kitchen: Eat-in kitchen with vinyl flooring and walkout; Gas cooktop, oven/range, refrigerator
• Bedrooms: Two bedrooms total; Primary bedroom on second floor (15 x 11); Second bedroom on second floor (13 x 11)
• Flooring: Wood floors in living room, dining room, foyer; Vinyl flooring in kitchen
• Bathrooms: Two full bathrooms; One full bathroom on first floor; One full bathroom on second floor
• Heating & cooling: Forced air heating (gas); Gas water heating; Window cooling unit
• Interior features: 9-foot+ ceilings; Original natural woodwork; Fireplace (ceramic, currently inoperable); Full unfinished basement with concrete floor; Total of 5 rooms
• Laundry & utility: 220-volt service; Sump pump

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $38 ($451/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $158k (16.9% below list).
• Recommended offer: $158k (16.9% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#510 in OH) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A; Watch: schools F, crime F, amenities F.
• Lockland Local (suburban): math 16% / reading 23% proficiency, ranked #632 of 656 in OH (top 96%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 79% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising fast (+8.0%/yr); 50 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 23y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $90k; list at $190k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1937 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $157,717 (16.9% below list)

Questions for the listing agent

1. Built in 1937 — 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 F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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?
6. 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.
7. 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.
8. 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: 0.83% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.85%
• DSCR: 1.04
• GRM: 10.0

CMA / ARV

• ARV (on-the-fly): $201,630
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
311 Southern Ave	0.26mi	2/1.0	1,366 (-4%)	3mo	$155,000	$113	74
423 Arlington Ave	0.20mi	3/1.0 (+1)	1,408 (-2%)	7mo	$100,000	$71	73
653 Harmes Ave	0.15mi	3/2.0 (+1)	1,560 (+9%)	4mo	$227,500	$146	70
414 Dexter Ave	0.15mi	2/1.0	1,312 (-8%)	8mo	$185,000	$141	68
343 Rolef Ave	0.33mi	2/1.0	1,346 (-6%)	9mo	$169,900	$126	63
415 Arlington Ave	0.18mi	3/1.5 (+1)	1,238 (-13%)	2mo	$218,000	$176	60
334 Williams St	0.25mi	3/1.0 (+1)	1,267 (-11%)	3mo	$205,000	$162	57
112 Pershing Ave	0.75mi	3/2.0 (+1)	1,424 (-0%)	9mo	$131,000	$92	52
639 Arlington Ave	0.46mi	3/1.0 (+1)	1,532 (+7%)	11mo	$145,000	$95	48
404 Flora St	0.69mi	2/2.0	1,300 (-9%)	7mo	$270,000	$208	46
1319 Jefferson Ave	0.45mi	3/2.0 (+1)	1,604 (+12%)	10mo	$140,000	$87	45
2021 Zuni Dr	0.74mi	3/2.0 (+1)	1,320 (-8%)	10mo	$333,000	$252	39

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -9.9%
• Equity multiple: 0.62×
• Total profit: $-20,084
• Equity at exit: $28,315

10-year hold

• IRR: 4.9%
• Equity multiple: 1.44×
• Total profit: $23,366
• Equity at exit: $16,419

Cash invested: $53,172 (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 45215

• Rents YoY: 8.0%
• Active inventory: 50
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $1,577 high
• Mortgage (P&I): −$996
• Tax from tax record: −$133 /mo · $1,601/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$331
• Net cashflow: $38

Break-even live

Break-even rent $1,530

Max offer price $189,900

Occupancy floor 93%

Sensitivity live

Price	-10% $145	-5% $91	+0% $38	+5% $-16	+10% $-70
Rent	-10% $-87	-5% $-25	+0% $38	+5% $100	+10% $162
Rate	-1.0pp $133	-0.5pp $86	base $38	+0.5pp $-12	+1.0pp $-62

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 13 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
332 Arlington Ave Cincinnati, OH	3.0	2.0	1500	$1,750	$1.17	18d	1	0.10mi
301 W Benson St Unit 6 Cincinnati, OH	3.0	2.0	1500	$1,995	$1.33	44d	1	0.24mi
918 2nd St Cincinnati, OH	2.0	1.0	1360	$1,300	$0.96	24d	1	0.51mi
1 E Lake Shore Dr Cincinnati, OH	1.0–3.0	1.0–2.0	845	$1,300	$1.54	2d	54	0.85mi
8346 Anthony Wayne Ave Cincinnati, OH	3.0	2.0	1716	$1,750	$1.02	24d	1	0.93mi
617 Van Roberts Pl Cincinnati, OH	2.0	1.0	1109	$1,475	$1.33	8d	1	0.98mi
1638 Crest Hill Ave Cincinnati, OH	2.0	1.0	925	$900	$0.97	15d	1	1.27mi
7746 Greenland Pl Apt 2 Cincinnati, OH	2.0	1.5	1200	$1,200	$1.00	24d	1	1.36mi
1617 Pelham Pl Unit 1 Cincinnati, OH	2.0	1.0	1100	$1,450	$1.32	24d	1	1.36mi
7740 Stillwell Rd Cincinnati, OH	1.0	1.0	1000	$975	$0.97	24d	1	1.37mi
7740 Stillwell Rd Unit 1 Cincinnati, OH	1.0	1.0	1000	$975	$0.97	5d	1	1.37mi
7734 Greenland Pl Unit 3 Cincinnati, OH	2.0	1.5	1200	$1,200	$1.00	24d	1	1.39mi
7734 Greenland Pl Unit 4 Cincinnati, OH	2.0	2.0	1200	$1,150	$0.96	24d	1	1.39mi

Listing history 11 events

1. 2026-06-21
   days on market $189,900 Active 16 DOM
2. 2026-06-18
   days on market $189,900 Active 13 DOM
3. 2026-06-17
   price $189,900 Active 12 DOM
4. 2026-06-17
   days on market $199,900 Active 12 DOM
5. 2026-06-16
   days on market $199,900 Active 11 DOM
6. 2026-06-15
   days on market $199,900 Active 10 DOM
7. 2026-06-13
   days on market $199,900 Active 8 DOM
8. 2026-06-09
   days on market $199,900 Active 4 DOM
9. 2026-06-08
   days on market $199,900 Active 3 DOM
10. 2026-06-07
    remarks 684-char remark
11. 2026-06-07
    listed $199,900 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: $1,601 · $133/mo
• Projected year-2 tax: $2,282 · $190/mo
• Expected delta: +$681/yr (+$57/mo · 42.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥103°F today · 18 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: $18,926
• − Mortgage interest: −$10,637
• − Property taxes: −$1,601
• − Insurance: −$950
• − Repairs & maintenance: −$1,514
• − Management: −$1,514
• − Depreciation: −$5,524
• Taxable loss: −$2,814
• Est. tax savings @ 24.0%: +$675
• After-tax cash flow: $1,126/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: Lockland Local
• NCES district ID: 3904423
• Math proficiency: 16% ▼ -4.00%
• Reading proficiency: 23% ▼ -7.00%
• Median HH income: $33,458
• Composite: 15.89/100
• National rank: #9256
• State rank: #632 of 656 in OH

Livability — Lockland

• Score: 69/100
• State rank: #510
• US rank: #8694

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lockland, OH
• County: Hamilton County · 701,295 people
• City population: 30,586
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 30,586
• Household income: $69,372
• Rent vs Own: 44.3% rent · 55.7% own
• Severe rent burden: 1529.0

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 (63%)
• Race & ethnicity: White 63% Black 26% Two or more races 6% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 3% Slovak 2% Lithuanian 1%
• Foreign-born: 4% · Canada
• Languages at home: 95% English-only · Spanish 2% Other Indo-European 1% French/Haitian/Cajun 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: ▼ -263.50%
• Current HPI: 217.3319
• Rent YoY: ▲ 8.02%
• 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

+143.8% since first listed

7 events — show timeline

• 2026-06-05 Listed $199,900 Cincy MLS
• 2008-01-29 Sold (Public Records) $89,900 Public Records
• 2008-01-25 Sold (MLS) $89,900 Cincy MLS
• 2007-07-02 Listed $89,900 Cincy MLS
• 2003-11-19 Sold (Public Records) $79,000 Public Records
• 2003-11-13 Sold (MLS) $79,000 Cincy MLS
• 2003-07-01 Listed $82,000 Cincy MLS

Property tax history

+0.5%/yr

Latest (2025): $1,601 · +0.5% YoY. Source: county tax records.