1505 Lawn Ave · Middletown, OH 45044

$119,900

2 bd · 1.0 ba · 1,088 sqft · SingleFamily public records · 3 Days on market

Built 1919 4,792 sqft lot Est $156k · 23% 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 +21.9/30.0
• ARV discount +15.0/15.0
• DSCR +7.0/10.0
• 1% rule +5.2/10.0
• 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

Listing remarks MLS

Great Investment Opportunity! Long time tenants with potential for additional income. Current tenants rent is $600 monthly. 2 BED/1 BATH with fenced in yard. Garage is available for a studio apartment! Property being sold As-Is. Need 24 hours for showing request!

Key facts

• Fenced-in yard
• Walk-in pantry
• 4,792 sq ft lot

Tags

• LUXURY VINYL PLANK FLOORING
• WALK-IN PANTRY
• FENCED-IN YARD
• MOSTLY FINISHED GARAGE
• PARTIALLY FINISHED KITCHEN
• PARTIALLY FINISHED FULL BATH

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Detached one-car garage with storage
• Utilities: Natural gas available; Public water; Sewer available
• Home design: 2-story residential property
• Construction: Frame construction with asbestos siding; Partial unfinished basement (below-grade unfinished area 195)
• Exterior features: Partial fencing

Interior

• Kitchen: Range
• Bathrooms: One full bathroom
• Heating & cooling: Hot water heating; Steam heating
• Interior features: Pantry; Wood window frames

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $120k.

Deal economics

• At list price, monthly cash flow is $188 ($2k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $120k).
• Cap rate 8.2% 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; 12 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $829 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 6.3% rent growth), your $34k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 11y 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 $45k; list at $120k implies a 166% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $119,900

Questions for the listing agent

1. Built in 1919 — 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 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?
4. 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?
5. 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.
6. 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.
7. 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: 1.02% ✓
• Cap rate: 8.17%
• Cash-on-cash: 6.71%
• DSCR: 1.30
• GRM: 8.2

CMA / ARV

• ARV (on-the-fly): $155,584
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1621 Lafayette Ave	0.15mi	2/1.0	984 (-10%)	3mo	$112,000	$114	75
2012 Pearl St	0.23mi	2/1.0	996 (-8%)	7mo	$117,500	$118	69
1507 Pershing Ave	0.48mi	3/1.0 (+1)	1,064 (-2%)	4mo	$173,900	$163	66
2804 Yankee Rd	0.57mi	3/1.0 (+1)	1,106 (+2%)	7mo	$72,000	$65	60
1019 Kunz Ave	0.65mi	2/1.0	1,056 (-3%)	6mo	$159,500	$151	60
1613 Sheridan Ave	0.61mi	3/1.0 (+1)	1,050 (-4%)	2mo	$150,000	$143	59
3003 Judy Dr	0.72mi	3/1.0 (+1)	1,080 (-1%)	4mo	$184,000	$170	57
1404 Young St	0.55mi	2/1.0	1,002 (-8%)	7mo	$100,500	$100	55
712 Buena Ave	0.71mi	3/1.0 (+1)	1,042 (-4%)	2mo	$168,000	$161	53
1717 Pershing Ave	0.51mi	2/1.0	972 (-11%)	8mo	$127,000	$131	52
3106 Rufus St	0.73mi	3/1.0 (+1)	1,164 (+7%)	2mo	$164,900	$142	47
1702 Glenwood Ave	0.58mi	3/1.0 (+1)	965 (-11%)	8mo	$174,900	$181	42

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: -2.5%
• Equity multiple: 0.90×
• Total profit: $-3,281
• Equity at exit: $17,877

10-year hold

• IRR: 10.4%
• Equity multiple: 1.92×
• Total profit: $30,949
• Equity at exit: $10,367

Cash invested: $33,572 (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: 8.2×

Monthly cashflow live

• Estimated rent: $1,221 high
• Mortgage (P&I): −$629
• Tax from tax record: −$98 /mo · $1,181/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $188

Break-even live

Break-even rent $984

Max offer price $119,900

Occupancy floor 80%

Sensitivity live

Price	-10% $256	-5% $222	+0% $188	+5% $154	+10% $120
Rent	-10% $91	-5% $140	+0% $188	+5% $236	+10% $284
Rate	-1.0pp $248	-0.5pp $218	base $188	+0.5pp $157	+1.0pp $125

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: $29,975
• Closing costs: $3,597
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2000 Pearl St Middletown, OH	2.0	1.0	900	$3,500	$3.89	2d	4	0.25mi
1409 Young St Unit 1 Middletown, OH	1.0	1.0	1050	$950	$0.90	5d	1	0.57mi
2101 S Main St Middletown, OH	1.0–2.0	1.0	757	$900	$1.19	2d	1	0.89mi
1419 Oxford State Rd Middletown, OH	2.0	1.0	900	$2,495	$2.77	2d	1	0.90mi
1109 Oxford State Rd Middletown, OH	2.0	1.0	744	$995	$1.34	2d	1	0.94mi
702 Baltimore St Middletown, OH	2.0	1.0	848	$895	$1.06	44d	1	0.97mi
1915 Woodlawn Ave Middletown, OH	3.0	1.5	1060	$1,550	$1.46	44d	1	1.16mi
907 8th Ave Middletown, OH	3.0	1.5	1380	$1,400	$1.01	17d	1	1.22mi
2208 Woodlawn Ave Middletown, OH	2.0	1.0	780	$895	$1.15	44d	1	1.25mi
1804 Brentwood St Middletown, OH	3.0	1.0	1044	$1,430	$1.37	24d	1	1.27mi
2310 S Sutphin St Middletown, OH	2.0	1.0	967	$1,025	$1.06	24d	1	1.28mi
2400 Sherman Ave Middletown, OH	2.0	1.0	920	$1,280	$1.39	44d	1	1.40mi

Listing history 4 events

1. 2026-06-18
   days on market $119,900 Active 3 DOM
2. 2026-06-17
   days on market $119,900 Active 2 DOM
3. 2026-06-16
   remarks 699-char remark
4. 2026-06-16
   listed $119,900 Active 1 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: $1,181 · $98/mo
• Projected year-2 tax: $1,525 · $127/mo
• Expected delta: +$345/yr (+$29/mo · 29.2%)

ⓘ 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 · 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: $14,656
• − Mortgage interest: −$6,716
• − Property taxes: −$1,181
• − Insurance: −$600
• − Repairs & maintenance: −$1,173
• − Management: −$1,173
• − Depreciation: −$3,488
• Taxable income: $327
• Est. tax owed @ 24.0%: −$78
• After-tax cash flow: $2,175/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

+704.7% since first listed

10 events — show timeline

• 2026-06-15 Listed $119,900 Dayton MLS
• 2025-10-31 Rental Removed $1,100 RENTLY
• 2025-10-26 Listed for Rent $1,100 RENTLY
• 2021-04-22 Sold (Public Records) $45,000 Public Records
• 2021-04-14 Sold (MLS) $45,000 Cincy MLS
• 2021-03-27 Contingent — Cincy MLS
• 2021-03-24 Listed $55,000 Cincy MLS
• 2016-02-08 Sold (MLS) $14,900 Cincy MLS
• 2015-11-17 Contingent — Cincy MLS
• 2015-10-01 Listed $14,900 Cincy MLS

Property tax history

-4.8%/yr

Latest (2025): $1,181 · +1.2% YoY. Source: county tax records.