3218 Illinois Ave · Middletown, OH 45042

$204,900

4 bd · 2.0 ba · 1,664 sqft · MultiFamily public records · 96 Days on market

Built 1972 7,836 sqft lot $123/sqft · 11% below area Est $231k · 11% 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 +21.8/30.0
• ARV discount +12.6/15.0
• DSCR +7.0/10.0
• 1% rule +5.2/10.0
• Livability +3.6/5.0
• Rent growth +2.5/5.0
• 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

Great opportunity to own this well maintained duplex building in Middletown. Each unit has 2 bedrooms and 1 bath with washer and dryer hook up. Off street parking. Tenants pay gas and electric. Rents are: unit 3218 A $900 - 3218 B $550.Can be bundled with 2 other properties. MLS#'s: 954044 and 954049.

Key facts

• Off street parking
• Duplex building
• 7,836 sq ft lot

Tags

• DUPLEX BUILDING
• OFF STREET PARKING
• WASHER AND DRYER HOOK UP

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1-bath units multifamily listed at $205k.

Deal economics

• At list price, monthly cash flow is $318 ($4k/yr) — positive. Per door: $159/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $205k).
• Recommended offer: $186k (9.0% below list) — sets the bar for market timing.
• 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: 71 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals at typical pace (median 19d on market — plan ~3-4 weeks tenant-placement turnaround); 1,163 units permitted in Butler County in 2024 (356 in 5+ unit buildings).
• This rent runs 36% of the median local income ($70k/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.

Negotiation context

• It's been on market 96 days — a 9% lower offer ($186k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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 $90k; list at $205k implies a 127% gain — meaningful room to come down on a strong offer.

Recommended offer $186,459 (9.0% below list)

Questions for the listing agent

1. It's been on market 96 days. Have you received any prior offers? Is the seller open to a 9% 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 1972 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. 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: 1.02% ✓
• Cap rate: 8.16%
• Cash-on-cash: 6.65%
• DSCR: 1.30
• GRM: 8.1

CMA / ARV

• ARV (median comp): $231,013
• List price: $204,900
• Delta: -11.30%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -6.1%
• Equity multiple: 0.77×
• Total profit: $-12,962
• Equity at exit: $30,551

10-year hold

• IRR: 3.5%
• Equity multiple: 1.26×
• Total profit: $14,732
• Equity at exit: $17,716

Cash invested: $57,372 (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 45042

• Active inventory: 71
• Price-to-rent: 16.3×

Monthly cashflow live

• Estimated rent: $2,097 high
• Mortgage (P&I): −$1,075
• Tax from tax record: −$179 /mo · $2,144/yr
• Insurance: −$85
• HOA: −$0
• Vacancy / Maint / Mgmt: −$440
• Net cashflow: $318

Break-even live

Break-even rent $1,694

Max offer price $204,900

Occupancy floor 80%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,096
Total (2 units)			$2,097

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: $51,225
• Closing costs: $6,147
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2002 Huntington St Unit 2002H Middletown, OH	3.0	2.0	1216	$1,200	$0.99	19d	1	0.54mi
2513 Aspen St Unit 2513A Middletown, OH	3.0	2.0	1056	$1,150	$1.09	14d	1	0.77mi
2201 Wilbraham Rd Middletown, OH	3.0	1.0	1300	$1,549	$1.19	17d	1	0.97mi
11 Redbud Dr Middletown, OH	4.0	3.0	1562	$2,175	$1.39	21d	1	1.31mi

Listing history 24 events

1. 2026-06-18
   days on market $204,900 Active 96 DOM
2. 2026-06-17
   days on market $204,900 Active 95 DOM
3. 2026-06-16
   days on market $204,900 Active 94 DOM
4. 2026-06-15
   days on market $204,900 Active 93 DOM
5. 2026-06-13
   days on market $204,900 Active 91 DOM
6. 2026-06-09
   days on market $204,900 Active 87 DOM
7. 2026-06-08
   days on market $204,900 Active 86 DOM
8. 2026-06-07
   days on market $204,900 Active 85 DOM
9. 2026-06-03
   days on market $204,900 Active 81 DOM
10. 2026-06-02
    days on market $204,900 Active 80 DOM
11. 2026-06-01
    days on market $204,900 Active 79 DOM
12. 2026-05-31
    days on market $204,900 Active 78 DOM
13. 2026-04-21
    price $207,400 302-char remark

    Show marketing remark (302 chars)

    Great opportunity to own this well maintained duplex building in Middletown. Each unit has 2 bedrooms and 1 bath with washer and dryer hook up. Off street parking. Tenants pay gas and electric. Rents are: unit 3218 A $900 - 3218 B $550.Can be bundled with 2 other properties. MLS#'s: 954044 and 954049.

14. 2026-03-14
    listed $209,900 Active 302-char remark

    Show marketing remark (302 chars)

    Great opportunity to own this well maintained duplex building in Middletown. Each unit has 2 bedrooms and 1 bath with washer and dryer hook up. Off street parking. Tenants pay gas and electric. Rents are: unit 3218 A $900 - 3218 B $550.Can be bundled with 2 other properties. MLS#'s: 954044 and 954049.

15. 2024-06-11
    historical
16. 2024-05-09
    price $179,900
17. 2024-04-10
    price $194,900
18. 2024-02-09
    listed $204,900 Active
19. 2021-11-01
    soldstatus $90,300 Closed
20. 2021-11-01
    soldstatus $90,300 Sold
21. 2021-09-14
    status Pending
22. 2021-08-02
    listed $114,000 Active
23. 2007-10-15
    soldstatus $82,500
24. 2005-07-08
    soldstatus $70,000

ⓘ 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: $2,144 · $179/mo
• Projected year-2 tax: $2,670 · $223/mo
• Expected delta: +$526/yr (+$44/mo · 24.5%)

ⓘ 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 ≥102°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: $25,164
• − Mortgage interest: −$11,478
• − Property taxes: −$2,144
• − Insurance: −$1,024
• − Repairs & maintenance: −$2,013
• − Management: −$2,013
• − Depreciation: −$5,961
• Taxable income: $531
• Est. tax owed @ 24.0%: −$127
• After-tax cash flow: $3,689/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): 27,652
• Household income: $69,520
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 751.0

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 (88%)
• Race & ethnicity: White 88% Two or more races 5% Black 4% Hispanic / Latino 3%
• Common ancestry: Slovak 2% Lithuanian 2% Italian 1%
• Foreign-born: 2% · Canada, Jamaica, China
• Languages at home: 96% English-only · Spanish 2%

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: ▼ -169.01%
• Current HPI: 217.3827
• Rent YoY: —
• 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

+196.3% since first listed

12 events — show timeline

• 2026-04-21 Price Changed $207,400 Dayton MLS
• 2026-03-14 Listed $209,900 Dayton MLS
• 2024-06-11 Listing Removed — Dayton MLS
• 2024-05-09 Price Changed $179,900 Dayton MLS
• 2024-04-10 Price Changed $194,900 Dayton MLS
• 2024-02-09 Listed $204,900 Dayton MLS
• 2021-11-01 Sold (MLS) $90,300 Dayton MLS
• 2021-11-01 Sold (MLS) $90,300 Dayton MLS
• 2021-09-14 Pending — Dayton MLS
• 2021-08-02 Listed $114,000 Dayton MLS
• 2007-10-15 Sold (Public Records) $82,500 Public Records
• 2005-07-08 Sold (Public Records) $70,000 Public Records

Property tax history

+6.0%/yr

Latest (2025): $2,144 · +1.2% YoY. Source: county tax records.