1228 Azel Ave · Hamilton, OH 45013

$114,900

2 bd · 1.0 ba · 822 sqft · SingleFamily public records · 33 Days on market

Built 1920 4,356 sqft lot Est $126k · 9% 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 +25.5/30.0
• ARV discount +11.4/15.0
• DSCR +8.5/10.0
• 1% rule +6.1/10.0
• Livability +3.7/5.0
• Schools +3.6/10.0
• Rent growth +3.4/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Charming bungalow offering comfortable one-level living with a functional layout and convenient Hamilton location. Features include a spacious living area, partial basement, off-street parking, and a level yard perfect for outdoor enjoyment. Conveniently located near shopping, dining, schools, and major roadways.

Key facts

• Level yard
• Off street parking
• Partial basement

Tags

• ONE LEVEL LIVING
• FUNCTIONAL LAYOUT
• PARTIAL BASEMENT
• OFF STREET PARKING
• LEVEL YARD
• CONVENIENT LOCATION

Property features AI

Finance

• HOA & community: No homeowners association

Exterior

• Utilities: Public water; Public sewer; Natural gas service; Gas water heater
• Home design: Craftsman/Bungalow style; Single-family home; One level
• Construction: Wood siding exterior; Block foundation
• Exterior features: Shingle roof; Other window features

Interior

• Kitchen: Kitchen with laminate flooring (approx. 8 x 9)
• Bedrooms: Two bedrooms, each about 10 x 10 on the main level
• Flooring: Laminate flooring in the kitchen
• Bathrooms: One full bathroom on the main level with a shower
• Heating & cooling: Forced air heating; Wall unit cooling
• Interior features: Five total rooms; Partial basement that is part-finished

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $115k.

Deal economics

• At list price, monthly cash flow is $269 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $115k).
• Recommended offer: $111k (3.0% below list) — sets the bar for market timing.
• Cap rate 9.1% vs local median 4.6% in Hamilton — 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 73/100 on livability (#332 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, schools B; Watch: crime C-, amenities C-, employment D.
• Hamilton City (suburban): math 42% / reading 45% proficiency, ranked #517 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 63% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+3.7%/yr); 127 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals leasing fast (median 2d on market — plan ~1-2 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 $794 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.7% rent growth), your $32k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($111k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $69k; list at $115k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $111,453 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.11% ✓
• Cap rate: 9.10%
• Cash-on-cash: 10.03%
• DSCR: 1.45
• GRM: 7.5

CMA / ARV

• ARV (on-the-fly): $125,766
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1122 Franklin St	0.23mi	2/1.0	848 (+3%)	7mo	$130,000	$153	78
1317 Glenbrook Dr	0.14mi	3/1.0 (+1)	864 (+5%)	7mo	$230,000	$266	74
1005 Goodman Ave	0.34mi	2/1.5	851 (+4%)	6mo	$130,000	$153	71
540 Harrison Ave	0.49mi	2/1.0	808 (-2%)	4mo	$165,000	$204	71
1355 Ross Ave	0.10mi	2/1.0	704 (-14%)	2mo	$62,000	$88	70
1174 Hunt Ave	0.26mi	3/1.0 (+1)	792 (-4%)	9mo	$134,500	$170	70
1038 Hunt Ave	0.33mi	2/1.0	768 (-7%)	7mo	$100,000	$130	68
315 Millville Ave	0.52mi	2/1.0	855 (+4%)	3mo	$130,000	$152	67
1028 Goodman Ave	0.29mi	2/1.0	756 (-8%)	8mo	$103,000	$136	66
1231 Franklin St	0.20mi	2/1.0	934 (+14%)	8mo	$125,000	$134	61
808 Millikin St	0.63mi	2/1.0	801 (-3%)	8mo	$162,900	$203	59
1063 Westview Ave	0.62mi	2/1.0	776 (-6%)	8mo	$153,000	$197	56

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 · 3.69% rent growth · sell at horizon

5-year hold

• IRR: -0.5%
• Equity multiple: 0.98×
• Total profit: $-622
• Equity at exit: $17,132

10-year hold

• IRR: 9.8%
• Equity multiple: 1.78×
• Total profit: $25,155
• Equity at exit: $9,934

Cash invested: $32,172 (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 45013

• Rents YoY: 3.7%
• Active inventory: 127
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,276 high
• Mortgage (P&I): −$603
• Tax from tax record: −$89 /mo · $1,066/yr
• Insurance: −$48
• HOA: −$0
• Vacancy / Maint / Mgmt: −$268
• Net cashflow: $269

Break-even live

Break-even rent $936

Max offer price $114,900

Occupancy floor 74%

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: $28,725
• Closing costs: $3,447
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1107 Hunt Ave Hamilton, OH	2.0	1.0	704	$1,095	$1.56	2d	1	0.34mi
18 Beth Ln Apt 1 Hamilton, OH	1.0	1.0	540	$1,065	$1.97	2d	1	0.64mi
1151 NW Washington Blvd Hamilton, OH	2.0	1.5	1046	$1,200	$1.15	2d	1	0.72mi
661 Franklin St Unit Up Hamilton, OH	1.0	1.0	700	$1,000	$1.43	3d	1	0.82mi
221 Eaton Ave Unit Up Hamilton, OH	2.0	1.0	750	$1,100	$1.47	3d	1	0.83mi
1023 Eaton Ave Hamilton, OH	1.0–2.0	1.0	700	$880	$1.26	8d	1	0.88mi
50 Curtis Dr Hamilton, OH	2.0–3.0	1.0–1.5	882	$1,095	$1.24	2d	2	0.97mi
135 Timberhill Dr Hamilton, OH	1.0–2.0	1.0	957	$1,205	$1.26	2d	3	1.09mi
316 Main St Unit ROS-113 Hamilton, OH	1.0	1.0	800	$1,350	$1.69	20d	1	1.20mi
316 Main St Unit ROS-320 Hamilton, OH	1.0	1.0	726	$1,425	$1.96	2d	1	1.20mi
455 Rockford Dr Hamilton, OH	3.0	1.0	1064	$1,650	$1.55	19d	1	1.22mi
37 Twinbrook Ct Hamilton, OH	3.0	1.0	925	$1,675	$1.81	44d	1	1.27mi
11 Taylor Dr Hamilton, OH	2.0–3.0	2.0	1132	$1,695	$1.50	2d	15	1.32mi
1689 Eden Park Dr Hamilton, OH	2.0	1.0	1044	$1,300	$1.25	2d	1	1.43mi
1740 Eden Park Dr Hamilton, OH	1.0–2.0	1.0–1.5	782	$2,135	$2.73	2d	1	1.49mi

Listing history 16 events

1. 2026-06-18
   days on market $114,900 Active 33 DOM
2. 2026-06-17
   days on market $114,900 Active 32 DOM
3. 2026-06-16
   days on market $114,900 Active 31 DOM
4. 2026-06-15
   days on market $114,900 Active 30 DOM
5. 2026-06-13
   days on market $114,900 Active 28 DOM
6. 2026-06-13
   days on market $114,900 Active 27 DOM
7. 2026-06-09
   days on market $114,900 Active 24 DOM
8. 2026-06-08
   days on market $114,900 Active 23 DOM
9. 2026-06-07
   days on market $114,900 Active 22 DOM
10. 2026-06-03
    days on market $114,900 Active 18 DOM
11. 2026-06-02
    days on market $114,900 Active 17 DOM
12. 2026-06-01
    days on market $114,900 Active 16 DOM
13. 2026-05-31
    days on market $114,900 Active 15 DOM
14. 2026-05-16
    listed $114,900 Active
15. 2022-04-11
    soldstatus $69,000
16. 1986-03-01
    soldstatus $18,000

ⓘ 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: $1,066 · $89/mo
• Projected year-2 tax: $1,429 · $119/mo
• Expected delta: +$363/yr (+$30/mo · 34.1%)

ⓘ 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 ≥104°F today · 20 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: $15,312
• − Mortgage interest: −$6,436
• − Property taxes: −$1,066
• − Insurance: −$574
• − Repairs & maintenance: −$1,225
• − Management: −$1,225
• − Depreciation: −$3,343
• Taxable income: $1,443
• Est. tax owed @ 24.0%: −$346
• After-tax cash flow: $2,879/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: Hamilton City
• NCES district ID: 3904410
• Math proficiency: 42% ▼ -13.00%
• Reading proficiency: 45% ▼ -10.00%
• Median HH income: $40,488
• Composite: 36.48/100
• National rank: #4656
• State rank: #517 of 656 in OH

Livability — Hamilton

• Score: 73/100
• State rank: #332
• US rank: #5467

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hamilton, OH
• County: Butler County · 381,674 people
• City population: 140,900
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 53,998
• Household income: $73,633
• Rent vs Own: 26.5% rent · 73.5% own
• Severe rent burden: 1047.0

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 6% Hispanic / Latino 4% Black 3%
• Common ancestry: Lithuanian 2% Romanian 2% Slovak 2%
• Foreign-born: 2% · Canada
• Languages at home: 97% 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: ▼ -210.85%
• Current HPI: 237.0239
• Rent YoY: ▲ 3.69%
• 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

+538.3% since first listed

3 events — show timeline

• 2026-05-16 Listed $114,900 Cincy MLS
• 2022-04-11 Sold (Public Records) $69,000 Public Records
• 1986-03-01 Sold (Public Records) $18,000 Public Records

Property tax history

+3.6%/yr

Latest (2025): $1,066 · +0.5% YoY. Source: county tax records.