2326 Norwood Ave · Norwood, OH 45212

$1,145,000

156 bd · None ba · 11,322 sqft · MultiFamily · 65 Days on market

Built 1915 0.31 ac lot $101/sqft · 14% below area Est $1326k · 14% under

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Why this score? — see what drove the B- 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 +27.1/30.0
• ARV discount +13.7/15.0
• DSCR +9.4/10.0
• 1% rule +6.9/10.0
• Livability +4.0/5.0
• Schools +3.7/10.0
• Rent growth +2.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 12 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Money Making 12 unit in Norwood just off the lateral! 11-1bed units and 1-2bed with equity increase opportunity by converting 1bds into 2bds. Many improvements including rubber roof 21, Boiler replaced 16, window AC by tenants, coin laundry split, all new gas stoves last 4 years, windows/exterior paint 20. Units remodeled in 21 including cabinets, granite countertops, flooring, vanities, toilets. Water/heat paid by landlord

Key facts

• Coin laundry
• New gas stoves
• Boiler replaced

Tags

• 12 UNIT
• EQUITY INCREASE OPPORTUNITY
• RUBBER ROOF
• BOILER REPLACED
• COIN LAUNDRY
• NEW GAS STOVES

What this means for you Summary

Snapshot

• This is a 11×1bd/1ba + 1×2bd/1ba units multifamily listed at $1.15M.

Deal economics

• At list price, monthly cash flow is $3k ($39k/yr) — positive. Per door: $270/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.15M).
• Recommended offer: $1.08M (6.0% below list) — sets the bar for market timing.
• Cap rate 9.7% vs local median 4.7% in Norwood — 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 79/100 on livability (#154 in OH, #2,322 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, cost of living A+, housing A+; Watch: crime C-, employment C-, amenities D+.
• Norwood City (suburban): math 35% / reading 53% proficiency, ranked #513 of 656 in OH (top 78%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents flat; 56 active listings in the ZIP; 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $13,592/mo this rent would consume 225% of the median local household income ($72k/yr) (locally 1192% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $8k of loan paydown is wiped out by about $34k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 65 days — a 6% lower offer ($1.08M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 22y ago; this cycle's ask has dropped $105k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $1.15M implies a 717% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: extreme-heat days projected 7→19/yr by 2055 (HVAC capex compounding) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $1,076,300 (6.0% below list)

Questions for the listing agent

1. It's been on market 65 days. Have you received any prior offers? Is the seller open to a 6% 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 1915 — 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 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?
8. 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.
9. 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.
10. 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: 1.19% ✓
• Cap rate: 9.69%
• Cash-on-cash: 12.13%
• DSCR: 1.54
• GRM: 7.0

CMA / ARV

• ARV (median comp): $1,326,257
• List price: $1,145,000
• Delta: -13.67%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 0.21% rent growth · sell at horizon

5-year hold

• IRR: -1.4%
• Equity multiple: 0.95×
• Total profit: $-16,312
• Equity at exit: $170,723

10-year hold

• IRR: 5.2%
• Equity multiple: 1.33×
• Total profit: $107,309
• Equity at exit: $98,999

Cash invested: $320,600 (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 45212

• Rents YoY: 0.2%
• Active inventory: 56
• Price-to-rent: 84.7×

Monthly cashflow live

• Estimated rent: $13,592 high
• Mortgage (P&I): −$6,005
• Tax from tax record: −$1,015 /mo · $12,185/yr
• Insurance: −$477
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,854
• Net cashflow: $3,241

Break-even live

Break-even rent $9,490

Max offer price $1,145,000

Occupancy floor 71%

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

Units	Beds	Baths	Est. rent
▸ 11× units	1	1	$12,397
1× unit	2	1	$1,199
Total (12 units)			$13,592

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: $286,250
• Closing costs: $34,350
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $1,145,000 Active 65 DOM
2. 2026-06-17
   days on market $1,145,000 Active 64 DOM
3. 2026-06-16
   days on market $1,145,000 Active 63 DOM
4. 2026-06-15
   days on market $1,145,000 Active 62 DOM
5. 2026-06-13
   days on market $1,145,000 Active 60 DOM
6. 2026-06-09
   days on market $1,145,000 Active 56 DOM
7. 2026-06-08
   days on market $1,145,000 Active 55 DOM
8. 2026-06-07
   days on market $1,145,000 Active 54 DOM
9. 2026-06-03
   days on market $1,145,000 Active 50 DOM
10. 2026-06-02
    days on market $1,145,000 Active 49 DOM
11. 2026-06-01
    days on market $1,145,000 Active 48 DOM
12. 2026-05-31
    days on market $1,145,000 Active 47 DOM
13. 2026-05-01
    price $1,195,000 429-char remark

    Show marketing remark (429 chars)

    Money Making 12 unit in Norwood just off the lateral! 11-1bed units and 1-2bed with equity increase opportunity by converting 1bds into 2bds. Many improvements including rubber roof 21, Boiler replaced 16, window AC by tenants, coin laundry split, all new gas stoves last 4 years, windows/exterior paint 20. Units remodeled in 21 including cabinets, granite countertops, flooring, vanities, toilets. Water/heat paid by landlord

14. 2026-04-14
    listed $1,250,000 Active 429-char remark

    Show marketing remark (429 chars)

    Money Making 12 unit in Norwood just off the lateral! 11-1bed units and 1-2bed with equity increase opportunity by converting 1bds into 2bds. Many improvements including rubber roof 21, Boiler replaced 16, window AC by tenants, coin laundry split, all new gas stoves last 4 years, windows/exterior paint 20. Units remodeled in 21 including cabinets, granite countertops, flooring, vanities, toilets. Water/heat paid by landlord

15. 2011-02-22
    soldstatus $140,101 170-char remark

    Show marketing remark (170 chars)

    Bank owned. Price significantly reduced by nearly 40%! 12 large - 1 BR units located right off of Norwood Lateral. Excellent value-add opportunity in Norwood. Sold as is.

16. 2010-09-30
    listed $145,000 170-char remark

    Show marketing remark (170 chars)

    Bank owned. Price significantly reduced by nearly 40%! 12 large - 1 BR units located right off of Norwood Lateral. Excellent value-add opportunity in Norwood. Sold as is.

17. 2010-07-15
    historical
18. 2009-07-15
    listed $239,000
19. 2004-10-12
    soldstatus $260,000
20. 2004-10-08
    soldstatus $260,000
21. 2004-08-02
    listed $279,900

ⓘ 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: $12,185 · $1,015/mo
• Projected year-2 tax: $15,024 · $1,252/mo
• Expected delta: +$2,838/yr (+$237/mo · 23.3%)

ⓘ 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 5/10 Major 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 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $163,104
• − Mortgage interest: −$64,138
• − Property taxes: −$12,185
• − Insurance: −$5,725
• − Repairs & maintenance: −$13,048
• − Management: −$13,048
• − Depreciation: −$33,309
• Taxable income: $21,650
• Est. tax owed @ 24.0%: −$5,196
• After-tax cash flow: $33,692/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: Norwood City
• NCES district ID: 3904457
• Math proficiency: 35% ▼ -24.00%
• Reading proficiency: 53% ▼ -11.00%
• Median HH income: $38,750
• Composite: 36.66/100
• National rank: #4614
• State rank: #513 of 656 in OH

Livability — Norwood

• Score: 79/100
• State rank: #154
• US rank: #2322

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Norwood, OH
• County: Hamilton County · 701,295 people
• City population: 21,526
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 21,526
• Household income: $72,422
• Rent vs Own: 51.3% rent · 48.7% own
• Severe rent burden: 1192.0

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: Predominantly White (73%)
• Race & ethnicity: White 73% Black 15% Hispanic / Latino 8% Two or more races 5% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Romanian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 5% · Canada, China
• Languages at home: 92% English-only · Spanish 6% Arabic 1% Russian/Polish/Slavic 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: ▼ -209.95%
• Current HPI: 295.7088
• Rent YoY: ▲ 0.21%
• 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

+326.9% since first listed

9 events — show timeline

• 2026-05-01 Price Changed $1,195,000 Cincy MLS
• 2026-04-14 Listed $1,250,000 Cincy MLS
• 2011-02-22 Sold (MLS) $140,101 Cincy MLS
• 2010-09-30 Listed $145,000 Cincy MLS
• 2010-07-15 Listing Removed — Cincy MLS
• 2009-07-15 Listed $239,000 Cincy MLS
• 2004-10-12 Sold (Public Records) $260,000 Public Records
• 2004-10-08 Sold (MLS) $260,000 Cincy MLS
• 2004-08-02 Listed $279,900 Cincy MLS

Property tax history

+12.1%/yr

Latest (2025): $12,185 · +0.3% YoY. Source: county tax records.