2886 Shaffer Ave · Cincinnati, OH 45211

$226,000

4 bd · 2.0 ba · 1,984 sqft · MultiFamily public records · 58 Days on market

Built 1913 3,790 sqft lot Est $198k · 14% over

---

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 +15.3/30.0
• DSCR +4.7/10.0
• 1% rule +4.5/10.0
• Livability +4.0/5.0
• Rent growth +3.4/5.0
• Schools +2.5/10.0
• Condition / age +2.5/5.0
• ARV discount +1.2/15.0
• 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

This well-maintained duplex features two spacious units, a 1-bedroom and a 4-bedroom; each offering updated kitchens and baths, fresh interior paint, and new carpet in select areas. With separate gas and electric utilities for each unit, this property provides convenience and flexibility for both owners and tenants. Ideal for investment, house-hacking, or multigenerational living.

Key facts

• Updated baths
• New carpet
• Updated kitchens

Tags

• UPDATED KITCHENS
• UPDATED BATHS
• FRESH INTERIOR PAINT
• NEW CARPET

Property features AI

Finance

• Other: Total buildings: 1
• Financial info: Two-unit property; Unit 1 currently rents for $950; Owner pays water; tenants pay heat

Exterior

• Parking: On-street parking
• Utilities: Public water; Public sewer; Natural gas
• Home design: Duplex; Three or more levels; Second floor area about 800 sq ft
• Construction: Stone foundation
• Exterior features: Brick and vinyl siding exterior; Vinyl, insulated windows; Shingle roof; Lot approximately 0.087 acres (3,790 sq ft)

Interior

• Bedrooms: Unit 1: 1 bedroom; Unit 2: 4 bedrooms
• Bathrooms: Unit 1: 1 full bathroom; Unit 2: 1 full bathroom
• Heating & cooling: Forced air heating (gas); Central air conditioning; Separate furnaces and separate A/C for units; Separate gas/electric meters for units; Heat paid by tenants; water paid by owner
• Interior features: Partial basement (about 800 finished/usable sq ft); Inoperable fireplace

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $226k.

Deal economics

• At list price, monthly cash flow is $85 ($1k/yr) — positive. Per door: $42/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $214k (5.5% below list).
• Recommended offer: $214k (5.5% below list) — sets the bar for 1% rule.
• Cap rate 6.7% vs local median 3.9% in Cincinnati — 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 80/100 on livability (#130 in OH, #1,856 nationally) — a professional / high-income tenant draw. Strengths: amenities A+, commute A+, cost of living A+; Watch: employment D, crime F.
• Cincinnati Public Schools (urban): math 25% / reading 36% proficiency, ranked #581 of 656 in OH (top 89%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases; 70% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Roberts Academy (math 16% / reading 22%, grade F, #1,320 of 1,584 statewide, top 83%, 765 students, 0% FRL); Hartwell School (math 17% / reading 31%, grade F, #593 of 654 statewide, top 91%, 447 students, 0% FRL); Walnut Hills High School (math 79% / reading 89%, grade A, #17 of 781 statewide, top 2%, 2,582 students, 14% FRL) — zoned schools average 5% FRL vs 70% district-wide (66 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.6%/yr); 81 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• At $2,136/mo this rent would consume 48% of the median local household income ($54k/yr) (locally 1916% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 58 days — a 3% lower offer ($219k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 27y 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 $165k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $213,600 (5.5% below list)

Questions for the listing agent

1. It's been on market 58 days. Have you received any prior offers? Is the seller open to a 5% 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 1913 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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?
8. 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?
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: 0.95% ✗
• Cap rate: 6.74%
• Cash-on-cash: 1.61%
• DSCR: 1.07
• GRM: 8.8

CMA / ARV

• ARV (on-the-fly): $198,400
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2738 Powell Dr	0.25mi	4/2.0	2,100 (+6%)	6mo	$209,645	$100	73
2902 Eggers Pl	0.23mi	4/3.0	2,164 (+9%)	16mo	$272,000	$126	57
3450 Boudinot Ave	0.62mi	4/2.0	1,934 (-2%)	19mo	$192,000	$99	51
2955 Ferguson Rd	0.71mi	4/2.0	2,112 (+6%)	9mo	$185,000	$88	49

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 · 3.64% rent growth · sell at horizon

5-year hold

• IRR: -13.0%
• Equity multiple: 0.53×
• Total profit: $-29,779
• Equity at exit: $33,697

10-year hold

• IRR: -3.0%
• Equity multiple: 0.79×
• Total profit: $-12,988
• Equity at exit: $19,540

Cash invested: $63,280 (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 45211

• Home prices YoY: -32.0%
• Rents YoY: 3.6%
• Active inventory: 81
• Price-to-rent: 17.6×

Monthly cashflow live

• Estimated rent: $2,136 high
• Mortgage (P&I): −$1,185
• Tax from tax record: −$323 /mo · $3,880/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $85

Break-even live

Break-even rent $2,029

Max offer price $226,000

Occupancy floor 91%

Sensitivity live

Price	-10% $213	-5% $149	+0% $85	+5% $21	+10% $-43
Rent	-10% $-84	-5% $0	+0% $85	+5% $169	+10% $254
Rate	-1.0pp $199	-0.5pp $142	base $85	+0.5pp $26	+1.0pp $-33

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,136
Total (2 units)			$2,136

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: $56,500
• Closing costs: $6,780
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3245 Koenig Ave Cincinnati, OH	4.0	2.0	2045	$2,475	$1.21	3d	1	0.34mi
2678 Montana Ave Cincinnati, OH	1.0–3.0	1.0–2.0	935	$1,470	$1.57	3d	10	0.58mi
3157 Sunshine Ave Cincinnati, OH	3.0	2.0	1894	$1,825	$0.96	5d	1	0.76mi
2621 Gehrum Ln Cincinnati, OH	3.0	1.0	1373	$1,850	$1.35	25d	1	1.01mi
2706 E Tower Dr Cincinnati, OH	1.0–3.0	1.0–2.0	951	$1,520	$1.60	3d	61	1.06mi
3350 Cavanaugh Ave Cincinnati, OH	4.0	2.5	2309	$1,995	$0.86	25d	1	1.07mi
3283 Pickbury Dr Cincinnati, OH	4.0	2.0	2100	$2,400	$1.14	45d	1	1.10mi
3114 Roosevelt Ave Cincinnati, OH	3.0	1.0	1450	$1,400	$0.97	25d	1	1.30mi
3414 Corrine Ave Cincinnati, OH	3.0	2.0	1542	$1,861	$1.21	3d	1	1.39mi
3955 Trevor Ave Cincinnati, OH	3.0	1.5	1450	$1,495	$1.03	18d	1	1.49mi

Listing history 40 events

1. 2026-06-21
   days on market $226,000 Active 58 DOM
2. 2026-06-18
   days on market $226,000 Active 55 DOM
3. 2026-06-17
   remarks 499-char remark
4. 2026-06-17
   days on market $226,000 Active 54 DOM
5. 2026-06-16
   days on market $226,000 Active 53 DOM
6. 2026-06-15
   days on market $226,000 Active 52 DOM
7. 2026-06-13
   days on market $226,000 Active 50 DOM
8. 2026-06-13
   days on market $226,000 Active 49 DOM
9. 2026-06-09
   days on market $226,000 Active 46 DOM
10. 2026-06-08
    days on market $226,000 Active 45 DOM
11. 2026-06-07
    days on market $226,000 Active 44 DOM
12. 2026-06-03
    days on market $226,000 Active 40 DOM
13. 2026-06-02
    days on market $226,000 Active 39 DOM
14. 2026-06-01
    days on market $226,000 Active 38 DOM
15. 2026-05-31
    days on market $226,000 Active 37 DOM
16. 2026-04-24
    listed $226,000 Active
17. 2026-02-12
    historical 383-char remark

    Show marketing remark (383 chars)

    This well-maintained duplex features two spacious units, a 1-bedroom and a 4-bedroom; each offering updated kitchens and baths, fresh interior paint, and new carpet in select areas. With separate gas and electric utilities for each unit, this property provides convenience and flexibility for both owners and tenants. Ideal for investment, house-hacking, or multigenerational living.

18. 2026-01-05
    price $229,000 383-char remark

    Show marketing remark (383 chars)

    This well-maintained duplex features two spacious units, a 1-bedroom and a 4-bedroom; each offering updated kitchens and baths, fresh interior paint, and new carpet in select areas. With separate gas and electric utilities for each unit, this property provides convenience and flexibility for both owners and tenants. Ideal for investment, house-hacking, or multigenerational living.

19. 2025-11-17
    listed $239,000 Active 383-char remark

    Show marketing remark (383 chars)

    This well-maintained duplex features two spacious units, a 1-bedroom and a 4-bedroom; each offering updated kitchens and baths, fresh interior paint, and new carpet in select areas. With separate gas and electric utilities for each unit, this property provides convenience and flexibility for both owners and tenants. Ideal for investment, house-hacking, or multigenerational living.

20. 2024-10-07
    soldstatus $165,000
21. 2024-10-01
    soldstatus $175,000 Sold 301-char remark

    Show marketing remark (301 chars)

    Solid rental property with good rental history. Improvements in last 3 years include new baths and kitchens, central air and furnaces. Separate utilities. Long term tenants. Rents are well below market. Upper unit could add 2 more bedrooms. Upper unit will be vacant July 1, lower unit month to month.

22. 2024-07-26
    historical Contingency Pending 301-char remark

    Show marketing remark (301 chars)

    Solid rental property with good rental history. Improvements in last 3 years include new baths and kitchens, central air and furnaces. Separate utilities. Long term tenants. Rents are well below market. Upper unit could add 2 more bedrooms. Upper unit will be vacant July 1, lower unit month to month.

23. 2024-06-26
    listed $175,000 Active 301-char remark

    Show marketing remark (301 chars)

    Solid rental property with good rental history. Improvements in last 3 years include new baths and kitchens, central air and furnaces. Separate utilities. Long term tenants. Rents are well below market. Upper unit could add 2 more bedrooms. Upper unit will be vacant July 1, lower unit month to month.

24. 2017-08-09
    historical
25. 2017-03-09
    listed $99,900 Active
26. 2014-04-30
    historical
27. 2013-10-25
    listed $102,900
28. 2012-09-30
    historical
29. 2012-03-27
    listed $97,500
30. 2007-12-31
    historical
31. 2007-06-21
    listed $109,900
32. 2007-02-26
    soldstatus $42,000
33. 2007-01-25
    soldstatus $42,000
34. 2006-06-12
    listed $45,900
35. 1999-10-22
    soldstatus $86,500
36. 1999-10-13
    soldstatus $86,500
37. 1999-08-06
    listed $87,500
38. 1995-08-09
    soldstatus $64,500
39. 1989-08-04
    soldstatus $40,000
40. 1977-04-01
    soldstatus $28,500

ⓘ 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: $3,880 · $323/mo
• Projected year-2 tax: $3,880 · $323/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,632
• − Mortgage interest: −$12,660
• − Property taxes: −$3,880
• − Insurance: −$1,130
• − Repairs & maintenance: −$2,051
• − Management: −$2,051
• − Depreciation: −$6,575
• Taxable loss: −$2,713
• Est. tax savings @ 24.0%: +$651
• After-tax cash flow: $1,669/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: Cincinnati Public Schools
• NCES district ID: 3904375
• Math proficiency: 25% ▼ -19.00%
• Reading proficiency: 36% ▼ -14.00%
• Median HH income: $35,743
• Composite: 25.21/100
• National rank: #7508
• State rank: #581 of 656 in OH

Livability — Cincinnati

• Score: 80/100
• State rank: #130
• US rank: #1856

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Cincinnati, OH
• County: Hamilton County · 701,295 people
• City population: 505,555
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 38,049
• Household income: $53,868
• Rent vs Own: 47.5% rent · 52.5% own
• Severe rent burden: 1916.0

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: Diverse neighborhood (Simpson 0.60)
• Race & ethnicity: White 50% Black 38% Two or more races 8% Hispanic / Latino 6% Asian 2%
• Hispanic origin (detail): Mexican 4% Puerto Rican 1%
• Common ancestry: Lithuanian 2% Italian 1% Romanian 1%
• Foreign-born: 5% · Canada
• Languages at home: 91% English-only · Spanish 4% French/Haitian/Cajun 1% Other Indo-European 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: ▼ -101.15%
• Current HPI: 215.0659
• Rent YoY: ▲ 3.64%
• 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

+693.0% since first listed

25 events — show timeline

• 2026-04-24 Listed $226,000 Cincy MLS
• 2026-02-12 Listing Removed — Cincy MLS
• 2026-01-05 Price Changed $229,000 Cincy MLS
• 2025-11-17 Listed $239,000 Cincy MLS
• 2024-10-07 Sold (Public Records) $165,000 Public Records
• 2024-10-01 Sold (MLS) $175,000 Cincy MLS
• 2024-07-26 Contingent — Cincy MLS
• 2024-06-26 Listed $175,000 Cincy MLS
• 2017-08-09 Listing Removed — Cincy MLS
• 2017-03-09 Listed $99,900 Cincy MLS
• 2014-04-30 Listing Removed — Cincy MLS
• 2013-10-25 Listed $102,900 Cincy MLS
• 2012-09-30 Listing Removed — Cincy MLS
• 2012-03-27 Listed $97,500 Cincy MLS
• 2007-12-31 Listing Removed — Cincy MLS
• 2007-06-21 Listed $109,900 Cincy MLS
• 2007-02-26 Sold (Public Records) $42,000 Public Records
• 2007-01-25 Sold (MLS) $42,000 Cincy MLS
• 2006-06-12 Listed $45,900 Cincy MLS
• 1999-10-22 Sold (Public Records) $86,500 Public Records
• 1999-10-13 Sold (MLS) $86,500 Cincy MLS
• 1999-08-06 Listed $87,500 Cincy MLS
• 1995-08-09 Sold (Public Records) $64,500 Public Records
• 1989-08-04 Sold (Public Records) $40,000 Public Records
• 1977-04-01 Sold (Public Records) $28,500 Public Records

Property tax history

+5.6%/yr

Latest (2025): $3,880 · +0.1% YoY. Source: county tax records.