There was an investor looking for condos in downtown Cincinnati. The budget was around $250,000. Aiming for rental income, they started by examining downtown properties. They needed to assess the supply situation first.

The rental market in downtown Cincinnati is strong. 76% of households are renters. Only 24% own their homes. This means that rental demand exceeds the available listings.

New construction supply is decreasing. As of the first quarter of 2026, the number of units under construction is about 3,575. This is a 13% decrease compared to 2025, and the decline is expected to continue. Meanwhile, the population increased by about 20,000 in 2024, marking the largest growth in a decade. Supply is down while demand is up.

Prices have also changed. The price of condos in Cincinnati is expected to be around $228,000 by 2026. The median price for all homes is $299,450, which is a 6.95% increase from the previous year. According to Redfin's February report, the average price is $276,000, up 10.7% from the previous year.

Downtown rents are around $1,899 per month. This is a slight decrease from $1,907 a year ago. For condos specifically, rents are about $1,540, which is similar to the median in the Cincinnati metro area.

The next thing this investor looked at was the financials of the homeowners' association (HOA). Ohio law requires that associations reflect reserves in their budgets (Ohio Condominium Law, ORC 5311). Members can vote to waive reserves, but in that case, they bear the risk of special assessments.

Reserve studies are not mandated by Ohio law, so there can be significant variation between listings. Some associations have diligently built up reserves, while others maintain only the minimum. The only way to find out is to check directly.

The median HOA fee for condos in Ohio is $368 per month, which is much higher than the $54 for single-family home HOAs. This difference should not be overlooked when calculating rental income.

Here's a summary of what to check:

• Financial statements and budgets from the last 2-3 years
• Whether reserves are reflected and voting history of members
• Past instances of special assessments
• Minutes of meetings for any lawsuits or disputes
• Warrantable status and rental restriction regulations

This investor also obtained the minutes from the HOA meetings. They reviewed the last three years to check for any history of lawsuits or disputes. Fortunately, there were no major conflicts, but there was a record of two changes in estimates for roof repairs. Such records do not appear in property listings and must be requested directly.

The school district was also examined. The Mason and Montgomery areas near Cincinnati are often mentioned among Korean families for their good school district reputation. However, school district boundaries can change, so the assigned school for the property address was rechecked using GreatSchools ratings.

If moving to Cincinnati from another state, property tax rates may differ from the previous residence. Ohio has varying property tax rates by county, so it's necessary to check based on the county where the condo is located. Insurance rates have also been rising nationally in recent years, so it's important to ask about any increases reflected in the HOA fees.

Downtown redevelopment projects are also worth considering. The $3.6 billion Brent Spence Bridge corridor project and the over $800 million convention district redevelopment are underway, which are expected to support long-term demand for downtown condos. However, such large projects can experience delays, so it's safer to monitor progress rather than expect price increases definitively.

This investor also inquired about any special assessments in the last three years. They were told there were none, but they double-checked the written records. There can be discrepancies between verbal responses and documented records.

Ultimately, this investor chose a 10-year-old building with strong reserves over new construction. The listing price was slightly higher, but it reduced the risk of special assessments. This article is intended for general informational purposes, and it is recommended to consult with a real estate professional and a loan officer before making any actual contracts.