1023 W North St · Piqua, OH 45356

$104,900

4 bd · 1.0 ba · 1,902 sqft · MultiFamily public records · 12 Days on market

Built 1920 7,405 sqft lot $55/sqft · 8% below area Est $114k · 8% 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 +30.0/30.0
• ARV discount +11.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.6/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Great income producing property with 3 bedrooms down and 2 bedrooms up. Features 3 car detached garage with off street parking.

Key facts

• 7,405 sq ft lot
• Garage
• Built 1920

Property features AI

Finance

• Financial info: Offered for sale; Two residential units in one building

Exterior

• Parking: Detached garage
• Home design: Single-story building; Wood siding construction; Zoned for multiple uses
• Construction: Wood siding
• Exterior features: Deck

Interior

• Bedrooms: Two-bedroom units (property contains 2 units)
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $105k.

Deal economics

• At list price, monthly cash flow is $578 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $105k).
• Cap rate 12.9% vs local median 4.7% in Piqua — 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 62/100 on livability (#887 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Piqua City (rural): math 45% / reading 50% proficiency, ranked #482 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 139 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $29k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $86k; 22% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $104,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.46% ✓
• Cap rate: 12.90%
• Cash-on-cash: 23.59%
• DSCR: 2.05
• GRM: 5.7

CMA / ARV

• ARV (median comp): $113,777
• List price: $104,900
• Delta: -7.80%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1023 W North St	0.00mi	5/2.0 (+1)	1,902 (0%)	1mo	$86,000	$45	90
1006 W Greene St	0.06mi	5/2.0 (+1)	2,004 (+5%)	22mo	$128,000	$64	61
519 Miami St	0.62mi	4/2.0	1,870 (-2%)	12mo	$100,000	$53	55
826 Nicklin Ave	0.38mi	4/2.0	2,067 (+9%)	18mo	$235,000	$114	49
508 W High St	0.49mi	4/2.0	2,076 (+9%)	15mo	$122,500	$59	46
329 Gordon St	0.60mi	3/2.0 (-1)	1,840 (-3%)	19mo	$165,500	$90	42
521-523 Wood St	0.56mi	5/2.0 (+1)	2,148 (+13%)	4mo	$151,000	$70	40
303 S Roosevelt Ave	0.74mi	3/2.0 (-1)	1,694 (-11%)	17mo	$84,750	$50	24

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 16.7%
• Equity multiple: 1.67×
• Total profit: $19,753
• Equity at exit: $15,641

10-year hold

• IRR: 25.2%
• Equity multiple: 3.19×
• Total profit: $64,436
• Equity at exit: $9,070

Cash invested: $29,372 (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 45356

• Active inventory: 139
• Price-to-rent: 5.7×

Monthly cashflow live

• Estimated rent: $1,536 medium
• Mortgage (P&I): −$550
• Tax from tax record: −$42 /mo · $507/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$323
• Net cashflow: $578

Break-even live

Break-even rent $805

Max offer price $104,900

Occupancy floor 57%

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
519 Ann St Piqua, OH	3.0	1.0	1388	$1,300	$0.94	2d	1	0.47mi
200 E High St Piqua, OH	3.0	1.0	1500	$1,365	$0.91	3d	1	0.86mi

Listing history 3 events

1. 2026-05-08
   listed $104,900 Active 127-char remark

   Show marketing remark (127 chars)

   Great income producing property with 3 bedrooms down and 2 bedrooms up. Features 3 car detached garage with off street parking.

2. 2026-05-08
   listed $104,900 Active 139-char remark

   Show marketing remark (127 chars)

   Great income producing property with 3 bedrooms down and 2 bedrooms up. Features 3 car detached garage with off street parking.

3. 1983-06-09
   soldstatus $21,830

ⓘ 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: $507 · $42/mo
• Projected year-2 tax: $1,072 · $89/mo
• Expected delta: +$565/yr (+$47/mo · 111.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 20% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,434
• − Mortgage interest: −$5,876
• − Property taxes: −$507
• − Insurance: −$524
• − Repairs & maintenance: −$1,475
• − Management: −$1,475
• − Depreciation: −$3,052
• Taxable income: $5,526
• Est. tax owed @ 24.0%: −$1,326
• After-tax cash flow: $5,604/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: Piqua City
• NCES district ID: 3904464
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $41,751
• Composite: 39.91/100
• National rank: #3855
• State rank: #482 of 656 in OH

Livability — Piqua

• Score: 62/100
• State rank: #887
• US rank: #16830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Piqua, OH
• County: Miami County · 85,667 people
• City population: 25,237
• Metro: Dayton-Kettering, OH
• Population (ZIP): 25,237
• Household income: $69,188
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 748.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 107,816 people
• By 2030: 108,896 · +1.0%
• By 2040: 109,581 · +1.6%
• By 2050: 108,110 · +0.3%
• By 2075: 101,523 · -5.8%
• By 2100: 85,787 · -20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 2% Hispanic / Latino 1%
• Common ancestry: Iranian 2% Italian 2% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Vietnamese 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.1%
• 2008→2024 swing: -16.6pp toward R · 2008: -28.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.3 2016: R+45.6 2012: R+35.6 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.96%
• Current HPI: 251.435
• Rent YoY: —
• Metro: Dayton-Kettering, OH
• 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

+294.0% since first listed

8 events — show timeline

• 2026-06-02 Sold (Public Records) $86,000 Public Records
• 2026-05-29 Sold (MLS) $86,000 Dayton MLS
• 2026-05-29 Sold (MLS) $86,000 WRIST
• 2026-05-20 Pending — WRIST
• 2026-05-20 Pending — Dayton MLS
• 2026-05-08 Listed $104,900 Dayton MLS
• 2026-05-08 Listed $104,900 WRIST
• 1983-06-09 Sold (Public Records) $21,830 Public Records

Property tax history

-3.3%/yr

Latest (2025): $507 · -4.8% YoY. Source: county tax records.