938 Leland Ave · Dayton, OH 45402

$49,900

2 bd · 1.0 ba · 844 sqft · SingleFamily public records · 9 Days on market

Built 1929 4,800 sqft lot $59/sqft · 17% above area Est $43k · 17% over ↓ 20% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks

Investor special. Needs complete rehab.

Key facts

• 4,800 sq ft lot
• Garage
• Built 1929

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Detached one-car garage
• Utilities: Natural gas heating; Near bus service
• Home design: Single-story frame house
• Construction: Frame construction; Approximately 600 sq ft below-grade unfinished area
• Exterior features: 40 x 120 lot (residential zoning)

Interior

• Kitchen: Eat-in kitchen (8 x 14)
• Bedrooms: Two main-level bedrooms (10 x 11 and 11 x 12)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced-air heating with natural gas
• Interior features: Full unfinished basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $555 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 19.6% vs local median 7.3% in Dayton — 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 65/100 on livability (#716 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A; Watch: schools C-, amenities C-, crime F.
• Dayton City (urban): math 12% / reading 21% proficiency, ranked #641 of 656 in OH (top 98%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 74% free/reduced lunch — lower-income household profile, screen leases tightly.
• Market conditions: Rents rising (+4.0%/yr); 83 active listings in the ZIP; 36 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 42% of comp listings sitting > 30 days — soft ceiling on asking rent; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $345 of loan paydown is wiped out by about $1k of value loss. Plan a longer hold.
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $14k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $40k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $49,900

Questions for the listing agent

1. Built in 1929 — 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 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: 2.16% ✓
• Cap rate: 19.65%
• Cash-on-cash: 47.70%
• DSCR: 3.12
• GRM: 3.9

CMA / ARV

• ARV (median comp): $42,763
• List price: $49,900
• Delta: 16.69%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
938 Leland Ave	0.00mi	2/1.0	844 (0%)	0mo	$40,000	$47	100
848 N Upland Ave	0.17mi	2/1.0	846 (+0%)	3mo	$52,000	$61	89
936 Walton Ave	0.06mi	2/1.0	792 (-6%)	5mo	$60,000	$76	83
676 Brooklyn Ave	0.27mi	2/1.0	814 (-4%)	6mo	$35,000	$43	76
550 Brooklyn Ave	0.38mi	2/1.0	864 (+2%)	4mo	$80,000	$93	75
640 Shoop Ave	0.32mi	2/1.0	776 (-8%)	7mo	$30,000	$39	66
925 Maplehurst Ave	0.56mi	3/1.0 (+1)	864 (+2%)	0mo	$50,000	$58	64
1335 Kingsley Ave	0.45mi	3/1.0 (+1)	900 (+7%)	4mo	$94,900	$105	60
308 Brooklyn Ave	0.62mi	2/1.0	888 (+5%)	5mo	$130,000	$146	58
528 Crestmore Ave	0.44mi	3/1.0 (+1)	930 (+10%)	3mo	$110,200	$118	55
927 Maplehurst Ave	0.56mi	2/1.5	924 (+10%)	6mo	$120,000	$130	51
1251 Canfield Ave	0.46mi	2/1.0	720 (-15%)	7mo	$75,000	$104	48

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 · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 46.2%
• Equity multiple: 3.03×
• Total profit: $28,341
• Equity at exit: $7,440

10-year hold

• IRR: 52.3%
• Equity multiple: 6.34×
• Total profit: $74,652
• Equity at exit: $4,314

Cash invested: $13,972 (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 45402

• Rents YoY: 4.0%
• Active inventory: 83
• Price-to-rent: 3.9×

Monthly cashflow live

• Estimated rent: $1,077 high
• Mortgage (P&I): −$262
• Tax from tax record: −$13 /mo · $152/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$226
• Net cashflow: $555

Break-even live

Break-even rent $374

Max offer price $49,900

Occupancy floor 43%

Sensitivity live

Price	-10% $584	-5% $569	+0% $555	+5% $541	+10% $527
Rent	-10% $470	-5% $513	+0% $555	+5% $598	+10% $640
Rate	-1.0pp $580	-0.5pp $568	base $555	+0.5pp $542	+1.0pp $529

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: $12,475
• Closing costs: $1,497
• Reserves months: —
• Total cash needed: —

Rent comps 36 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
828 Walton Ave Unit 832 Walton Dayton, OH	2.0	1.0	750	$795	$1.06	24d	1	0.13mi
920 Huron Ave Dayton, OH	2.0	1.0	950	$995	$1.05	4d	1	0.16mi
863 N Upland Ave Dayton, OH	3.0	1.0	1042	$1,200	$1.15	45d	1	0.17mi
1816 N James H McGee Blvd Apt A Dayton, OH	3.0	1.0	950	$1,200	$1.26	4d	1	0.26mi
1816 N James H McGee Blvd Apt B Dayton, OH	3.0	1.0	950	$1,150	$1.21	45d	1	0.26mi
1816 N James H McGee Blvd Unit C Dayton, OH	3.0	1.0	950	$1,150	$1.21	4d	1	0.26mi
3925 Hoover Ave Dayton, OH	2.0	1.0	936	$1,100	$1.18	4d	1	0.40mi
3222 Athens Ave Unit C Dayton, OH	2.0	1.0	700	$700	$1.00	45d	1	0.42mi
635 Anna St Dayton, OH	3.0	1.0	960	$1,300	$1.35	15d	1	0.44mi
3220 Princeton Dr Dayton, OH	3.0	1.0	900	$1,000	$1.11	45d	1	0.55mi
3627 Delphos Ave Dayton, OH	1.0	1.0	525	$625	$1.19	15d	1	0.59mi
725 Maplehurst Ave Dayton, OH	2.0	1.0	1104	$895	$0.81	45d	1	0.63mi
322 Lorenz Ave Dayton, OH	1.0	1.0	634	$850	$1.34	45d	1	0.69mi
137 Westwood Ave Dayton, OH	2.0	1.0	784	$900	$1.15	4d	1	0.80mi
3552 Stanford Pl Dayton, OH	2.0	1.0	800	$800	$1.00	24d	1	0.83mi
3552 Stanford Pl Unit 3552 Dayton, OH	2.0	1.0	800	$800	$1.00	45d	1	0.83mi
3007 Cornell Dr Dayton, OH	2.0	1.0	827	$1,000	$1.21	4d	1	0.87mi
70 Gramont Ave Dayton, OH	3.0	1.5	966	$1,300	$1.35	4d	1	0.87mi
1903 W Grand Ave Unit 4 Dayton, OH	2.0	1.0	600	$850	$1.42	45d	1	0.91mi
41 N Marion St Dayton, OH	2.0	1.0	652	$925	$1.42	4d	1	0.98mi
3652 Otterbein Ave Unit 3652 Dayton, OH	2.0	1.0	700	$800	$1.14	4d	1	0.99mi
3650 Otterbein Ave Unit 3650 Dayton, OH	2.0	1.0	900	$800	$0.89	4d	1	0.99mi
1732 Harold Dr Dayton, OH	2.0	1.0	805	$925	$1.15	45d	1	1.00mi
4109 Midway Ave Dayton, OH	3.0	1.0	971	$1,000	$1.03	4d	1	1.04mi
729 Cleverly Rd Dayton, OH	2.0	1.0	626	$950	$1.52	45d	1	1.06mi
4625 Gardendale Ave Dayton, OH	3.0	1.0	864	$1,150	$1.33	4d	1	1.07mi
4576 Live Oak Dr Dayton, OH	3.0	1.0	864	$1,400	$1.62	45d	1	1.09mi
3537 Otterbein Ave Unit d Dayton, OH	2.0	1.0	900	$925	$1.03	45d	1	1.11mi
3311 Otterbein Ave Dayton, OH	3.0	1.5	1004	$1,300	$1.29	12d	1	1.14mi
1720 Kings Mill Ct Dayton, OH	2.0	1.5	975	$925	$0.95	24d	1	1.19mi
1498 Elaine St Dayton, OH	3.0	1.0	864	$1,025	$1.19	4d	1	1.37mi
1934 Tennyson Ave Dayton, OH	1.0	1.0	675	$700	$1.04	45d	1	1.38mi
1595 Elaine St Dayton, OH	3.0	1.0	864	$950	$1.10	4d	1	1.42mi
1982 Victoria Ave Dayton, OH	1.0	1.0	675	$700	$1.04	45d	1	1.46mi
342 Lookout Ave Dayton, OH	2.0	1.0	800	$775	$0.97	45d	1	1.49mi
342 Lookout Ave Dayton, OH	2.0	1.0	800	$750	$0.94	4d	1	1.49mi

Listing history 3 events

1. 2026-05-12
   status Pending 39-char remark
2. 2026-05-12
   historical ActiveUnderContract 39-char remark
3. 2026-04-30
   listed $49,900 Active 39-char remark

ⓘ 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: $152 · $13/mo
• Projected year-2 tax: $465 · $39/mo
• Expected delta: +$313/yr (+$26/mo · 205.7%)

ⓘ 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 3/10 Moderate 7 d/yr ≥104°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $12,919
• − Mortgage interest: −$2,795
• − Property taxes: −$152
• − Insurance: −$250
• − Repairs & maintenance: −$1,034
• − Management: −$1,034
• − Depreciation: −$1,452
• Taxable income: $6,203
• Est. tax owed @ 24.0%: −$1,489
• After-tax cash flow: $5,175/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: Dayton City
• NCES district ID: 3904384
• Math proficiency: 12% ▼ -12.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $28,688
• Composite: 12.94/100
• National rank: #9579
• State rank: #641 of 656 in OH

Livability — Dayton

• Score: 65/100
• State rank: #716
• US rank: #12895

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dayton, OH
• County: Montgomery County · 459,541 people
• City population: 164,387
• Metro: Dayton-Kettering, OH
• Population (ZIP): 9,407
• Household income: $48,401
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 404.0

Population outlook (Montgomery County) Hauer SSP2

• Today (2025): 523,241 people
• By 2030: 514,948 · -1.6%
• By 2040: 493,378 · -5.7%
• By 2050: 469,639 · -10.2%
• By 2075: 418,360 · -20.0%
• By 2100: 353,315 · -32.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 57% White 32% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Italian 2% Serbian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, Jamaica
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1% Arabic 1%

Political lean MEDSL · Montgomery

• 2024 margin: Toss-up / Even · D 49.8% · R 49.3%
• 2008→2024 swing: -5.8pp toward R · 2008: 6.2pp · 2024: 0.5pp
• All cycles: 2024: D+0.5 2020: D+2.2 2016: R+1.2 2012: D+3.1 2008: D+6.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -81.89%
• Current HPI: 149.7909
• Rent YoY: ▲ 3.98%
• 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

-19.8% since first listed

4 events — show timeline

• 2026-06-08 Sold (MLS) $40,000 Dayton MLS
• 2026-05-12 Pending — Dayton MLS
• 2026-05-12 Contingent — Dayton MLS
• 2026-04-30 Listed $49,900 Dayton MLS

Property tax history

-1.9%/yr

Latest (2025): $152 · -11.7% YoY. Source: county tax records.