157 Lexington Ave · Dayton, OH 45402

$117,000

6 bd · 2.0 ba · 3,206 sqft · MultiFamily public records · 33 Days on market

Built 1903 6,077 sqft lot $36/sqft · 11% below area Est $132k · 11% 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 +12.6/15.0
• 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
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 3 units. confirmed

Listing remarks

Bring your vision and your contractor—this historic property is ready for its next chapter. Featuring 10 bedrooms and 4 bathrooms, the interior is already framed, offering a head start on renovation. Major updates have been completed, including new windows, new doors, updated permitted electrical, and permitted plumbing systems. The roof is roughly 10 years old and reported to be in good condition with no known leaks. The remaining work primarily involves drywall installation and interior finishes, allowing you to customize the space to your needs and preferences. Located in the Salem corridor. With its size and layout, the property offers a variety of potential. If you’ve been

Key facts

• Interior framed
• Updated electrical
• Historic property

Tags

• HISTORIC PROPERTY
• INTERIOR FRAMED
• NEW WINDOWS
• NEW DOORS
• UPDATED ELECTRICAL
• PERMITTED PLUMBING

Property features AI

Finance

• Financial info: Property is offered for sale

Exterior

• Parking: No garage; parking lot available
• Home design: Three-story building; Cedar exterior
• Construction: Cedar construction
• Exterior features: Residential zoning; Lot approximately 135 x 40 (0.1395 acres)

Interior

• Bathrooms: Five full bathrooms
• Heating & cooling: Forced-air heating
• Interior features: Double-pane windows; Walk-out basement access; Gas water heater

What this means for you Summary

Snapshot

• This is a 3 × 2-bed/?-bath units multifamily listed at $117k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $549/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $117k).
• Recommended offer: $113k (3.0% below list) — sets the bar for market timing.
• Cap rate 23.2% vs local median 7.4% 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; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $3,109/mo this rent would consume 77% of the median local household income ($48k/yr) (locally 404% 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 $809 of loan paydown is wiped out by about $4k 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 $33k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 33 days — a 3% lower offer ($113k) is reasonable based on typical stale-listing flexibility.
• 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 $78k; list at $117k implies a 50% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1903 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $113,490 (3.0% below list)

Questions for the listing agent

1. It's been on market 33 days. Have you received any prior offers? Is the seller open to a 3% 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 1903 — 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. 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?
7. 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.
8. 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.
9. 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: 2.66% ✓
• Cap rate: 23.19%
• Cash-on-cash: 60.35%
• DSCR: 3.69
• GRM: 3.1

CMA / ARV

• ARV (median comp): $131,937
• List price: $117,000
• Delta: -11.32%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18-20 Cambridge Ave	0.12mi	6/2.0	3,196 (-0%)	3mo	$130,000	$41	92
49-51 Cambridge Ave	0.14mi	6/2.0	3,224 (+1%)	7mo	$65,000	$20	87
929 Harvard Blvd	0.34mi	6/2.0	3,349 (+4%)	1mo	$80,000	$24	76
1208 Salem #210	0.57mi	6/—	3,090 (-4%)	4mo	$180,000	$58	64
804 Harvard Blvd	0.36mi	6/2.0	2,796 (-13%)	0mo	$65,000	$23	62
1117-1119 Superior Ave #1117	0.39mi	6/2.0	2,870 (-10%)	4mo	$169,000	$59	60
950 Harvard Blvd #946	0.28mi	6/2.0	2,820 (-12%)	19mo	$154,500	$55	51
165 Oxford Ave	0.19mi	6/3.5	2,784 (-13%)	22mo	$136,000	$49	44
802 Ferndale Ave #800	0.48mi	6/2.0	3,611 (+13%)	17mo	$159,000	$44	42

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: 60.2%
• Equity multiple: 3.72×
• Total profit: $89,117
• Equity at exit: $17,445

10-year hold

• IRR: 65.3%
• Equity multiple: 7.89×
• Total profit: $225,868
• Equity at exit: $10,116

Cash invested: $32,760 (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: 9.4×

Monthly cashflow live

• Estimated rent: $3,109 high
• Mortgage (P&I): −$614
• Tax est. 1.5%: −$146 /mo · $1,755/yr
• Insurance: −$49
• HOA: −$0
• Vacancy / Maint / Mgmt: −$653
• Net cashflow: $1,648

Break-even live

Break-even rent $1,023

Max offer price $117,000

Occupancy floor 42%

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

Units	Beds	Baths	Est. rent
▸ 3× units	2	—	$3,108
Total (3 units)			$3,109

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: $29,250
• Closing costs: $3,510
• Reserves months: —
• Total cash needed: —

Listing history 19 events

1. 2026-06-18
   days on market $117,000 Active 33 DOM
2. 2026-06-17
   days on market $117,000 Active 32 DOM
3. 2026-06-16
   days on market $117,000 Active 31 DOM
4. 2026-06-15
   days on market $117,000 Active 30 DOM
5. 2026-06-14
   days on market $117,000 Active 28 DOM
6. 2026-06-13
   days on market $117,000 Active 27 DOM
7. 2026-06-10
   days on market $117,000 Active 25 DOM
8. 2026-06-09
   days on market $117,000 Active 24 DOM
9. 2026-06-08
   days on market $117,000 Active 23 DOM
10. 2026-06-07
    days on market $117,000 Active 22 DOM
11. 2026-06-05
    days on market $117,000 Active 19 DOM
12. 2026-06-03
    days on market $117,000 Active 18 DOM
13. 2026-06-02
    days on market $117,000 Active 17 DOM
14. 2026-06-01
    days on market $117,000 Active 16 DOM
15. 2026-05-31
    days on market $117,000 Active 15 DOM
16. 2026-05-02
    status Pending 889-char remark
17. 2026-04-29
    listed $120,000 Active 889-char remark
18. 2000-04-13
    soldstatus $78,000
19. 1996-08-01
    soldstatus $41,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $37,308
• − Mortgage interest: −$6,554
• − Property taxes: −$1,755
• − Insurance: −$585
• − Repairs & maintenance: −$2,985
• − Management: −$2,985
• − Depreciation: −$3,404
• Taxable income: $19,041
• Est. tax owed @ 24.0%: −$4,570
• After-tax cash flow: $15,201/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

+181.9% since first listed

6 events — show timeline

• 2026-05-27 Price Changed $117,000 Dayton MLS
• 2026-05-19 Relisted — Dayton MLS
• 2026-05-02 Pending — Dayton MLS
• 2026-04-29 Listed $120,000 Dayton MLS
• 2000-04-13 Sold (Public Records) $78,000 Public Records
• 1996-08-01 Sold (Public Records) $41,500 Public Records

Property tax history

-8.2%/yr

Latest (2025): $193 · +153.0% YoY. Source: county tax records.