432 N Gettysburg Ave · Dayton, OH 45417

$199,000

4 bd · 4.0 ba · 2,152 sqft · MultiFamily public records · 78 Days on market

Built 1920

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Stop looking and start earning. This 4-unit apartment complex on Dayton’s West Side is the definition of a "smart buy. " It features two spacious 1-bedroom apartments and two high-demand efficiency units—ideal for consistent occupancy. All-brick exterior means durability and curb appeal for years to come. With central heating and A/C, and two additional vacant lots. This opportunity will not last long—reach out today to secure this asset. Tenants handle the heavy lifting (Electric/Gas/Heat), . As the owner, you only manage water, taxes, and insurance, making your monthly cash flow predictable and stress-free. Situated on a primary artery perfectly positioned near the VA, major transit routes, and being just minutes from the heart of downtown Dayton ensures a constant pool of qualified renters. property is ideal for investors looking to expand their portfolio with a high-demand multi-unit building. One unit is vacant and available for showings To respect the privacy of the residents, please do not disturb the tenants. Showings will be conducted only after an offer has been accepted. From seasoned pros to first-time buyers looking to house-hack, this property checks every box for stability and growth. Schedule your showing and submit your offer today!

Key facts

• All brick exterior
• Built 1920
• Listed 78 days

Tags

• 4 UNIT APARTMENT COMPLEX
• ALL BRICK EXTERIOR
• CENTRAL HEATING AND A/C
• TWO ADDITIONAL VACANT LOTS
• NEAR MAJOR TRANSIT ROUTES
• MINUTES FROM DOWNTOWN DAYTON

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $199k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive. Per door: $272/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $187k (6.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 fast (+4.1%/yr); 135 active listings in the ZIP; 2 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $3,144/mo this rent would consume 102% of the median local household income ($37k/yr) (locally 1822% 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 $1k of loan paydown is wiped out by about $6k 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 + 4.1% rent growth), your $56k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 78 days — a 6% lower offer ($187k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 6y 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 $100k; list at $199k implies a 99% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $187,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 78 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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. 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.
9. 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.
10. 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: 1.58% ✓
• Cap rate: 12.85%
• Cash-on-cash: 23.42%
• DSCR: 2.04
• GRM: 5.3

CMA / ARV

• ARV (median comp): $126,029
• List price: $199,000
• Delta: 57.90%
• Verdict: OVERPRICED
• Comps: 16 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
425 Brooklyn Ave	0.75mi	4/2.0	2,016 (-6%)	20mo	$155,000	$77	30

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 · 4.06% rent growth · sell at horizon

5-year hold

• IRR: 17.7%
• Equity multiple: 1.73×
• Total profit: $40,466
• Equity at exit: $29,672

10-year hold

• IRR: 26.9%
• Equity multiple: 3.49×
• Total profit: $138,879
• Equity at exit: $17,206

Cash invested: $55,720 (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 45417

• Home prices YoY: -32.3%
• Rents YoY: 4.1%
• Active inventory: 135
• Price-to-rent: 21.1×

Monthly cashflow live

• Estimated rent: $3,144 high
• Mortgage (P&I): −$1,044
• Tax from tax record: −$270 /mo · $3,237/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $1,088

Break-even live

Break-even rent $1,767

Max offer price $199,000

Occupancy floor 60%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,144
Total (4 units)			$3,144

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
216 N Ardmore Ave Dayton, OH	3.0	1.0	1500	$1,100	$0.73	3d	1	1.03mi
1045 Shakespeare Ave Dayton, OH	3.0	1.0	1435	$1,275	$0.89	43d	1	1.35mi

Listing history 40 events

1. 2026-06-18
   days on market $199,000 Active 78 DOM
2. 2026-06-17
   days on market $199,000 Active 77 DOM
3. 2026-06-16
   days on market $199,000 Active 76 DOM
4. 2026-06-15
   days on market $199,000 Active 75 DOM
5. 2026-06-14
   days on market $199,000 Active 73 DOM
6. 2026-06-13
   days on market $199,000 Active 72 DOM
7. 2026-06-10
   days on market $199,000 Active 70 DOM
8. 2026-06-09
   days on market $199,000 Active 69 DOM
9. 2026-06-08
   days on market $199,000 Active 68 DOM
10. 2026-06-07
    days on market $199,000 Active 67 DOM
11. 2026-06-05
    days on market $199,000 Active 64 DOM
12. 2026-06-03
    days on market $199,000 Active 63 DOM
13. 2026-06-03
    price $199,000 Active 62 DOM
14. 2026-06-02
    days on market $203,900 Active 62 DOM
15. 2026-06-01
    days on market $203,900 Active 61 DOM
16. 2026-05-31
    days on market $203,900 Active 60 DOM
17. 2026-04-15
    status Active 1300-char remark

    Show marketing remark (1300 chars)

    Stop looking and start earning. This 4-unit apartment complex on Dayton’s West Side is the definition of a "smart buy. " It features two spacious 1-bedroom apartments and two high-demand efficiency units—ideal for consistent occupancy. All-brick exterior means durability and curb appeal for years to come. With central heating and A/C, and two additional vacant lots. This opportunity will not last long—reach out today to secure this asset. Tenants handle the heavy lifting (Electric/Gas/Heat), . As the owner, you only manage water, taxes, and insurance, making your monthly cash flow predictable and stress-free. Situated on a primary artery perfectly positioned near the VA, major transit routes, and being just minutes from the heart of downtown Dayton ensures a constant pool of qualified renters. property is ideal for investors looking to expand their portfolio with a high-demand multi-unit building. One unit is vacant and available for showings To respect the privacy of the residents, please do not disturb the tenants. Showings will be conducted only after an offer has been accepted. From seasoned pros to first-time buyers looking to house-hack, this property checks every box for stability and growth. Schedule your showing and submit your offer today!

18. 2026-04-11
    historical ActiveUnderContract 1300-char remark

    Show marketing remark (1300 chars)

    Stop looking and start earning. This 4-unit apartment complex on Dayton’s West Side is the definition of a "smart buy. " It features two spacious 1-bedroom apartments and two high-demand efficiency units—ideal for consistent occupancy. All-brick exterior means durability and curb appeal for years to come. With central heating and A/C, and two additional vacant lots. This opportunity will not last long—reach out today to secure this asset. Tenants handle the heavy lifting (Electric/Gas/Heat), . As the owner, you only manage water, taxes, and insurance, making your monthly cash flow predictable and stress-free. Situated on a primary artery perfectly positioned near the VA, major transit routes, and being just minutes from the heart of downtown Dayton ensures a constant pool of qualified renters. property is ideal for investors looking to expand their portfolio with a high-demand multi-unit building. One unit is vacant and available for showings To respect the privacy of the residents, please do not disturb the tenants. Showings will be conducted only after an offer has been accepted. From seasoned pros to first-time buyers looking to house-hack, this property checks every box for stability and growth. Schedule your showing and submit your offer today!

19. 2026-03-27
    listed $203,900 Active 1300-char remark

    Show marketing remark (1300 chars)

    Stop looking and start earning. This 4-unit apartment complex on Dayton’s West Side is the definition of a "smart buy. " It features two spacious 1-bedroom apartments and two high-demand efficiency units—ideal for consistent occupancy. All-brick exterior means durability and curb appeal for years to come. With central heating and A/C, and two additional vacant lots. This opportunity will not last long—reach out today to secure this asset. Tenants handle the heavy lifting (Electric/Gas/Heat), . As the owner, you only manage water, taxes, and insurance, making your monthly cash flow predictable and stress-free. Situated on a primary artery perfectly positioned near the VA, major transit routes, and being just minutes from the heart of downtown Dayton ensures a constant pool of qualified renters. property is ideal for investors looking to expand their portfolio with a high-demand multi-unit building. One unit is vacant and available for showings To respect the privacy of the residents, please do not disturb the tenants. Showings will be conducted only after an offer has been accepted. From seasoned pros to first-time buyers looking to house-hack, this property checks every box for stability and growth. Schedule your showing and submit your offer today!

20. 2025-12-31
    historical
21. 2025-07-29
    listed $229,000 Active
22. 2025-01-31
    price $217,500
23. 2024-11-20
    historical
24. 2024-11-01
    status Active
25. 2024-10-25
    status Pending
26. 2024-10-08
    price $205,000
27. 2024-05-23
    listed $215,000 Active
28. 2023-12-31
    historical
29. 2023-05-18
    price $209,000
30. 2022-11-01
    listed $199,000 Active
31. 2022-08-31
    historical
32. 2022-05-23
    listed $208,000 Active
33. 2021-02-02
    soldstatus $100,000
34. 2021-01-08
    soldstatus $100,000 Closed
35. 2021-01-08
    soldstatus $100,000 Sold
36. 2020-12-19
    status Pending
37. 2020-12-16
    status Active
38. 2020-12-08
    status Pending
39. 2020-12-07
    listed $105,000 Active
40. 2018-08-03
    soldstatus $70,000

ⓘ 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: $3,237 · $270/mo
• Projected year-2 tax: $3,237 · $270/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 3/10 Moderate 7 d/yr ≥104°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 · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $37,728
• − Mortgage interest: −$11,147
• − Property taxes: −$3,237
• − Insurance: −$995
• − Repairs & maintenance: −$3,018
• − Management: −$3,018
• − Depreciation: −$5,789
• Taxable income: $10,523
• Est. tax owed @ 24.0%: −$2,526
• After-tax cash flow: $10,525/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): 28,186
• Household income: $36,945
• Rent vs Own: 52.1% rent · 47.9% own
• Severe rent burden: 1822.0

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: Predominantly Black (71%)
• Race & ethnicity: Black 71% White 20% Two or more races 8% Hispanic / Latino 3%
• Common ancestry: Romanian 0%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Spanish 2% French/Haitian/Cajun 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: ▼ -92.43%
• Current HPI: 193.4175
• Rent YoY: ▲ 4.06%
• 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

+191.3% since first listed

24 events — show timeline

• 2026-04-15 Relisted — Dayton MLS
• 2026-04-11 Contingent — Dayton MLS
• 2026-03-27 Listed $203,900 Dayton MLS
• 2025-12-31 Listing Removed — Dayton MLS
• 2025-07-29 Listed $229,000 Dayton MLS
• 2025-01-31 Price Changed $217,500 Dayton MLS
• 2024-11-20 Listing Removed — Dayton MLS
• 2024-11-01 Relisted — Dayton MLS
• 2024-10-25 Pending — Dayton MLS
• 2024-10-08 Price Changed $205,000 Dayton MLS
• 2024-05-23 Listed $215,000 Dayton MLS
• 2023-12-31 Listing Removed — Dayton MLS
• 2023-05-18 Price Changed $209,000 Dayton MLS
• 2022-11-01 Listed $199,000 Dayton MLS
• 2022-08-31 Listing Removed — Dayton MLS
• 2022-05-23 Listed $208,000 Dayton MLS
• 2021-02-02 Sold (Public Records) $100,000 Public Records
• 2021-01-08 Sold (MLS) $100,000 Dayton MLS
• 2021-01-08 Sold (MLS) $100,000 Dayton MLS
• 2020-12-19 Pending — Dayton MLS
• 2020-12-16 Relisted — Dayton MLS
• 2020-12-08 Pending — Dayton MLS
• 2020-12-07 Listed $105,000 Dayton MLS
• 2018-08-03 Sold (Public Records) $70,000 Public Records

Property tax history

+9.2%/yr

Latest (2025): $3,237 · -1.1% YoY. Source: county tax records.