2723 Jerome Ave · Dayton, OH 45417

$215,000

64 bd · 64.0 ba · 4,600 sqft · MultiFamily · 119 Days on market

Built 1962 5,227 sqft lot $47/sqft · 29% below area Est $301k · 29% under

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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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (5+ Unit). Listing-text estimate: 8 units. confirmed

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

8-unit building with plans ready for next phase. Demolition and cleanup completed. Framing work on door frames and framing repairs were done throughout the property. Zoning work completed for 8-unit approval and combining of two lots into 1 parcel. Building plans stamped and approved. Building, Mechanical, Electrical, and Plumbing permits submitted for approval.

Key facts

• 8 unit building
• Framing repairs
• 5,227 sq ft lot

Tags

• 8 UNIT BUILDING
• PLANS READY FOR REHAB
• FRAMING WORK ON DOOR FRAMES
• FRAMING REPAIRS

What this means for you Summary

Snapshot

• This is a 8 × 8-bed/8.0-bath units multifamily listed at $215k.

Deal economics

• At list price, monthly cash flow is $7k ($89k/yr) — positive. Per door: $928/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($11k rent vs $215k).
• Recommended offer: $196k (9.0% below list) — sets the bar for market timing.
• Cap rate 47.7% 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); 137 active listings in the ZIP; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $11,278/mo this rent would consume 366% 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 $60k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($196k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask is 8% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $95k; list at $215k implies a 126% gain — meaningful room to come down on a strong offer.

Recommended offer $195,650 (9.0% below list)

Questions for the listing agent

1. It's been on market 119 days. Have you received any prior offers? Is the seller open to a 9% 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 1962 — 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: 5.25% ✓
• Cap rate: 47.73%
• Cash-on-cash: 147.98%
• DSCR: 7.58
• GRM: 1.6

CMA / ARV

• ARV (median comp): $301,213
• List price: $215,000
• Delta: -28.62%
• Verdict: UNDERPRICED
• Comps: 5 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.06% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 8.48×
• Total profit: $450,312
• Equity at exit: $32,057

10-year hold

• IRR: —
• Equity multiple: 18.49×
• Total profit: $1,052,619
• Equity at exit: $18,589

Cash invested: $60,200 (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: 137
• Price-to-rent: 12.7×

Monthly cashflow live

• Estimated rent: $11,278 medium
• Mortgage (P&I): −$1,127
• Tax est. 1.5%: −$269 /mo · $3,225/yr
• Insurance: −$90
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,368
• Net cashflow: $7,424

Break-even live

Break-even rent $1,881

Max offer price $215,000

Occupancy floor 29%

Sensitivity live

Price	-10% $7,572	-5% $7,498	+0% $7,424	+5% $7,350	+10% $7,275
Rent	-10% $6,533	-5% $6,978	+0% $7,424	+5% $7,869	+10% $8,315
Rate	-1.0pp $7,532	-0.5pp $7,478	base $7,424	+0.5pp $7,368	+1.0pp $7,311

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

Units	Beds	Baths	Est. rent
▸ 8× units	8	8	$11,280
Total (8 units)			$11,278

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-18
   days on market $215,000 Active 119 DOM
2. 2026-06-17
   days on market $215,000 Active 118 DOM
3. 2026-06-16
   days on market $215,000 Active 117 DOM
4. 2026-06-15
   days on market $215,000 Active 116 DOM
5. 2026-06-14
   days on market $215,000 Active 114 DOM
6. 2026-06-13
   days on market $215,000 Active 113 DOM
7. 2026-06-10
   days on market $215,000 Active 111 DOM
8. 2026-06-09
   days on market $215,000 Active 110 DOM
9. 2026-06-08
   days on market $215,000 Active 109 DOM
10. 2026-06-07
    days on market $215,000 Active 108 DOM
11. 2026-06-05
    days on market $215,000 Active 105 DOM
12. 2026-06-03
    days on market $215,000 Active 104 DOM
13. 2026-06-02
    days on market $215,000 Active 103 DOM
14. 2026-06-01
    days on market $215,000 Active 102 DOM
15. 2026-05-31
    days on market $215,000 Active 101 DOM
16. 2026-04-22
    price $215,000 364-char remark

    Show marketing remark (364 chars)

    8-unit building with plans ready for next phase. Demolition and cleanup completed. Framing work on door frames and framing repairs were done throughout the property. Zoning work completed for 8-unit approval and combining of two lots into 1 parcel. Building plans stamped and approved. Building, Mechanical, Electrical, and Plumbing permits submitted for approval.

17. 2026-02-18
    listed $200,000 Active 364-char remark

    Show marketing remark (364 chars)

    8-unit building with plans ready for next phase. Demolition and cleanup completed. Framing work on door frames and framing repairs were done throughout the property. Zoning work completed for 8-unit approval and combining of two lots into 1 parcel. Building plans stamped and approved. Building, Mechanical, Electrical, and Plumbing permits submitted for approval.

18. 2022-05-18
    soldstatus $95,000 Closed 166-char remark

    Show marketing remark (166 chars)

    This 8 unit fixer upper is around the corner from McCabe Park, and a short walk/drive to Mallory Park. Almost a blank slate, ready to be remodeled and make you money.

19. 2022-05-18
    soldstatus $95,000 Sold 166-char remark

    Show marketing remark (166 chars)

    This 8 unit fixer upper is around the corner from McCabe Park, and a short walk/drive to Mallory Park. Almost a blank slate, ready to be remodeled and make you money.

20. 2022-04-27
    status Pending 166-char remark

    Show marketing remark (166 chars)

    This 8 unit fixer upper is around the corner from McCabe Park, and a short walk/drive to Mallory Park. Almost a blank slate, ready to be remodeled and make you money.

21. 2022-04-24
    listed $89,900 Active 166-char remark

    Show marketing remark (166 chars)

    This 8 unit fixer upper is around the corner from McCabe Park, and a short walk/drive to Mallory Park. Almost a blank slate, ready to be remodeled and make you money.

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

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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $135,336
• − Mortgage interest: −$12,043
• − Property taxes: −$3,225
• − Insurance: −$1,075
• − Repairs & maintenance: −$10,827
• − Management: −$10,827
• − Depreciation: −$6,255
• Taxable income: $91,084
• Est. tax owed @ 24.0%: −$21,860
• After-tax cash flow: $67,225/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

+139.2% since first listed

6 events — show timeline

• 2026-04-22 Price Changed $215,000 Dayton MLS
• 2026-02-18 Listed $200,000 Dayton MLS
• 2022-05-18 Sold (MLS) $95,000 Dayton MLS
• 2022-05-18 Sold (MLS) $95,000 Dayton MLS
• 2022-04-27 Pending — Dayton MLS
• 2022-04-24 Listed $89,900 Dayton MLS