2989 Sage Ave · Dayton, OH 45417

$124,500

4 bd · 2.0 ba · 1,908 sqft · MultiFamily public records · 56 Days on market

Built 1949 4,321 sqft lot $65/sqft · 25% below area Est $167k · 25% 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 +15.0/15.0
• 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: 2 units. confirmed

Listing remarks MLS

Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

Key facts

• Fenced yard
• Frame home
• New water heater

Tags

• FENCED YARD
• NEW WATER HEATER
• FRAME HOME
• VINYL SIDING

Property features AI

Finance

• Financial info: Gross income reported: $19,100

Exterior

• Parking: Driveway; On-street parking; No garage
• Utilities: Natural gas available; Public water; Sewer available
• Home design: 2-story building; One building with 2 total units
• Construction: Frame construction; Slab foundation
• Exterior features: Residential zoning; Lot area approximately 0.0992 acres

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two-bedroom unit (unit type listed)
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; Has heating
• Interior features: Double-hung windows; Galley kitchen
• Laundry & utility: Tenant pays electricity, gas, heat, water, sewer, and trash collection

🏷️ Possibly a rental listed for sale. The $124,500 price doesn't fit this home's estimated sale value (~$166,998) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $124k.

Deal economics

• At list price, monthly cash flow is $690 ($8k/yr) — positive. Per door: $345/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $124k).
• Recommended offer: $121k (3.0% 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; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $1,917/mo this rent would consume 62% 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 $861 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 + 4.1% rent growth), your $35k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 56 days — a 3% lower offer ($121k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 7y 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 $65k; list at $124k implies a 92% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1949 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $120,765 (3.0% below list)

Questions for the listing agent

1. It's been on market 56 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 1949 — 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: 1.54% ✓
• Cap rate: 12.95%
• Cash-on-cash: 23.77%
• DSCR: 2.06
• GRM: 5.4

CMA / ARV

• ARV (median comp): $166,998
• List price: $124,500
• Delta: -25.45%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
444 Groveland Ave	0.74mi	3/3.0 (-1)	1,824 (-4%)	23mo	$150,000	$82	30
457 Dearborn Ave	0.74mi	3/3.0 (-1)	1,800 (-6%)	23mo	$150,000	$83	28

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: 18.1%
• Equity multiple: 1.74×
• Total profit: $25,874
• Equity at exit: $18,563

10-year hold

• IRR: 27.2%
• Equity multiple: 3.52×
• Total profit: $87,846
• Equity at exit: $10,764

Cash invested: $34,860 (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: 10.8×

Monthly cashflow live

• Estimated rent: $1,917 high
• Mortgage (P&I): −$653
• Tax from tax record: −$119 /mo · $1,430/yr
• Insurance: −$52
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $690

Break-even live

Break-even rent $1,043

Max offer price $124,500

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,918
Total (2 units)			$1,917

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: $31,125
• Closing costs: $3,735
• Reserves months: —
• Total cash needed: —

Listing history 32 events

1. 2026-06-18
   days on market $124,500 Active 56 DOM
2. 2026-06-17
   days on market $124,500 Active 55 DOM
3. 2026-06-16
   days on market $124,500 Active 54 DOM
4. 2026-06-15
   days on market $124,500 Active 53 DOM
5. 2026-06-14
   days on market $124,500 Active 51 DOM
6. 2026-06-13
   days on market $124,500 Active 50 DOM
7. 2026-06-10
   days on market $124,500 Active 48 DOM
8. 2026-06-09
   days on market $124,500 Active 47 DOM
9. 2026-06-08
   days on market $124,500 Active 46 DOM
10. 2026-06-07
    days on market $124,500 Active 45 DOM
11. 2026-06-05
    days on market $124,500 Active 42 DOM
12. 2026-06-03
    days on market $124,500 Active 41 DOM
13. 2026-06-02
    days on market $124,500 Active 40 DOM
14. 2026-06-01
    days on market $124,500 Active 39 DOM
15. 2026-05-31
    days on market $124,500 Active 38 DOM
16. 2026-04-23
    listed $125,000 Active 435-char remark
17. 2021-07-14
    soldstatus $65,000 Closed 569-char remark

    Show marketing remark (569 chars)

    Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

18. 2021-07-14
    soldstatus $65,000 Sold 569-char remark

    Show marketing remark (569 chars)

    Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

19. 2021-06-29
    historical Active/Pending 569-char remark

    Show marketing remark (569 chars)

    Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

20. 2021-06-11
    status Active 569-char remark

    Show marketing remark (569 chars)

    Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

21. 2021-06-07
    historical Active/Pending 569-char remark

    Show marketing remark (569 chars)

    Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

22. 2021-06-03
    listed $79,900 Active 569-char remark

    Show marketing remark (569 chars)

    Fully rented duplex, already generating income! Long-term tenants pay $672 and their utilities (total rent $1344 per month). Both units are Section 8 rentals. Fenced yard and individual driveways for tenant use. Washer/dryer hookups. This building sits on a corner lot with two parcels and one unit carries the address of the side street (3101 Tubman Ave. ). Building is managed by professional management company. Per seller, there is an option to cancel tenancy with 60 day notice. (Information provided by seller and public record. Please rely on own inspections. )

23. 2021-04-09
    historical
24. 2021-04-08
    listed $79,900 Active
25. 2019-11-25
    soldstatus $52,000
26. 2019-11-21
    soldstatus $52,000 Closed
27. 2019-11-21
    soldstatus $52,000 Sold
28. 2019-11-17
    status Pending
29. 2019-11-07
    historical Active/Pending
30. 2019-11-02
    listed $55,000 Active
31. 2005-06-08
    soldstatus $13,000
32. 1997-07-17
    soldstatus $24,000

ⓘ 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: $1,430 · $119/mo
• Projected year-2 tax: $1,686 · $141/mo
• Expected delta: +$256/yr (+$21/mo · 17.9%)

ⓘ 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 · 18 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 · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,004
• − Mortgage interest: −$6,974
• − Property taxes: −$1,430
• − Insurance: −$622
• − Repairs & maintenance: −$1,840
• − Management: −$1,840
• − Depreciation: −$3,622
• Taxable income: $6,675
• Est. tax owed @ 24.0%: −$1,602
• After-tax cash flow: $6,684/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

+418.8% since first listed

18 events — show timeline

• 2026-05-20 Price Changed $124,500 Dayton MLS
• 2026-04-23 Listed $125,000 Dayton MLS
• 2021-07-14 Sold (MLS) $65,000 Dayton MLS
• 2021-07-14 Sold (MLS) $65,000 Dayton MLS
• 2021-06-29 Contingent — Dayton MLS
• 2021-06-11 Relisted — Dayton MLS
• 2021-06-07 Contingent — Dayton MLS
• 2021-06-03 Listed $79,900 Dayton MLS
• 2021-04-09 Listing Removed — Dayton MLS
• 2021-04-08 Listed $79,900 Dayton MLS
• 2019-11-25 Sold (Public Records) $52,000 Public Records
• 2019-11-21 Sold (MLS) $52,000 Dayton MLS
• 2019-11-21 Sold (MLS) $52,000 Dayton MLS
• 2019-11-17 Pending — Dayton MLS
• 2019-11-07 Contingent — Dayton MLS
• 2019-11-02 Listed $55,000 Dayton MLS
• 2005-06-08 Sold (Public Records) $13,000 Public Records
• 1997-07-17 Sold (Public Records) $24,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $1,430 · -0.2% YoY. Source: county tax records.