1810 W Main St · New Lebanon, OH 45345

$225,000

4 bd · 2.0 ba · 2,164 sqft · MultiFamily public records · 46 Days on market

Built 1887 0.30 ac lot $104/sqft · 6% below area Est $240k · 6% under

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Why this score? — see what drove the A- 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 +10.3/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Appreciation +10.0/10.0
• Schools +4.2/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Welcome home to this beautifully updated 4-bedroom, 2 full bath farmhouse nestled in the heart of New Lebanon, Ohio. Blending timeless character with modern conveniences, this home offers the perfect balance of historic charm and today’s updates. From the moment you arrive, you’ll be drawn in by the inviting curb appeal and classic farmhouse feel. Inside, you’ll find spacious living areas filled with natural light, featuring updated finishes while preserving original details that make this home truly special. The kitchen has been thoughtfully refreshed, offering modern functionality while maintaining its warm, welcoming atmosphere—perfect for gathering with family and friends. Both full bathrooms have been updated for comfort and style, giving you move-in-ready peace of mind. With four generously sized bedrooms, there’s plenty of space for family, guests, or even a home office setup. Outside, enjoy the charm of country-style living with room to relax, entertain, or simply unwind. Located in the desirable Dixie School District, this home offers small-town living with convenient access to nearby amenities.

Key facts

• Inviting curb appeal
• Updated finishes
• Updated bathrooms

Tags

• UPDATED FARMHOUSE
• INVITING CURB APPEAL
• SPACIOUS LIVING AREAS
• UPDATED FINISHES
• THOUGHTFULLY REFRESHED KITCHEN
• UPDATED BATHROOMS

What this means for you Summary

Snapshot

• This is a 4-bed/2.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $218k (3.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 70/100 on livability (#450 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: employment C-, amenities F, commute F.
• New Lebanon Local (town): math 43% / reading 56% proficiency, ranked #448 of 656 in OH (top 68%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Dixie Elementary School (math 62% / reading 57%, grade B-, #670 of 1,584 statewide, top 45%, 452 students, 45% FRL); Dixie Middle School (math 39% / reading 55%, grade D+, #451 of 654 statewide, top 70%, 330 students, 49% FRL); Dixie High School (math 27% / reading 62%, grade F, #470 of 781 statewide, top 62%, 308 students, 44% FRL) — zoned schools at 46% FRL track the district average.
• Market conditions: 20 active listings in the ZIP; solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $3,378/mo this rent would consume 52% of the median local household income ($77k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $63k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 46 days — a 3% lower offer ($218k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $39k; list at $225k implies a 481% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1887 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $218,250 (3.0% below list)

Questions for the listing agent

1. It's been on market 46 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1887 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
5. 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.
6. 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.
7. 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: 1.50% ✓
• Cap rate: 12.39%
• Cash-on-cash: 21.78%
• DSCR: 1.97
• GRM: 5.6

CMA / ARV

• ARV (median comp): $239,858
• List price: $225,000
• Delta: -6.19%
• Verdict: FAIR
• Comps: 6 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 40.6%
• Equity multiple: 4.10×
• Total profit: $195,406
• Equity at exit: $202,698

10-year hold

• IRR: 35.0%
• Equity multiple: 9.23×
• Total profit: $518,228
• Equity at exit: $437,126

Cash invested: $63,000 (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 45345

• Home prices YoY: 8.0%
• Active inventory: 20
• Price-to-rent: 11.1×

Monthly cashflow live

• Estimated rent: $3,378 medium
• Mortgage (P&I): −$1,180
• Tax from tax record: −$251 /mo · $3,017/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$709
• Net cashflow: $1,144

Break-even live

Break-even rent $1,930

Max offer price $225,000

Occupancy floor 61%

Sensitivity live

Price	-10% $1,271	-5% $1,207	+0% $1,144	+5% $1,080	+10% $1,016
Rent	-10% $877	-5% $1,010	+0% $1,144	+5% $1,277	+10% $1,410
Rate	-1.0pp $1,257	-0.5pp $1,201	base $1,144	+0.5pp $1,085	+1.0pp $1,026

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$3,378
Total (2 units)			$3,378

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 8 events

1. 2026-06-03
   statusdays on market $225,000 Pending 46 DOM
2. 2026-06-02
   days on market $225,000 Active 45 DOM
3. 2026-06-01
   days on market $225,000 Active 44 DOM
4. 2026-05-31
   days on market $225,000 Active 43 DOM
5. 2026-05-08
   price $225,000 1151-char remark

   Show marketing remark (1151 chars)

   Welcome home to this beautifully updated 4-bedroom, 2 full bath farmhouse nestled in the heart of New Lebanon, Ohio. Blending timeless character with modern conveniences, this home offers the perfect balance of historic charm and today’s updates. From the moment you arrive, you’ll be drawn in by the inviting curb appeal and classic farmhouse feel. Inside, you’ll find spacious living areas filled with natural light, featuring updated finishes while preserving original details that make this home truly special. The kitchen has been thoughtfully refreshed, offering modern functionality while maintaining its warm, welcoming atmosphere—perfect for gathering with family and friends. Both full bathrooms have been updated for comfort and style, giving you move-in-ready peace of mind. With four generously sized bedrooms, there’s plenty of space for family, guests, or even a home office setup. Outside, enjoy the charm of country-style living with room to relax, entertain, or simply unwind. Located in the desirable Dixie School District, this home offers small-town living with convenient access to nearby amenities.

6. 2026-04-27
   price $247,900 1151-char remark

   Show marketing remark (1151 chars)

   Welcome home to this beautifully updated 4-bedroom, 2 full bath farmhouse nestled in the heart of New Lebanon, Ohio. Blending timeless character with modern conveniences, this home offers the perfect balance of historic charm and today’s updates. From the moment you arrive, you’ll be drawn in by the inviting curb appeal and classic farmhouse feel. Inside, you’ll find spacious living areas filled with natural light, featuring updated finishes while preserving original details that make this home truly special. The kitchen has been thoughtfully refreshed, offering modern functionality while maintaining its warm, welcoming atmosphere—perfect for gathering with family and friends. Both full bathrooms have been updated for comfort and style, giving you move-in-ready peace of mind. With four generously sized bedrooms, there’s plenty of space for family, guests, or even a home office setup. Outside, enjoy the charm of country-style living with room to relax, entertain, or simply unwind. Located in the desirable Dixie School District, this home offers small-town living with convenient access to nearby amenities.

7. 2026-04-18
   listed $259,000 Active 1151-char remark

   Show marketing remark (1151 chars)

   Welcome home to this beautifully updated 4-bedroom, 2 full bath farmhouse nestled in the heart of New Lebanon, Ohio. Blending timeless character with modern conveniences, this home offers the perfect balance of historic charm and today’s updates. From the moment you arrive, you’ll be drawn in by the inviting curb appeal and classic farmhouse feel. Inside, you’ll find spacious living areas filled with natural light, featuring updated finishes while preserving original details that make this home truly special. The kitchen has been thoughtfully refreshed, offering modern functionality while maintaining its warm, welcoming atmosphere—perfect for gathering with family and friends. Both full bathrooms have been updated for comfort and style, giving you move-in-ready peace of mind. With four generously sized bedrooms, there’s plenty of space for family, guests, or even a home office setup. Outside, enjoy the charm of country-style living with room to relax, entertain, or simply unwind. Located in the desirable Dixie School District, this home offers small-town living with convenient access to nearby amenities.

8. 1981-11-01
   soldstatus $38,750

ⓘ 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: $3,017 · $251/mo
• Projected year-2 tax: $3,263 · $272/mo
• Expected delta: +$247/yr (+$21/mo · 8.2%)

ⓘ 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 ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $40,536
• − Mortgage interest: −$12,603
• − Property taxes: −$3,017
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,243
• − Management: −$3,243
• − Depreciation: −$6,545
• Taxable income: $10,759
• Est. tax owed @ 24.0%: −$2,582
• After-tax cash flow: $11,140/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: New Lebanon Local
• NCES district ID: 3904871
• Math proficiency: 43% ▼ -19.00%
• Reading proficiency: 56% ▼ -7.00%
• Median HH income: $45,363
• Composite: 41.88/100
• National rank: #3369
• State rank: #448 of 656 in OH

Livability — New Lebanon

• Score: 70/100
• State rank: #450
• US rank: #7342

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: New Lebanon, OH
• County: Montgomery · 506,435 people
• City population: 5,923
• Metro: Dayton-Kettering-Beavercreek, OH
• Population (ZIP): 5,923
• Household income: $77,279
• Rent vs Own: 20.5% rent · 79.5% own
• Severe rent burden: 8.9

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 White (92%)
• Race & ethnicity: White 92% Two or more races 6% Black 2%
• Common ancestry: Romanian 3% Slovak 1% Scottish 1%
• Foreign-born: 0% · China
• Languages at home: 98% English-only · Spanish 1% German/W. Germanic 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: ▲ 27.56%
• Current HPI: 370.29
• Rent YoY: —
• Metro: —
• 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

+480.6% since first listed

4 events — show timeline

• 2026-05-08 Price Changed $225,000 Dayton MLS
• 2026-04-27 Price Changed $247,900 Dayton MLS
• 2026-04-18 Listed $259,000 Dayton MLS
• 1981-11-01 Sold (Public Records) $38,750 Public Records

Property tax history

+3.5%/yr

Latest (2025): $3,017 · -0.1% YoY. Source: county tax records.