428 High St · Piqua, OH 45356

$1,199,000

150 bd · 60.0 ba · 8,300 sqft · MultiFamily · 81 Days on market

Built 1920 $144/sqft · 420% above area

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Why this score? — see what drove the D 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 +13.1/30.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• DSCR +3.9/10.0
• 1% rule +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 10 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

Keep on looking if you want to miss out on a great ROI opportunity. Beautiful and historic downtown Piqua is the backdrop for this ten (10) unit full brick apartment building. Walking distance to all the downtown amenities is just one reason why this building has quality tenants. As the pictures show, the units have been fully renovated (not just painted) with special attention given to preventative maintenance areas (i. e. waterproof flooring in bathrooms and kitchens). Over $600k in renovations and updates in the last 5 years, including a new commercial flat roof a year and a half ago. 10 unit breakdown 2 - commercial storefront 2 - 3bed/1bath (bay windows) 3 - 2bed/1bath 3 - 1bed/1bath Serious inquiries can call or text Kaitlynn at [phone] for more information or with questions.

Key facts

• Built 1920
• Listed 81 days

Tags

• HISTORIC DOWNTOWN PIQUA
• WALKING DISTANCE TO AMENITIES
• FULLY RENOVATED UNITS
• NEW COMMERCIAL FLAT ROOF

What this means for you Summary

Snapshot

• This is a 5×2bd/1ba + 2×3bd/1ba + 3×1bd/1ba units multifamily listed at $1.20M.

Deal economics

• At list price, monthly cash flow is $-36 ($-433/yr) — negative. Per door: $-4/mo.
• To cash-flow at today's rent, offer at most $1.19M (0.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.04M (12.9% below list).
• Recommended offer: $1.04M (12.9% below list) — sets the bar for 1% rule.
• Cap rate 6.3% vs local median 4.7% in Piqua — 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 62/100 on livability (#887 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Piqua City (rural): math 45% / reading 50% proficiency, ranked #482 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 139 active listings in the ZIP; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• At $10,443/mo this rent would consume 181% of the median local household income ($69k/yr) (locally 748% 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 $8k of loan paydown is wiped out by about $36k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 81 days — a 6% lower offer ($1.13M) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y 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 $155k; list at $1.20M implies a 674% 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 $1,044,300 (12.9% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 81 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
4. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
5. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
10. 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.
11. 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.
12. 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: 0.87% ✗
• Cap rate: 6.26%
• Cash-on-cash: -0.13%
• DSCR: 0.99
• GRM: 9.6

CMA / ARV

• ARV (median comp): $230,469
• List price: $1,199,000
• Delta: 420.24%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -16.5%
• Equity multiple: 0.41×
• Total profit: $-196,428
• Equity at exit: $178,775

10-year hold

• IRR: -8.2%
• Equity multiple: 0.48×
• Total profit: $-173,362
• Equity at exit: $103,668

Cash invested: $335,720 (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 45356

• Active inventory: 139
• Price-to-rent: 96.5×

Monthly cashflow live

• Estimated rent: $10,443 high
• Mortgage (P&I): −$6,288
• Tax est. 1.5%: −$1,499 /mo · $17,985/yr
• Insurance: −$500
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,193
• Net cashflow: $-36

Break-even live

Break-even rent $10,489

Max offer price $1,193,784

Occupancy floor 95%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,180
▸ 2× units	3	1	$2,414
▸ 3× units	1	1	$2,850
Total (10 units)			$10,443

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: $299,750
• Closing costs: $35,970
• Reserves months: —
• Total cash needed: —

Listing history 27 events

1. 2026-06-18
   days on market $1,199,000 Active 81 DOM
2. 2026-06-17
   days on market $1,199,000 Active 80 DOM
3. 2026-06-16
   days on market $1,199,000 Active 79 DOM
4. 2026-06-15
   days on market $1,199,000 Active 78 DOM
5. 2026-06-14
   days on market $1,199,000 Active 76 DOM
6. 2026-06-13
   days on market $1,199,000 Active 75 DOM
7. 2026-06-10
   days on market $1,199,000 Active 73 DOM
8. 2026-06-09
   days on market $1,199,000 Active 72 DOM
9. 2026-06-08
   days on market $1,199,000 Active 71 DOM
10. 2026-06-07
    days on market $1,199,000 Active 70 DOM
11. 2026-06-05
    days on market $1,199,000 Active 67 DOM
12. 2026-06-03
    days on market $1,199,000 Active 66 DOM
13. 2026-06-02
    days on market $1,199,000 Active 65 DOM
14. 2026-06-01
    days on market $1,199,000 Active 64 DOM
15. 2026-05-31
    days on market $1,199,000 Active 63 DOM
16. 2026-05-31
    days on market $1,199,000 Active 62 DOM
17. 2026-03-25
    listed $1,199,000 Active 800-char remark

    Show marketing remark (800 chars)

    Keep on looking if you want to miss out on a great ROI opportunity. Beautiful and historic downtown Piqua is the backdrop for this ten (10) unit full brick apartment building. Walking distance to all the downtown amenities is just one reason why this building has quality tenants. As the pictures show, the units have been fully renovated (not just painted) with special attention given to preventative maintenance areas (i. e. waterproof flooring in bathrooms and kitchens). Over $600k in renovations and updates in the last 5 years, including a new commercial flat roof a year and a half ago. 10 unit breakdown 2 - commercial storefront 2 - 3bed/1bath (bay windows) 3 - 2bed/1bath 3 - 1bed/1bath Serious inquiries can call or text Kaitlynn at [phone] for more information or with questions.

18. 2016-02-01
    soldstatus $155,000 Sold 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

19. 2016-01-29
    soldstatus $155,000 Closed 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

20. 2016-01-29
    soldstatus $155,000

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

21. 2016-01-25
    status Pending 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

22. 2015-12-23
    historical Active/Pending 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

23. 2015-08-24
    price $174,900 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

24. 2015-08-19
    status Active 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

25. 2015-06-10
    historical Active/Pending 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

26. 2015-06-03
    listed $199,900 Active 827-char remark

    Show marketing remark (827 chars)

    Opportunity Knocks. Mixed use property zoned R-3 on highly visible corner lot. Owner actively manages and maintains the premises and has made numerous updates: new awnings, new sidewalks, furnace rebuilt & pipes insulated, 5-year warranty on roof, laundromat added in basement. Building offers 10 units comprised of: 428-storefront $460 , 428 1/2-3 bedroom $671.66, 430-storefront $450, 303-storage rm for storefront $55, 430 1/2-3 bedroom $670, 305-1 bedroom $550, 305 1/2-2 bedroom $606.66, 307-1 bedroom $585, 307 1/2- 2 bedroom $606.66, 309-1 bedroom $541.66, 309 1/2- 2 bedroom $606.66. Owner pays all utilites, City (water, sewer, electric, trash) average $1300- $1500, Vectren (gas) $680. Gross $5,803 monthly plus coin-op laundry. Appliances that convey are not guaranteed or warranted. All units in good shape.

27. 2010-01-28
    listed $174,900

ⓘ 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: $125,316
• − Mortgage interest: −$67,163
• − Property taxes: −$17,985
• − Insurance: −$5,995
• − Repairs & maintenance: −$10,025
• − Management: −$10,025
• − Depreciation: −$34,880
• Taxable loss: −$20,757
• Est. tax savings @ 24.0%: +$4,982
• After-tax cash flow: $4,549/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: Piqua City
• NCES district ID: 3904464
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $41,751
• Composite: 39.91/100
• National rank: #3855
• State rank: #482 of 656 in OH

Livability — Piqua

• Score: 62/100
• State rank: #887
• US rank: #16830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Piqua, OH
• County: Miami County · 85,667 people
• City population: 25,237
• Metro: Dayton-Kettering, OH
• Population (ZIP): 25,237
• Household income: $69,188
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 748.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 107,816 people
• By 2030: 108,896 · +1.0%
• By 2040: 109,581 · +1.6%
• By 2050: 108,110 · +0.3%
• By 2075: 101,523 · -5.8%
• By 2100: 85,787 · -20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 2% Hispanic / Latino 1%
• Common ancestry: Iranian 2% Italian 2% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Vietnamese 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.1%
• 2008→2024 swing: -16.6pp toward R · 2008: -28.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.3 2016: R+45.6 2012: R+35.6 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.96%
• Current HPI: 251.435
• Rent YoY: —
• 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

+585.5% since first listed

11 events — show timeline

• 2026-03-25 Listed $1,199,000 Fizber.com
• 2016-02-01 Sold (MLS) $155,000 Dayton MLS
• 2016-01-29 Sold (MLS) $155,000 WRIST
• 2016-01-29 Sold (MLS) $155,000 Dayton MLS
• 2016-01-25 Pending — Dayton MLS
• 2015-12-23 Contingent — Dayton MLS
• 2015-08-24 Price Changed $174,900 Dayton MLS
• 2015-08-19 Relisted — Dayton MLS
• 2015-06-10 Contingent — Dayton MLS
• 2015-06-03 Listed $199,900 Dayton MLS
• 2010-01-28 Listed $174,900 WRIST