100 N Irwin St · Dayton, OH 45403

$20,000

6 bd · 4.0 ba · 3,586 sqft · MultiFamily public records · 196 Days on market

Built 1913 $6/sqft · 86% below area ↓ 26% since listing

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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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +3.4/5.0
• 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: 2 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

This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

Key facts

• Room to add garages
• Generous lot
• Large attic space

Tags

• LARGE ATTIC SPACE
• GENEROUS LOT
• ROOM TO ADD GARAGES
• ROOM FOR ADDITIONAL PARKING

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/?-bath units multifamily listed at $20k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive. Per door: $808/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $20k).
• Recommended offer: $18k (12.0% below list) — sets the bar for market timing.
• Cap rate 103.3% 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 (+3.7%/yr); 77 active listings in the ZIP; 1 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 $2,221/mo this rent would consume 70% of the median local household income ($38k/yr) (locally 1071% 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 $138 of loan paydown is wiped out by about $600 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 + 3.7% rent growth), your $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 196 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 11y ago; this cycle's ask has dropped $70k (78%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1913 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 196 days. Have you received any prior offers? Is the seller open to a 12% 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 1913 — 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. 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?
9. 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.
10. 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.
11. 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: 11.11% ✓
• Cap rate: 103.28%
• Cash-on-cash: 346.37%
• DSCR: 16.41
• GRM: 0.8

CMA / ARV

• ARV (median comp): $140,526
• List price: $20,000
• Delta: -85.77%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
100 N Irwin St	0.00mi	6/4.0	3,586 (0%)	0mo	$20,000	$6	100

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 · 3.71% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 19.10×
• Total profit: $101,338
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 41.64×
• Total profit: $227,593
• Equity at exit: $1,729

Cash invested: $5,600 (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 45403

• Home prices YoY: -3.7%
• Rents YoY: 3.7%
• Active inventory: 77
• Price-to-rent: 1.5×

Monthly cashflow live

• Estimated rent: $2,221 high
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• HOA: −$0
• Vacancy / Maint / Mgmt: −$466
• Net cashflow: $1,616

Break-even live

Break-even rent $175

Max offer price $20,000

Occupancy floor 22%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	—	$2,222
Total (2 units)			$2,221

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1422 E 3rd St Dayton, OH	6.0	3.0	3327	$1,800	$0.54	14d	1	1.18mi

Listing history 15 events

1. 2026-05-19
   price $20,000 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

2. 2026-05-05
   price $30,000 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

3. 2026-04-17
   status Active 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

4. 2026-04-13
   historical ActiveUnderContract 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

5. 2026-03-23
   price $40,000 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

6. 2026-03-11
   price $55,000 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

7. 2025-11-19
   price $80,000 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

8. 2025-11-05
   listed $90,000 Active 620-char remark

   Show marketing remark (620 chars)

   This four-unit property offers an excellent opportunity for an investor looking to add value through renovation. Two of the units feature 2 bedrooms and 1 bath, while the other two are 1-bedroom, 1-bath layouts. The building has some contained fire damage and will need repairs, for a full renovation project. A large attic space offers potential for additional living area, and the property sits on a generous lot with room to add garages or additional parking. Great potential for increased rents and property value after renovation. Bring your vision and transform this property into a strong cash-flowing investment!

9. 2023-07-20
   soldstatus $110,000
10. 2022-01-10
    soldstatus $100,000
11. 2019-01-18
    soldstatus $35,000
12. 2015-06-12
    historical
13. 2015-06-03
    listed $49,800 Active
14. 1988-04-05
    soldstatus $31,000
15. 1987-03-17
    soldstatus $26,900

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 74% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥101°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 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,652
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$100
• − Repairs & maintenance: −$2,132
• − Management: −$2,132
• − Depreciation: −$582
• Taxable income: $20,286
• Est. tax owed @ 24.0%: −$4,869
• After-tax cash flow: $14,528/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): 13,608
• Household income: $38,323
• Rent vs Own: 60.0% rent · 40.0% own
• Severe rent burden: 1071.0

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 White (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Black 14% Two or more races 8% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -17.40%
• Current HPI: 447.4034
• Rent YoY: ▲ 3.71%
• 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

-25.7% since first listed

15 events — show timeline

• 2026-05-19 Price Changed $20,000 Dayton MLS
• 2026-05-05 Price Changed $30,000 Dayton MLS
• 2026-04-17 Relisted — Dayton MLS
• 2026-04-13 Contingent — Dayton MLS
• 2026-03-23 Price Changed $40,000 Dayton MLS
• 2026-03-11 Price Changed $55,000 Dayton MLS
• 2025-11-19 Price Changed $80,000 Dayton MLS
• 2025-11-05 Listed $90,000 Dayton MLS
• 2023-07-20 Sold (Public Records) $110,000 Public Records
• 2022-01-10 Sold (Public Records) $100,000 Public Records
• 2019-01-18 Sold (Public Records) $35,000 Public Records
• 2015-06-12 Listing Removed — Dayton MLS
• 2015-06-03 Listed $49,800 Dayton MLS
• 1988-04-05 Sold (Public Records) $31,000 Public Records
• 1987-03-17 Sold (Public Records) $26,900 Public Records

Property tax history

+4.4%/yr

Latest (2025): $2,566 · -8.1% YoY. Source: county tax records.