128 E Bruce Ave · Dayton, OH 45405

$139,900

2 bd · 2.0 ba · 1,373 sqft · MultiFamily public records · 161 Days on market

Built 1930 4,879 sqft lot $102/sqft · 13% above area Est $124k · 13% over

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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 +26.0/30.0
• DSCR +8.7/10.0
• 1% rule +5.8/10.0
• Rent growth +3.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• 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

This duplex consists of two 1-bedroom, 1-bath apartments which have been newly completely renovated with new kitchens, new baths, These apartments have been fully finished in the inside. Each apartment has a new furnace and new water heater. All construction permits have been pulled for this renovation. Please review the attached photos to enjoy the workmanship. The property also has a two car garage in the rear. Currently the property one unit newly rented at $800 per month and waiting for a new tenant to enjoy the other side. Don't miss out on this opportunity. Estimated rents should be around $800 per side. The attached photos with furniture have been staged. Additional recent renovations: Updated electric mains panel, updated energy meters, new electric wiring, and circuits throughout the property ( work performed by Victory Electric LLC ), New Gas meters, new gas pipeline - work performed by Kolker plumbing LLC New plumbing throughout the house and updated smart water meters - work performed by Kolker plumbing LLC Updated HVAC ductwork - work performed by All Aire heating and cooling. New windows and new doors throughout the house - work performed by Marriott Construction LLC Ready to rent, comes with appliances, 2 ranges, and 2 fridges. Both units have separate utilities, no shared utilities, so no burden on the property owner to run utilities. A lot of money was put into pulling permits and getting things done as per the building codes of the city of Dayton.

Key facts

• New kitchens
• New furnace
• New baths

Tags

• NEW KITCHENS
• NEW BATHS
• NEW FURNACE
• NEW WATER HEATER
• UPDATED ELECTRIC MAINS PANEL
• NEW GAS METERS

What this means for you Summary

Snapshot

• This is a 2 × 1-bed/1.0-bath units multifamily listed at $140k.

Deal economics

• At list price, monthly cash flow is $346 ($4k/yr) — positive. Per door: $173/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.3% vs local median 7.4% in Dayton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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 (+4.3%/yr); 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• This rent runs 41% of the median local income ($44k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $967 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 + 4.3% rent growth), your $39k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $48k; list at $140k implies a 195% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1930 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,112 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 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 1930 — 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: 1.08% ✓
• Cap rate: 9.26%
• Cash-on-cash: 10.61%
• DSCR: 1.47
• GRM: 7.7

CMA / ARV

• ARV (median comp): $124,160
• List price: $139,900
• Delta: 12.68%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2258 Emerson Ave #2256	0.71mi	2/2.0	1,260 (-8%)	17mo	$60,000	$48	39

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 · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 0.9%
• Equity multiple: 1.04×
• Total profit: $1,412
• Equity at exit: $20,860

10-year hold

• IRR: 11.7%
• Equity multiple: 1.97×
• Total profit: $38,145
• Equity at exit: $12,096

Cash invested: $39,172 (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 45405

• Rents YoY: 4.3%
• Active inventory: 134
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $1,511 high
• Mortgage (P&I): −$734
• Tax from tax record: −$55 /mo · $663/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$317
• Net cashflow: $346

Break-even live

Break-even rent $1,072

Max offer price $139,900

Occupancy floor 72%

Sensitivity live

Price	-10% $426	-5% $386	+0% $346	+5% $307	+10% $267
Rent	-10% $227	-5% $287	+0% $346	+5% $406	+10% $466
Rate	-1.0pp $417	-0.5pp $382	base $346	+0.5pp $310	+1.0pp $273

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,510
Total (2 units)			$1,511

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: $34,975
• Closing costs: $4,197
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
101 E Bruce Ave Dayton, OH	3.0	1.0	1455	$1,150	$0.79	3d	1	0.06mi
202 E Bruce Ave Apt 2 Dayton, OH	2.0	1.0	1250	$800	$0.64	24d	1	0.08mi
42 Pointview Ave Unit 42 Dayton, OH	3.0	2.0	1240	$1,200	$0.97	4d	1	0.16mi
38 Pointview Ave Dayton, OH	2.0	1.0	1140	$900	$0.79	15d	1	0.16mi
65 E Maplewood Ave Dayton, OH	2.0	1.0	1064	$723	$0.68	44d	1	0.19mi
220 Fernwood Ave Dayton, OH	2.0	1.0	884	$900	$1.02	4d	1	0.21mi
228 E Siebenthaler Ave Dayton, OH	2.0	1.0	934	$1,200	$1.28	44d	1	0.22mi
244 E Siebenthaler Ave Dayton, OH	2.0	1.5	1273	$1,175	$0.92	3d	1	0.24mi
337 Ryburn Ave Unit 2 Dayton, OH	2.0	1.0	900	$800	$0.89	44d	1	0.25mi
317 Fernwood Ave Dayton, OH	3.0	1.0	1320	$1,100	$0.83	12d	1	0.29mi
26 W Beechwood Ave Dayton, OH	3.0	1.5	1468	$1,050	$0.72	44d	1	0.36mi
419 Sandhurst Dr Dayton, OH	2.0	1.0	950	$975	$1.03	24d	1	0.37mi
433 Sandhurst Dr Unit 4 Dayton, OH	1.0	1.0	900	$750	$0.83	44d	1	0.39mi
147 Laura Ave Dayton, OH	2.0	1.0	1096	$975	$0.89	24d	1	0.47mi
152 Laura Ave Dayton, OH	2.0	1.0	990	$895	$0.90	44d	1	0.48mi
2333 Rustic Rd Unit 4 Dayton, OH	2.0	1.0	1000	$840	$0.84	3d	1	0.63mi
2333 Rustic Rd Dayton, OH	2.0	1.0	1000	$840	$0.84	44d	1	0.63mi
2327 N Main St Unit 2 Dayton, OH	2.0	1.0	900	$1,200	$1.33	24d	1	0.67mi
69 Waverly Ave Dayton, OH	2.0	1.0	900	$850	$0.94	4d	1	0.68mi
41 W Fairview Ave Unit 2 Dayton, OH	3.0	1.0	1452	$1,200	$0.83	15d	1	0.69mi
412 W Parkwood Dr Unit 1 Dayton, OH	2.0	1.0	900	$875	$0.97	24d	1	0.69mi
240 Castlewood Ave Dayton, OH	2.0	1.0	912	$995	$1.09	22d	1	0.71mi
115 E Norman Ave Unit 4 Dayton, OH	1.0	1.0	1000	$750	$0.75	24d	1	0.73mi
439 W Fairview Ave Dayton, OH	3.0	1.0	1500	$1,200	$0.80	44d	1	0.74mi
31 E Norman Ave Dayton, OH	3.0	1.0	1100	$1,150	$1.05	24d	1	0.74mi
101 W Norman Ave Unit 101 Dayton, OH	3.0	1.0	1600	$945	$0.59	44d	1	0.75mi
181 W Norman Ave Dayton, OH	3.0	2.0	1228	$1,150	$0.94	44d	1	0.78mi
201 W Norman Ave Dayton, OH	3.0	1.0	1424	$1,200	$0.84	44d	1	0.78mi
519 Heather Dr Unit 1C Dayton, OH	2.0	2.0	1100	$1,095	$1.00	4d	1	0.80mi
110 Cromwell Pl Unit 5 Dayton, OH	2.0	1.0	1000	$1,099	$1.10	20d	1	0.83mi
110 Cromwell Pl Dayton, OH	2.0	1.0	1050	$1,100	$1.05	3d	1	0.83mi
110 Cromwell Pl Unit 2 Dayton, OH	2.0	1.0	1000	$995	$0.99	22d	1	0.83mi
110 Cromwell Pl Unit 1 Dayton, OH	1.0	1.0	900	$895	$0.99	44d	1	0.83mi
167 W Hudson Ave Dayton, OH	3.0	1.5	1344	$1,185	$0.88	44d	1	0.83mi
1108 Rydale Rd Dayton, OH	3.0	1.0	1281	$1,245	$0.97	20d	1	0.92mi
1004 W Fairview Ave Dayton, OH	2.0	1.0	1053	$950	$0.90	24d	1	0.93mi
1008 W Fairview Ave Unit 2 Dayton, OH	1.0	1.0	1007	$800	$0.79	4d	1	0.93mi
628 W Norman Ave Unit 628 Dayton, OH	2.0	1.0	918	$795	$0.87	44d	1	0.94mi
3813 Briar Pl Apt 9 Dayton, OH	1.0	1.0	900	$925	$1.03	24d	1	0.96mi
234 Santa Clara Ave Dayton, OH	3.0	1.0	1368	$1,125	$0.82	44d	1	0.99mi

Listing history 21 events

1. 2026-06-18
   days on market $139,900 Active 161 DOM
2. 2026-06-17
   days on market $139,900 Active 160 DOM
3. 2026-06-16
   days on market $139,900 Active 159 DOM
4. 2026-06-15
   days on market $139,900 Active 158 DOM
5. 2026-06-14
   days on market $139,900 Active 156 DOM
6. 2026-06-13
   days on market $139,900 Active 155 DOM
7. 2026-06-10
   days on market $139,900 Active 153 DOM
8. 2026-06-09
   days on market $139,900 Active 152 DOM
9. 2026-06-08
   days on market $139,900 Active 151 DOM
10. 2026-06-07
    days on market $139,900 Active 150 DOM
11. 2026-06-05
    days on market $139,900 Active 147 DOM
12. 2026-06-03
    days on market $139,900 Active 146 DOM
13. 2026-06-02
    days on market $139,900 Active 145 DOM
14. 2026-06-01
    days on market $139,900 Active 144 DOM
15. 2026-05-31
    days on market $139,900 Active 143 DOM
16. 2026-04-28
    price $139,900 1489-char remark

    Show marketing remark (1489 chars)

    This duplex consists of two 1-bedroom, 1-bath apartments which have been newly completely renovated with new kitchens, new baths, These apartments have been fully finished in the inside. Each apartment has a new furnace and new water heater. All construction permits have been pulled for this renovation. Please review the attached photos to enjoy the workmanship. The property also has a two car garage in the rear. Currently the property one unit newly rented at $800 per month and waiting for a new tenant to enjoy the other side. Don't miss out on this opportunity. Estimated rents should be around $800 per side. The attached photos with furniture have been staged. Additional recent renovations: Updated electric mains panel, updated energy meters, new electric wiring, and circuits throughout the property ( work performed by Victory Electric LLC ), New Gas meters, new gas pipeline - work performed by Kolker plumbing LLC New plumbing throughout the house and updated smart water meters - work performed by Kolker plumbing LLC Updated HVAC ductwork - work performed by All Aire heating and cooling. New windows and new doors throughout the house - work performed by Marriott Construction LLC Ready to rent, comes with appliances, 2 ranges, and 2 fridges. Both units have separate utilities, no shared utilities, so no burden on the property owner to run utilities. A lot of money was put into pulling permits and getting things done as per the building codes of the city of Dayton.

17. 2026-03-06
    price $146,500 1489-char remark

    Show marketing remark (1489 chars)

    This duplex consists of two 1-bedroom, 1-bath apartments which have been newly completely renovated with new kitchens, new baths, These apartments have been fully finished in the inside. Each apartment has a new furnace and new water heater. All construction permits have been pulled for this renovation. Please review the attached photos to enjoy the workmanship. The property also has a two car garage in the rear. Currently the property one unit newly rented at $800 per month and waiting for a new tenant to enjoy the other side. Don't miss out on this opportunity. Estimated rents should be around $800 per side. The attached photos with furniture have been staged. Additional recent renovations: Updated electric mains panel, updated energy meters, new electric wiring, and circuits throughout the property ( work performed by Victory Electric LLC ), New Gas meters, new gas pipeline - work performed by Kolker plumbing LLC New plumbing throughout the house and updated smart water meters - work performed by Kolker plumbing LLC Updated HVAC ductwork - work performed by All Aire heating and cooling. New windows and new doors throughout the house - work performed by Marriott Construction LLC Ready to rent, comes with appliances, 2 ranges, and 2 fridges. Both units have separate utilities, no shared utilities, so no burden on the property owner to run utilities. A lot of money was put into pulling permits and getting things done as per the building codes of the city of Dayton.

18. 2026-01-08
    listed $149,000 Active 1489-char remark

    Show marketing remark (1489 chars)

    This duplex consists of two 1-bedroom, 1-bath apartments which have been newly completely renovated with new kitchens, new baths, These apartments have been fully finished in the inside. Each apartment has a new furnace and new water heater. All construction permits have been pulled for this renovation. Please review the attached photos to enjoy the workmanship. The property also has a two car garage in the rear. Currently the property one unit newly rented at $800 per month and waiting for a new tenant to enjoy the other side. Don't miss out on this opportunity. Estimated rents should be around $800 per side. The attached photos with furniture have been staged. Additional recent renovations: Updated electric mains panel, updated energy meters, new electric wiring, and circuits throughout the property ( work performed by Victory Electric LLC ), New Gas meters, new gas pipeline - work performed by Kolker plumbing LLC New plumbing throughout the house and updated smart water meters - work performed by Kolker plumbing LLC Updated HVAC ductwork - work performed by All Aire heating and cooling. New windows and new doors throughout the house - work performed by Marriott Construction LLC Ready to rent, comes with appliances, 2 ranges, and 2 fridges. Both units have separate utilities, no shared utilities, so no burden on the property owner to run utilities. A lot of money was put into pulling permits and getting things done as per the building codes of the city of Dayton.

19. 2004-06-01
    soldstatus $47,500
20. 1996-03-12
    soldstatus $45,500
21. 1989-06-05
    soldstatus $40,000

ⓘ 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: $663 · $55/mo
• Projected year-2 tax: $1,423 · $119/mo
• Expected delta: +$760/yr (+$63/mo · 114.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 69% 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
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $18,132
• − Mortgage interest: −$7,837
• − Property taxes: −$663
• − Insurance: −$700
• − Repairs & maintenance: −$1,451
• − Management: −$1,451
• − Depreciation: −$4,070
• Taxable income: $1,962
• Est. tax owed @ 24.0%: −$471
• After-tax cash flow: $3,687/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): 18,955
• Household income: $43,973
• Rent vs Own: 64.0% rent · 36.0% own
• Severe rent burden: 1475.0

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 (68%)
• Race & ethnicity: Black 68% White 23% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% 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: ▼ -125.58%
• Current HPI: 173.4962
• Rent YoY: ▲ 4.34%
• 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

+249.8% since first listed

6 events — show timeline

• 2026-04-28 Price Changed $139,900 Dayton MLS
• 2026-03-06 Price Changed $146,500 Dayton MLS
• 2026-01-08 Listed $149,000 Dayton MLS
• 2004-06-01 Sold (Public Records) $47,500 Public Records
• 1996-03-12 Sold (Public Records) $45,500 Public Records
• 1989-06-05 Sold (Public Records) $40,000 Public Records

Property tax history

-14.7%/yr

Latest (2025): $663 · -19.1% YoY. Source: county tax records.