111 W High St · Eaton, OH 45320

$139,900

3 bd · 2.0 ba · 1,248 sqft · MultiFamily public records · 74 Days on market

Built 1959 Fair condition 2,891 sqft lot $112/sqft · 16% above area Est $121k · 16% over ↓ 5% since listing

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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 +22.9/30.0
• DSCR +7.4/10.0
• Schools +5.7/10.0
• 1% rule +5.0/10.0
• Livability +3.9/5.0
• Rent growth +2.5/5.0
• Condition / age +2.2/5.0
• ARV discount +0.4/15.0
• 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

Multi-Family Investment Opportunity in the City of Eaton - Don’t miss this solid investment opportunity located just minutes from the heart of Eaton. This well-maintained duplex offers two units with great income potential and each side has their own water bill. Property Highlights: Unit 111A: 2 bedroom, 1 bath (currently occupied) - Rent: $700/month (month-to-month lease). Features baseboard electric heat, window A/C and includes a stove, refrigerator, washer/dryer hookup. Unit 111B: 1 bedroom, 1 bath (vacant) - Recently remodeled with fresh paint and new laminate flooring - Updated with new appliances and the high-efficiency gas heat is 4 years old and includes central air. Additional Features: New roof installed on 10/2025; Low-maintenance exterior with minimal yardwork. Whether you’re looking to expand your rental portfolio or live in one unit while renting the other, this property offers flexibility and value. Property is being sold as-is. The property is owned by a licensed real estate agent. Zoning is R-2 Central Residential, per the zoning department. An attachment of the permitted uses is the supplemental information. Property sold in as-is condition.

Key facts

• 2,891 sq ft lot
• Built 1959
• Listed 73 days

What this means for you Summary

Snapshot

• This is a 1×2.0bd/1.0ba + 1×1.0bd/1.0ba units multifamily listed at $140k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $247 ($3k/yr) — positive. Per door: $124/mo.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $139k (0.4% below list).
• Recommended offer: $132k (6.0% below list) — sets the bar for market timing.
• Cap rate 8.4% vs local median 2.2% in Eaton — 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 78/100 on livability (#180 in OH, #2,768 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety A+; Watch: amenities F, commute F.
• Eaton Community City (town): math 67% / reading 68% proficiency, ranked #184 of 656 in OH (top 28%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 88 active listings in the ZIP; 55 units permitted in Preble County in 2024 (0 in 5+ unit buildings).

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.
• Preble County population projected at -17% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($132k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1959 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $131,506 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% 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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
5. Built in 1959 — 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. Schools are A-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?
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: 1.00% ✗
• Cap rate: 8.41%
• Cash-on-cash: 7.57%
• DSCR: 1.34
• GRM: 8.4

CMA / ARV

• ARV (median comp): $120,919
• List price: $139,900
• Delta: 15.70%
• Verdict: OVERPRICED
• Comps: 2 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
600 E Somers St	0.45mi	2/2.0 (-1)	1,314 (+5%)	1mo	$84,000	$64	64

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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -4.8%
• Equity multiple: 0.82×
• Total profit: $-6,982
• Equity at exit: $20,860

10-year hold

• IRR: 4.9%
• Equity multiple: 1.36×
• Total profit: $13,985
• 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 45320

• Home prices YoY: -29.4%
• Active inventory: 88
• Price-to-rent: 17.2×

Monthly cashflow live

• Estimated rent: $1,393 medium
• Mortgage (P&I): −$734
• Tax from tax record: −$61 /mo · $737/yr
• Insurance: −$58
• HOA: −$0
• Vacancy / Maint / Mgmt: −$293
• Net cashflow: $247

Break-even live

Break-even rent $1,080

Max offer price $139,900

Occupancy floor 77%

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

Units	Beds	Baths	Est. rent
1× unit	2.0	1	$679
1× unit	1.0	1	$713
Total (2 units)			$1,393

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: —

Listing history 19 events

1. 2026-06-19
   days on market $139,900 Active 74 DOM
2. 2026-06-18
   days on market $139,900 Active 73 DOM
3. 2026-06-17
   days on market $139,900 Active 72 DOM
4. 2026-06-16
   days on market $139,900 Active 71 DOM
5. 2026-06-15
   days on market $139,900 Active 70 DOM
6. 2026-06-14
   days on market $139,900 Active 68 DOM
7. 2026-06-12
   pricedays on market $139,900 Active 67 DOM
8. 2026-06-09
   days on market $142,500 Active 64 DOM
9. 2026-06-08
   days on market $142,500 Active 63 DOM
10. 2026-06-07
    days on market $142,500 Active 62 DOM
11. 2026-06-05
    days on market $142,500 Active 59 DOM
12. 2026-06-02
    days on market $142,500 Active 57 DOM
13. 2026-06-01
    days on market $142,500 Active 56 DOM
14. 2026-05-31
    days on market $142,500 Active 55 DOM
15. 2026-05-30
    days on market $142,500 Active 54 DOM
16. 2026-04-04
    listed $142,500 Active 1190-char remark

    Show marketing remark (1190 chars)

    Multi-Family Investment Opportunity in the City of Eaton - Don’t miss this solid investment opportunity located just minutes from the heart of Eaton. This well-maintained duplex offers two units with great income potential and each side has their own water bill. Property Highlights: Unit 111A: 2 bedroom, 1 bath (currently occupied) - Rent: $700/month (month-to-month lease). Features baseboard electric heat, window A/C and includes a stove, refrigerator, washer/dryer hookup. Unit 111B: 1 bedroom, 1 bath (vacant) - Recently remodeled with fresh paint and new laminate flooring - Updated with new appliances and the high-efficiency gas heat is 4 years old and includes central air. Additional Features: New roof installed on 10/2025; Low-maintenance exterior with minimal yardwork. Whether you’re looking to expand your rental portfolio or live in one unit while renting the other, this property offers flexibility and value. Property is being sold as-is. The property is owned by a licensed real estate agent. Zoning is R-2 Central Residential, per the zoning department. An attachment of the permitted uses is the supplemental information. Property sold in as-is condition.

17. 2026-01-02
    historical
18. 2025-11-26
    price $145,000
19. 2025-09-25
    listed $150,000 Active

ⓘ 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: $737 · $61/mo
• Projected year-2 tax: $1,460 · $122/mo
• Expected delta: +$722/yr (+$60/mo · 98.0%)

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

Taxation est. · year 1

• Rental income: $16,716
• − Mortgage interest: −$7,837
• − Property taxes: −$737
• − Insurance: −$700
• − Repairs & maintenance: −$1,337
• − Management: −$1,337
• − Depreciation: −$4,070
• Taxable income: $698
• Est. tax owed @ 24.0%: −$168
• After-tax cash flow: $2,797/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

This multi-family property requires moderate renovations to improve its condition and increase its value. The kitchen and bathrooms need new appliances and fixtures, and the HVAC units should be replaced.

Repairs flagged

• Minor kitchen appliances — existing appliances
• Minor bathroom fixtures — existing fixtures
• Minor HVAC units — existing units

Value-add opportunities

• Both new kitchen appliances — improves both resale and rental value
• Both new bathroom fixtures — improves both resale and rental value
• Both new HVAC units — improves both resale and rental value

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · existing appliances	Minor	$500–3,000
bathroom fixtures · existing fixtures	Minor	$500–3,000
HVAC units · existing units	Minor	$500–3,000
Total estimated repair cost · 3 items		$1,500–9,000

Value-add ROI direction

• Both new kitchen appliances — improves both resale and rental value ↑
• Both new bathroom fixtures — improves both resale and rental value ↑
• Both new HVAC units — improves both resale and rental value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

Schools (NCES district)

• District: Eaton Community City
• NCES district ID: 3904393
• Math proficiency: 67% ▼ -10.00%
• Reading proficiency: 68% ▼ -5.00%
• Median HH income: $46,677
• Composite: 56.98/100
• National rank: #1108
• State rank: #184 of 656 in OH

Livability — Eaton

• Score: 78/100
• State rank: #180
• US rank: #2768

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Eaton, OH
• County: Preble · 42,634 people
• Population (ZIP): 15,402
• Household income: $68,740
• Rent vs Own: 24.2% rent · 75.8% own
• Severe rent burden: 16.4

Population outlook (Preble County) Hauer SSP2

• Today (2025): 39,711 people
• By 2030: 38,511 · -3.0%
• By 2040: 35,783 · -9.9%
• By 2050: 33,006 · -16.9%
• By 2075: 27,067 · -31.8%
• By 2100: 21,255 · -46.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Slovak 2% Italian 2% Lithuanian 1%
• Foreign-born: 1% · Canada
• Languages at home: 98% English-only · Tagalog/Filipino 1%

Political lean MEDSL · Preble

• 2024 margin: Solid R (+59.1) · D 20.1% · R 79.2%
• 2008→2024 swing: -27.9pp toward R · 2008: -31.2pp · 2024: -59.1pp
• All cycles: 2024: R+59.1 2020: R+57.5 2016: R+54.0 2012: R+36.7 2008: R+31.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -91.15%
• Current HPI: 218.4233
• 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

-5.0% since first listed

4 events — show timeline

• 2026-04-04 Listed $142,500 Dayton MLS
• 2026-01-02 Listing Removed — Dayton MLS
• 2025-11-26 Price Changed $145,000 Dayton MLS
• 2025-09-25 Listed $150,000 Dayton MLS

Property tax history

-7.3%/yr

Latest (2025): $737 · +1.2% YoY. Source: county tax records.