None · Kettering, OH 45409

$210,000

3 bd · 2.0 ba · 1,412 sqft · MultiFamily public records · 21 Days on market

Built 1948 871 sqft lot $149/sqft · 14% below area Est $245k · 14% under

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Why this score? — see what drove the B- 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 +21.7/30.0
• ARV discount +14.0/15.0
• DSCR +6.9/10.0
• 1% rule +5.9/10.0
• Schools +5.2/10.0
• Rent growth +5.0/5.0
• Livability +4.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

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

This versatile home is already classified as a two-family property, offering excellent potential to convert it into two rental units. It is currently used as a residential home featuring 3 rooms, 1 full bathroom, and 1 half bathroom. Property is "sold as is". Upgraded roof replaced by the insurance at the end of 2023. Stucco external wall recently done. Convenient laundry area with easy access, ideal for future duplex configuration uses. Bamboo flooring, granite kitchen counter and good windows.

Key facts

• Garage
• Built 1948
• Listed 21 days

Property features AI

Exterior

• Parking: Detached garage; 1 garage space
• Utilities: Public water; Public sewer
• Home design: Single family residence; Two levels; No common walls; Built in 1948
• Exterior features: Block foundation

Interior

• Bathrooms: 2 full bathrooms; 1 half bathroom (2.5 total bathrooms)
• Interior features: Living area of 1,412

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath multifamily listed at $210k.

Deal economics

• At list price, monthly cash flow is $321 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $210k).
• Recommended offer: $207k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.1% vs local median 4.4% in Kettering — 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 83/100 on livability (#61 in OH, #922 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: commute F.
• Kettering City School District (suburban): math 54% / reading 68% proficiency, ranked #277 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+10.8%/yr); 53 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 15d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• This rent runs 31% of the median local income ($87k/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 $1k of loan paydown is wiped out by about $6k 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 + 8.0% rent growth), your $59k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 21 days — a 2% lower offer ($207k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 2y 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 $80k; list at $210k implies a 162% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $206,850 (1.5% below list)

Questions for the listing agent

1. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.09% ✓
• Cap rate: 8.13%
• Cash-on-cash: 6.55%
• DSCR: 1.29
• GRM: 7.7

CMA / ARV

• ARV (median comp): $245,256
• List price: $210,000
• Delta: -14.38%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -0.6%
• Equity multiple: 0.97×
• Total profit: $-1,484
• Equity at exit: $31,312

10-year hold

• IRR: 13.8%
• Equity multiple: 2.36×
• Total profit: $80,066
• Equity at exit: $18,157

Cash invested: $58,800 (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 45409

• Rents YoY: 10.8%
• Active inventory: 53
• Price-to-rent: 15.4×

Monthly cashflow live

• Estimated rent: $2,279 medium
• Mortgage (P&I): −$1,101
• Tax from tax record: −$291 /mo · $3,487/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$479
• Net cashflow: $321

Break-even live

Break-even rent $1,873

Max offer price $210,000

Occupancy floor 81%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,280
Total (2 units)			$2,279

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 10 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4421 Grayson St Dayton, OH	3.0	1.0	1040	$1,745	$1.68	23d	1	0.21mi
301 Henrich Dr Dayton, OH	3.0	1.0	1040	$1,745	$1.68	3d	1	0.29mi
401 Orangewood Dr Dayton, OH	3.0	1.0	1040	$1,745	$1.68	44d	1	0.30mi
521 Oakview Dr Dayton, OH	4.0	2.0	1404	$1,995	$1.42	44d	1	0.45mi
508 Schuyler Dr Dayton, OH	3.0	1.0	1120	$2,075	$1.85	3d	1	0.59mi
4354 Meadowcroft Rd Dayton, OH	3.0	1.5	1155	$1,600	$1.39	3d	1	1.08mi
1532 Lynnfield Dr Unit 1530 Kettering, OH	2.0	1.0	1000	$1,450	$1.45	23d	1	1.21mi
3212 Ackerman Blvd Dayton, OH	3.0	2.0	1542	$1,475	$0.96	3d	1	1.25mi
3190 Cobblestone Ln Dayton, OH	3.0	2.5	1650	$2,200	$1.33	14d	1	1.40mi
562 East Dr Dayton, OH	2.0	1.0	1218	$950	$0.78	3d	1	1.46mi

Listing history 22 events

1. 2026-06-18
   days on market $210,000 Active 21 DOM
2. 2026-06-17
   days on market $210,000 Active 20 DOM
3. 2026-06-16
   days on market $210,000 Active 19 DOM
4. 2026-06-15
   days on market $210,000 Active 18 DOM
5. 2026-06-14
   days on market $210,000 Active 16 DOM
6. 2026-06-13
   days on market $210,000 Active 15 DOM
7. 2026-06-10
   days on market $210,000 Active 13 DOM
8. 2026-06-09
   days on market $210,000 Active 12 DOM
9. 2026-06-08
   days on market $210,000 Active 11 DOM
10. 2026-06-07
    days on market $210,000 Active 10 DOM
11. 2026-06-05
    days on market $210,000 Active 7 DOM
12. 2026-06-03
    days on market $210,000 Active 6 DOM
13. 2026-06-02
    days on market $210,000 Active 5 DOM
14. 2026-06-01
    days on market $210,000 Active 4 DOM
15. 2026-05-31
    days on market $210,000 Active 3 DOM
16. 2026-05-12
    listed $210,000 Active 510-char remark

    Show marketing remark (510 chars)

    This versatile home is already classified as a two-family property, offering excellent potential to convert it into two rental units. It is currently used as a residential home featuring 3 rooms, 1 full bathroom, and 1 half bathroom. Property is "sold as is". Upgraded roof replaced by the insurance at the end of 2023. Stucco external wall recently done. Convenient laundry area with easy access, ideal for future duplex configuration uses. Bamboo flooring, granite kitchen counter and good windows.

17. 2025-09-04
    price $225,000
18. 2024-10-29
    historical
19. 2024-10-03
    price $230,000
20. 2024-09-06
    listed $240,000 Active
21. 2021-01-22
    soldstatus $80,000
22. 1985-06-19
    soldstatus $42,000

ⓘ 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: $3,487 · $291/mo
• Projected year-2 tax: $3,487 · $291/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,348
• − Mortgage interest: −$11,763
• − Property taxes: −$3,487
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,188
• − Management: −$2,188
• − Depreciation: −$6,109
• Taxable income: $563
• Est. tax owed @ 24.0%: −$135
• After-tax cash flow: $3,718/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: Kettering City School District
• NCES district ID: 3904418
• Math proficiency: 54% ▼ -21.00%
• Reading proficiency: 68% ▼ -9.00%
• Median HH income: $50,353
• Composite: 51.89/100
• National rank: #1653
• State rank: #277 of 656 in OH

Livability — Kettering

• Score: 83/100
• State rank: #61
• US rank: #922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kettering, OH
• County: Montgomery County · 459,541 people
• City population: 73,116
• Metro: Dayton-Kettering, OH
• Population (ZIP): 15,293
• Household income: $87,283
• Rent vs Own: 27.8% rent · 72.2% own
• Severe rent burden: 185.0

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 (83%)
• Race & ethnicity: White 83% Hispanic / Latino 6% Two or more races 5% Black 5% Asian 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 4% Italian 4% Slovak 2%
• Foreign-born: 4% · China, Canada, Vietnam
• Languages at home: 92% English-only · Spanish 4% Chinese 1% Other Indo-European 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: ▼ -199.63%
• Current HPI: 225.554
• Rent YoY: ▲ 10.84%
• 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

+400.0% since first listed

8 events — show timeline

• 2026-05-12 Listed $210,000 Dayton MLS
• 2026-05-07 Listed $210,000 CBRMLS
• 2025-09-04 Price Changed $225,000 Dayton MLS
• 2024-10-29 Listing Removed — Dayton MLS
• 2024-10-03 Price Changed $230,000 Dayton MLS
• 2024-09-06 Listed $240,000 Dayton MLS
• 2021-01-22 Sold (Public Records) $80,000 Public Records
• 1985-06-19 Sold (Public Records) $42,000 Public Records

Property tax history

+3.7%/yr

Latest (2025): $3,487 · -0.2% YoY. Source: county tax records.