509 Xenia Ave · Dayton, OH 45410

$199,800

5 bd · 3.0 ba · 3,880 sqft · MultiFamily · 29 Days on market

Built 1910 Fair condition 5,323 sqft lot Est $376k · 47% 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 +30.0/30.0
• ARV discount +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +5.0/5.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks

Here's your opportunity to own a money making property that is also the coolest building on the street! This beautiful brick building is located on Xenia Avenue right next to the old Oscar Biegel Jewlers. From the wrought iron to the corbel details, this property is truly special. Inside you will find a three bedroom one bath unit on the first floor and two small one bedroom units on the second floor. Fully occupied rinse bring in $2600 a month, owner covers utilities. Add this cool piece of Dayton history to your Portfolio today! Do not disturb tenants.

Key facts

• Wrought iron
• Brick building
• Fully occupied

Tags

• BRICK BUILDING
• WROUGHT IRON
• CORBEL DETAILS
• FULLY OCCUPIED

Property features AI

Finance

• Financial info: Gross rental income reported as $2,600; Offered for sale

Exterior

• Parking: No garage
• Home design: Two-story building; Single building containing multiple units
• Construction: Brick construction
• Exterior features: Lot approximately 0.12 acres; Zoned for residential, commercial, and mixed uses

Interior

• Bedrooms: One-bedroom and three-bedroom units (multi-unit property with 3 units)
• Bathrooms: Three full bathrooms (total)
• Heating & cooling: Window air conditioning units
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $200k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $200k).
• Recommended offer: $197k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.0% 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 fast (+11.4%/yr); 92 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $3,791/mo this rent would consume 98% of the median local household income ($47k/yr) (locally 961% 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 $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 $56k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y 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.

Risks & watch-outs

• Watch-outs: built in 1910 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $196,803 (1.5% below list)

Questions for the listing agent

1. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
2. Built in 1910 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.90% ✓
• Cap rate: 15.99%
• Cash-on-cash: 34.62%
• DSCR: 2.54
• GRM: 4.4

CMA / ARV

• ARV (on-the-fly): $376,360
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
314 Xenia Ave	0.18mi	5/3.5	4,306 (+11%)	14mo	$165,000	$38	60
2 Glencoe Ave	0.55mi	6/3.5 (+1)	3,408 (-12%)	1mo	$330,000	$97	46

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 · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 35.7%
• Equity multiple: 2.62×
• Total profit: $90,520
• Equity at exit: $29,791

10-year hold

• IRR: 44.9%
• Equity multiple: 6.41×
• Total profit: $302,617
• Equity at exit: $17,275

Cash invested: $55,944 (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 45410

• Home prices YoY: -21.4%
• Rents YoY: 11.4%
• Active inventory: 92
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $3,791 high
• Mortgage (P&I): −$1,048
• Tax est. 1.5%: −$250 /mo · $2,997/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$796
• Net cashflow: $1,614

Break-even live

Break-even rent $1,748

Max offer price $199,800

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
1× unit	3	1	$1,413
▸ 2× units	1	1	$2,378
Total (3 units)			$3,791

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: $49,950
• Closing costs: $5,994
• 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	0.67mi

Listing history 19 events

1. 2026-06-18
   days on market $199,800 Active 29 DOM
2. 2026-06-17
   days on market $199,800 Active 28 DOM
3. 2026-06-16
   days on market $199,800 Active 27 DOM
4. 2026-06-15
   days on market $199,800 Active 26 DOM
5. 2026-06-14
   days on market $199,800 Active 24 DOM
6. 2026-06-13
   days on market $199,800 Active 23 DOM
7. 2026-06-10
   days on market $199,800 Active 21 DOM
8. 2026-06-09
   days on market $199,800 Active 20 DOM
9. 2026-06-09
   price $199,800 Active 19 DOM
10. 2026-06-08
    days on market $199,900 Active 19 DOM
11. 2026-06-07
    days on market $199,900 Active 18 DOM
12. 2026-06-05
    days on market $199,900 Active 15 DOM
13. 2026-06-03
    days on market $199,900 Active 14 DOM
14. 2026-06-02
    days on market $199,900 Active 13 DOM
15. 2026-06-01
    days on market $199,900 Active 12 DOM
16. 2026-05-31
    days on market $199,900 Active 11 DOM
17. 2026-05-20
    listed $199,900 Active
18. 2022-09-17
    historical
19. 2022-08-03
    listed $159,900 Active

ⓘ 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: $45,492
• − Mortgage interest: −$11,192
• − Property taxes: −$2,997
• − Insurance: −$999
• − Repairs & maintenance: −$3,639
• − Management: −$3,639
• − Depreciation: −$5,812
• Taxable income: $17,213
• Est. tax owed @ 24.0%: −$4,131
• After-tax cash flow: $15,238/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 · 1 photo

Fair 45/100 Moderate rehab

A well-maintained multi-family property with good curb appeal and moderate renovation needs. Potential for increased value through exterior painting and HVAC servicing.

Repairs flagged

• Minor air conditioning units — Units appear old and may need servicing
• Minor roof inspection — No visible damage, but may need inspection

Value-add opportunities

• Both paint exterior trim — Enhances curb appeal and resale value
• Rental service HVAC units — Ensures units are functioning properly and reduces maintenance costs

Renovation cost estimate screening

Repair item	Severity	Est. cost
air conditioning units · Units appear old and may need servicing	Minor	$500–3,000
roof inspection · No visible damage, but may need inspection	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both paint exterior trim — Enhances curb appeal and resale value ↑
• Rental service HVAC units — Ensures units are functioning properly and reduces maintenance costs ↑

ⓘ 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: 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): 14,694
• Household income: $46,651
• Rent vs Own: 50.7% rent · 49.3% own
• Severe rent burden: 961.0

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 (71%)
• Race & ethnicity: White 71% Black 15% Hispanic / Latino 7% Two or more races 6% Asian 1%
• Hispanic origin (detail): Mexican 3%
• Common ancestry: Lithuanian 2% Iranian 2% Slovak 2%
• Foreign-born: 5% · Canada, United Kingdom
• Languages at home: 91% English-only · Spanish 6% Tagalog/Filipino 1% 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: ▼ -100.61%
• Current HPI: 369.3938
• Rent YoY: ▲ 11.37%
• 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

+25.0% since first listed

3 events — show timeline

• 2026-05-20 Listed $199,900 Dayton MLS
• 2022-09-17 Listing Removed — Dayton MLS
• 2022-08-03 Listed $159,900 Dayton MLS