149 Third · Xenia, OH 45385

$129,900

2 bd · 1.5 ba · 2,022 sqft · MultiFamily public records · 146 Days on market

Built 1900 Est $159k · 18% 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
• Schools +4.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• 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

Seller has decided to place a tenant in this property and utilize it as a single living space. Tenant will move in with a one year lease starting March 1 at $1,200/mo. Newer LVP flooring throughout majority of downstairs. Large downstairs kitchen with custom backsplash. Dining room with built in cabinetry and window seating. Laundry on first floor. Upstairs you will find a kitchen with LVP flooring and newer cabinetry. Spacious bedroom upstairs features double skylights. Newer carpet in each bedroom. Fireplace inoperable and not warranted. Roof 2016, downstairs furnace 2018, HWH 2017. One car detached garage with additional storage space.

Key facts

• Custom backsplash
• Window seating
• Newer lvp flooring

Tags

• CONVERTED TO A DUPLEX
• NEWER LVP FLOORING
• CUSTOM BACKSPLASH
• BUILT IN CABINETRY
• WINDOW SEATING
• LAUNDRY ON FIRST FLOOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath multifamily listed at $130k.

Deal economics

• At list price, monthly cash flow is $483 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $130k).
• Recommended offer: $114k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.7% vs local median 3.6% in Xenia — 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 75/100 on livability (#244 in OH, #3,892 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: amenities D+, commute F, employment F.
• Xenia Community City (suburban): math 42% / reading 53% proficiency, ranked #478 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.5%/yr); 234 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• This rent runs 36% of the median local income ($77k/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 $898 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $36k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 146 days — a 12% lower offer ($114k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 19y ago; this cycle's ask has dropped $20k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $72k; list at $130k implies a 80% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; built in 1900 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $114,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 146 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.75% ✓
• Cap rate: 14.69%
• Cash-on-cash: 30.00%
• DSCR: 2.34
• GRM: 4.8

CMA / ARV

• ARV (median comp): $159,333
• List price: $129,900
• Delta: -18.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.48% rent growth · sell at horizon

5-year hold

• IRR: 10.6%
• Equity multiple: 1.43×
• Total profit: $15,798
• Equity at exit: $19,369

10-year hold

• IRR: 22.2%
• Equity multiple: 3.19×
• Total profit: $79,589
• Equity at exit: $11,231

Cash invested: $36,372 (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 45385

• Rents YoY: 5.5%
• Active inventory: 234
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,270 high
• Mortgage (P&I): −$681
• Tax from tax record: −$149 /mo · $1,783/yr
• Insurance: −$54
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$0
• Vacancy / Maint / Mgmt: −$477
• Net cashflow: $483

Break-even live

Break-even rent $1,659

Max offer price $129,900

Occupancy floor 74%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,270
Total (2 units)			$2,270

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: $32,475
• Closing costs: $3,897
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
153 W 3rd St Xenia, OH	3.0	1.5	2006	$1,450	$0.72	2d	1	0.30mi
329 Cincinnati Ave Xenia, OH	3.0	1.5	1866	$2,300	$1.23	23d	1	0.56mi
475 Stelton Rd Unit 479 Xenia, OH	2.0	1.0	1984	$675	$0.34	23d	1	0.93mi

Listing history 45 events

1. 2026-06-18
   days on market $129,900 Active 146 DOM
2. 2026-06-17
   days on market $129,900 Active 145 DOM
3. 2026-06-16
   days on market $129,900 Active 144 DOM
4. 2026-06-15
   days on market $129,900 Active 143 DOM
5. 2026-06-14
   days on market $129,900 Active 141 DOM
6. 2026-06-13
   days on market $129,900 Active 140 DOM
7. 2026-06-10
   days on market $129,900 Active 138 DOM
8. 2026-06-09
   days on market $129,900 Active 137 DOM
9. 2026-06-08
   days on market $129,900 Active 136 DOM
10. 2026-06-07
    days on market $129,900 Active 135 DOM
11. 2026-06-05
    days on market $129,900 Active 132 DOM
12. 2026-06-03
    days on market $129,900 Active 131 DOM
13. 2026-06-02
    days on market $129,900 Active 130 DOM
14. 2026-06-01
    days on market $129,900 Active 129 DOM
15. 2026-05-31
    days on market $129,900 Active 128 DOM
16. 2026-05-31
    days on market $129,900 Active 127 DOM
17. 2026-05-08
    price $129,900 646-char remark

    Show marketing remark (646 chars)

    Seller has decided to place a tenant in this property and utilize it as a single living space. Tenant will move in with a one year lease starting March 1 at $1,200/mo. Newer LVP flooring throughout majority of downstairs. Large downstairs kitchen with custom backsplash. Dining room with built in cabinetry and window seating. Laundry on first floor. Upstairs you will find a kitchen with LVP flooring and newer cabinetry. Spacious bedroom upstairs features double skylights. Newer carpet in each bedroom. Fireplace inoperable and not warranted. Roof 2016, downstairs furnace 2018, HWH 2017. One car detached garage with additional storage space.

18. 2026-04-23
    price $139,900 646-char remark

    Show marketing remark (646 chars)

    Seller has decided to place a tenant in this property and utilize it as a single living space. Tenant will move in with a one year lease starting March 1 at $1,200/mo. Newer LVP flooring throughout majority of downstairs. Large downstairs kitchen with custom backsplash. Dining room with built in cabinetry and window seating. Laundry on first floor. Upstairs you will find a kitchen with LVP flooring and newer cabinetry. Spacious bedroom upstairs features double skylights. Newer carpet in each bedroom. Fireplace inoperable and not warranted. Roof 2016, downstairs furnace 2018, HWH 2017. One car detached garage with additional storage space.

19. 2026-03-17
    price $144,900 646-char remark

    Show marketing remark (646 chars)

    Seller has decided to place a tenant in this property and utilize it as a single living space. Tenant will move in with a one year lease starting March 1 at $1,200/mo. Newer LVP flooring throughout majority of downstairs. Large downstairs kitchen with custom backsplash. Dining room with built in cabinetry and window seating. Laundry on first floor. Upstairs you will find a kitchen with LVP flooring and newer cabinetry. Spacious bedroom upstairs features double skylights. Newer carpet in each bedroom. Fireplace inoperable and not warranted. Roof 2016, downstairs furnace 2018, HWH 2017. One car detached garage with additional storage space.

20. 2026-01-23
    listed $149,900 Active 646-char remark

    Show marketing remark (646 chars)

    Seller has decided to place a tenant in this property and utilize it as a single living space. Tenant will move in with a one year lease starting March 1 at $1,200/mo. Newer LVP flooring throughout majority of downstairs. Large downstairs kitchen with custom backsplash. Dining room with built in cabinetry and window seating. Laundry on first floor. Upstairs you will find a kitchen with LVP flooring and newer cabinetry. Spacious bedroom upstairs features double skylights. Newer carpet in each bedroom. Fireplace inoperable and not warranted. Roof 2016, downstairs furnace 2018, HWH 2017. One car detached garage with additional storage space.

21. 2025-08-11
    historical
22. 2025-05-01
    price $162,900
23. 2024-11-06
    price $164,900
24. 2024-10-25
    status Active
25. 2024-09-30
    status Pending
26. 2024-09-24
    listed $170,000 Active
27. 2024-07-26
    historical
28. 2024-07-11
    status Pending
29. 2024-07-09
    listed $149,900 Active
30. 2024-05-13
    status Active
31. 2024-05-04
    historical
32. 2024-04-19
    historical Active/Pending
33. 2024-04-03
    price $164,900
34. 2024-01-21
    price $174,900
35. 2023-12-09
    listed $199,900 Active
36. 2022-08-31
    historical
37. 2022-08-18
    price $109,900
38. 2022-06-23
    price $119,900
39. 2022-05-27
    listed $129,900 Active
40. 2016-12-31
    historical
41. 2016-07-07
    listed $61,900 Active
42. 2015-10-23
    soldstatus $72,367
43. 2007-10-24
    historical
44. 2007-04-23
    listed $68,900
45. 2005-05-19
    soldstatus $5,000

ⓘ 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: $1,783 · $149/mo
• Projected year-2 tax: $1,904 · $159/mo
• Expected delta: +$122/yr (+$10/mo · 6.8%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥99°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 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $27,240
• − Mortgage interest: −$7,276
• − Property taxes: −$1,783
• − Insurance: −$5,768
• − Repairs & maintenance: −$2,179
• − Management: −$2,179
• − Depreciation: −$3,779
• Taxable income: $4,276
• Est. tax owed @ 24.0%: −$1,026
• After-tax cash flow: $4,768/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: Xenia Community City
• NCES district ID: 3904515
• Math proficiency: 42% ▼ -16.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $46,206
• Composite: 40.31/100
• National rank: #3752
• State rank: #478 of 656 in OH

Livability — Xenia

• Score: 75/100
• State rank: #244
• US rank: #3892

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Xenia, OH
• County: Greene County · 132,120 people
• City population: 40,617
• Metro: Dayton-Kettering, OH
• Population (ZIP): 40,617
• Household income: $76,564
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 906.0

Population outlook (Greene County) Hauer SSP2

• Today (2025): 170,301 people
• By 2030: 171,840 · +0.9%
• By 2040: 171,408 · +0.7%
• By 2050: 167,806 · -1.5%
• By 2075: 154,430 · -9.3%
• By 2100: 138,669 · -18.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 6% Black 6% Hispanic / Latino 2% Asian 2%
• Common ancestry: Slovak 3% Italian 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 1% Spanish 1%

Political lean MEDSL · Greene

• 2024 margin: R (+19.8) · D 39.5% · R 59.3% · Other 1.2%
• 2008→2024 swing: -1.4pp toward R · 2008: -18.4pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+19.5 2016: R+24.5 2012: R+21.8 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.15%
• Current HPI: 239.0473
• Rent YoY: ▲ 5.48%
• 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

+2498.0% since first listed

29 events — show timeline

• 2026-05-08 Price Changed $129,900 Dayton MLS
• 2026-04-23 Price Changed $139,900 Dayton MLS
• 2026-03-17 Price Changed $144,900 Dayton MLS
• 2026-01-23 Listed $149,900 Dayton MLS
• 2025-08-11 Listing Removed — Dayton MLS
• 2025-05-01 Price Changed $162,900 Dayton MLS
• 2024-11-06 Price Changed $164,900 Dayton MLS
• 2024-10-25 Relisted — Dayton MLS
• 2024-09-30 Pending — Dayton MLS
• 2024-09-24 Listed $170,000 Dayton MLS
• 2024-07-26 Listing Removed — Dayton MLS
• 2024-07-11 Pending — Dayton MLS
• 2024-07-09 Listed $149,900 Dayton MLS
• 2024-05-13 Relisted — Dayton MLS
• 2024-05-04 Listing Removed — Dayton MLS
• 2024-04-19 Contingent — Dayton MLS
• 2024-04-03 Price Changed $164,900 Dayton MLS
• 2024-01-21 Price Changed $174,900 Dayton MLS
• 2023-12-09 Listed $199,900 Dayton MLS
• 2022-08-31 Listing Removed — Dayton MLS
• 2022-08-18 Price Changed $109,900 Dayton MLS
• 2022-06-23 Price Changed $119,900 Dayton MLS
• 2022-05-27 Listed $129,900 Dayton MLS
• 2016-12-31 Listing Removed — Dayton MLS
• 2016-07-07 Listed $61,900 Dayton MLS
• 2015-10-23 Sold (Public Records) $72,367 Public Records
• 2007-10-24 Listing Removed — Cincy MLS
• 2007-04-23 Listed $68,900 Cincy MLS
• 2005-05-19 Sold (Public Records) $5,000 Public Records

Property tax history

+4.7%/yr

Latest (2025): $1,783 · +1.8% YoY. Source: county tax records.