128 S Wayne St · Piqua, OH 45356

$147,800

4 bd · 2.0 ba · 1,864 sqft · MultiFamily public records · 98 Days on market

Built 1920 3,049 sqft lot $79/sqft · 52% above area

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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
• DSCR +10.0/10.0
• 1% rule +9.1/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Great opportunity to own a duplex in Piqua! This well-maintained property features two spacious 2-bedroom, 1-bath units. Tenants are responsible for heat and electric, helping maximize your cash flow. The property offers a full basement for additional storage and convenient off-street parking located at the rear of the building. A new breaker panel was installed in July 2023, adding peace of mind for the next owner. Whether you’re looking to expand your portfolio or start investing, this is a solid, turn-key opportunity! Total rental income of $1950 per month and new roof May 2026

Key facts

• 3,049 sq ft lot
• Built 1920
• Listed 98 days

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $148k.

Deal economics

• At list price, monthly cash flow is $753 ($9k/yr) — positive. Per door: $376/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $148k).
• Recommended offer: $134k (9.0% below list) — sets the bar for market timing.
• Cap rate 12.4% vs local median 4.7% in Piqua — 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 62/100 on livability (#887 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Piqua City (rural): math 45% / reading 50% proficiency, ranked #482 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 139 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• This rent runs 36% of the median local income ($69k/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 $4k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $41k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 98 days — a 9% lower offer ($134k) is reasonable based on typical stale-listing flexibility.
• 13 sale attempts since 15y 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 $22k; list at $148k implies a 557% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $134,498 (9.0% below list)

Questions for the listing agent

1. It's been on market 98 days. Have you received any prior offers? Is the seller open to a 9% 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 1920 — 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: 1.41% ✓
• Cap rate: 12.40%
• Cash-on-cash: 21.82%
• DSCR: 1.97
• GRM: 5.9

CMA / ARV

• ARV (median comp): $97,046
• List price: $147,800
• Delta: 52.30%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
519 Miami St	0.38mi	4/2.0	1,870 (+0%)	12mo	$100,000	$53	72
127 First St	0.24mi	4/2.0	2,036 (+9%)	17mo	$84,750	$42	59
127-129 1st St	0.24mi	4/2.0	2,036 (+9%)	17mo	$84,750	$42	59
650 N Main St	0.51mi	3/2.0 (-1)	1,892 (+2%)	14mo	$100,000	$53	57
303 S Roosevelt Ave	0.20mi	3/2.0 (-1)	1,694 (-9%)	17mo	$84,750	$50	56
508 W High St	0.33mi	4/2.0	2,076 (+11%)	15mo	$122,500	$59	53
329 Gordon St	0.54mi	3/2.0 (-1)	1,840 (-1%)	19mo	$165,500	$90	52
513 S Downing St	0.29mi	5/2.0 (+1)	2,127 (+14%)	11mo	$90,000	$42	49
444 E Ash St	0.52mi	4/3.0	1,956 (+5%)	18mo	$185,000	$95	49
428 2nd St	0.59mi	5/2.0 (+1)	1,988 (+7%)	11mo	$90,000	$45	47
650 S Roosevelt Ave	0.48mi	4/2.0	1,664 (-11%)	17mo	$81,000	$49	46
423 E Greene St	0.50mi	3/2.0 (-1)	1,699 (-9%)	14mo	$178,000	$105	45

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: 14.5%
• Equity multiple: 1.58×
• Total profit: $23,933
• Equity at exit: $22,037

10-year hold

• IRR: 23.2%
• Equity multiple: 2.99×
• Total profit: $82,369
• Equity at exit: $12,779

Cash invested: $41,384 (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 45356

• Active inventory: 139
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $2,086 high
• Mortgage (P&I): −$775
• Tax from tax record: −$59 /mo · $705/yr
• Insurance: −$62
• HOA: −$0
• Vacancy / Maint / Mgmt: −$438
• Net cashflow: $753

Break-even live

Break-even rent $1,133

Max offer price $147,800

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,086
Total (2 units)			$2,086

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: $36,950
• Closing costs: $4,434
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 E High St Piqua, OH	3.0	1.0	1500	$1,365	$0.91	3d	1	0.26mi
519 Ann St Piqua, OH	3.0	1.0	1388	$1,300	$0.94	3d	1	0.74mi

Listing history 50 events

1. 2026-06-18
   days on market $147,800 Active 98 DOM
2. 2026-06-17
   days on market $147,800 Active 97 DOM
3. 2026-06-16
   days on market $147,800 Active 96 DOM
4. 2026-06-15
   days on market $147,800 Active 95 DOM
5. 2026-06-14
   days on market $147,800 Active 93 DOM
6. 2026-06-13
   days on market $147,800 Active 92 DOM
7. 2026-06-10
   days on market $147,800 Active 90 DOM
8. 2026-06-09
   days on market $147,800 Active 89 DOM
9. 2026-06-08
   days on market $147,800 Active 88 DOM
10. 2026-06-07
    days on market $147,800 Active 87 DOM
11. 2026-06-05
    days on market $147,800 Active 84 DOM
12. 2026-06-03
    days on market $147,800 Active 83 DOM
13. 2026-06-02
    days on market $147,800 Active 82 DOM
14. 2026-06-01
    days on market $147,800 Active 81 DOM
15. 2026-05-31
    days on market $147,800 Active 80 DOM
16. 2026-05-31
    days on market $147,800 Active 79 DOM
17. 2026-04-30
    status Active 593-char remark

    Show marketing remark (593 chars)

    Great opportunity to own a duplex in Piqua! This well-maintained property features two spacious 2-bedroom, 1-bath units. Tenants are responsible for heat and electric, helping maximize your cash flow. The property offers a full basement for additional storage and convenient off-street parking located at the rear of the building. A new breaker panel was installed in July 2023, adding peace of mind for the next owner. Whether you’re looking to expand your portfolio or start investing, this is a solid, turn-key opportunity! Total rental income of $1950 per month and new roof May 2026

18. 2026-04-20
    historical ActiveUnderContract 593-char remark

    Show marketing remark (593 chars)

    Great opportunity to own a duplex in Piqua! This well-maintained property features two spacious 2-bedroom, 1-bath units. Tenants are responsible for heat and electric, helping maximize your cash flow. The property offers a full basement for additional storage and convenient off-street parking located at the rear of the building. A new breaker panel was installed in July 2023, adding peace of mind for the next owner. Whether you’re looking to expand your portfolio or start investing, this is a solid, turn-key opportunity! Total rental income of $1950 per month and new roof May 2026

19. 2026-04-13
    price $148,900 593-char remark

    Show marketing remark (593 chars)

    Great opportunity to own a duplex in Piqua! This well-maintained property features two spacious 2-bedroom, 1-bath units. Tenants are responsible for heat and electric, helping maximize your cash flow. The property offers a full basement for additional storage and convenient off-street parking located at the rear of the building. A new breaker panel was installed in July 2023, adding peace of mind for the next owner. Whether you’re looking to expand your portfolio or start investing, this is a solid, turn-key opportunity! Total rental income of $1950 per month and new roof May 2026

20. 2026-03-12
    listed $149,900 Active 593-char remark

    Show marketing remark (593 chars)

    Great opportunity to own a duplex in Piqua! This well-maintained property features two spacious 2-bedroom, 1-bath units. Tenants are responsible for heat and electric, helping maximize your cash flow. The property offers a full basement for additional storage and convenient off-street parking located at the rear of the building. A new breaker panel was installed in July 2023, adding peace of mind for the next owner. Whether you’re looking to expand your portfolio or start investing, this is a solid, turn-key opportunity! Total rental income of $1950 per month and new roof May 2026

21. 2024-03-23
    historical
22. 2023-12-07
    status Active
23. 2023-12-07
    status Active
24. 2023-12-02
    status Pending
25. 2023-12-01
    historical
26. 2023-11-29
    historical Active/Pending
27. 2023-10-18
    price $115,000
28. 2023-10-18
    status Active
29. 2023-10-18
    price $115,000
30. 2023-09-18
    price $118,000
31. 2023-09-18
    status Active
32. 2023-09-18
    price $118,000
33. 2023-08-24
    status Active
34. 2023-08-13
    status Pending
35. 2023-08-13
    status Pending
36. 2023-08-13
    historical
37. 2023-08-12
    listed $119,000 Active
38. 2023-08-12
    listed $119,000 Active
39. 2017-10-09
    soldstatus $22,500
40. 2017-09-06
    soldstatus $22,500
41. 2017-08-31
    soldstatus $22,500 Sold
42. 2017-08-31
    soldstatus $22,500 Closed
43. 2017-08-31
    soldstatus $22,500
44. 2017-08-16
    status Pending
45. 2017-02-06
    listed $32,000
46. 2016-07-05
    listed $32,000 Active
47. 2016-06-24
    listed $32,000
48. 2012-02-02
    soldstatus $15,000
49. 2012-01-31
    soldstatus $15,000
50. 2011-07-05
    listed $25,000

ⓘ 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: $705 · $59/mo
• Projected year-2 tax: $1,505 · $125/mo
• Expected delta: +$800/yr (+$67/mo · 113.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,032
• − Mortgage interest: −$8,279
• − Property taxes: −$705
• − Insurance: −$739
• − Repairs & maintenance: −$2,003
• − Management: −$2,003
• − Depreciation: −$4,300
• Taxable income: $7,004
• Est. tax owed @ 24.0%: −$1,681
• After-tax cash flow: $7,349/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: Piqua City
• NCES district ID: 3904464
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $41,751
• Composite: 39.91/100
• National rank: #3855
• State rank: #482 of 656 in OH

Livability — Piqua

• Score: 62/100
• State rank: #887
• US rank: #16830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Piqua, OH
• County: Miami County · 85,667 people
• City population: 25,237
• Metro: Dayton-Kettering, OH
• Population (ZIP): 25,237
• Household income: $69,188
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 748.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 107,816 people
• By 2030: 108,896 · +1.0%
• By 2040: 109,581 · +1.6%
• By 2050: 108,110 · +0.3%
• By 2075: 101,523 · -5.8%
• By 2100: 85,787 · -20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 2% Hispanic / Latino 1%
• Common ancestry: Iranian 2% Italian 2% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Vietnamese 0%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.1%
• 2008→2024 swing: -16.6pp toward R · 2008: -28.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.3 2016: R+45.6 2012: R+35.6 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -137.96%
• Current HPI: 251.435
• Rent YoY: —
• 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

+431.8% since first listed

35 events — show timeline

• 2026-04-30 Relisted — Dayton MLS
• 2026-04-20 Contingent — Dayton MLS
• 2026-04-13 Price Changed $148,900 Dayton MLS
• 2026-03-12 Listed $149,900 Dayton MLS
• 2024-03-23 Listing Removed — Dayton MLS
• 2023-12-07 Relisted — WRIST
• 2023-12-07 Relisted — Dayton MLS
• 2023-12-02 Pending — WRIST
• 2023-12-01 Listing Removed — WRIST
• 2023-11-29 Contingent — Dayton MLS
• 2023-10-18 Price Changed $115,000 Dayton MLS
• 2023-10-18 Relisted — WRIST
• 2023-10-18 Price Changed $115,000 WRIST
• 2023-09-18 Price Changed $118,000 Dayton MLS
• 2023-09-18 Relisted — WRIST
• 2023-09-18 Price Changed $118,000 WRIST
• 2023-08-24 Relisted — Dayton MLS
• 2023-08-13 Pending — WRIST
• 2023-08-13 Pending — Dayton MLS
• 2023-08-13 Listing Removed — WRIST
• 2023-08-12 Listed $119,000 WRIST
• 2023-08-12 Listed $119,000 Dayton MLS
• 2017-10-09 Sold (MLS) $22,500 WRIST
• 2017-09-06 Sold (Public Records) $22,500 Public Records
• 2017-08-31 Sold (MLS) $22,500 WRIST
• 2017-08-31 Sold (MLS) $22,500 Dayton MLS
• 2017-08-31 Sold (MLS) $22,500 Dayton MLS
• 2017-08-16 Pending — Dayton MLS
• 2017-02-06 Listed $32,000 WRIST
• 2016-07-05 Listed $32,000 Dayton MLS
• 2016-06-24 Listed $32,000 WRIST
• 2012-02-02 Sold (Public Records) $15,000 Public Records
• 2012-01-31 Sold (MLS) $15,000 WRIST
• 2011-07-05 Listed $25,000 WRIST
• 1990-11-08 Sold (Public Records) $28,000 Public Records

Property tax history

+4.0%/yr

Latest (2025): $705 · +64.1% YoY. Source: county tax records.