23 Cliff St · Dayton, OH 45405

$88,000

6 bd · 2.0 ba · 2,492 sqft · MultiFamily public records · 61 Days on market

Built 1923 6,630 sqft lot $35/sqft · 41% below area Est $150k · 41% 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 +3.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• 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: 2 units. confirmed

Listing remarks MLS

Exceptional opportunity-Investor Alert! 2-story duplex in good rental district off N. Main near Hillcrest. Close to park, major bus stop, commerce, downtown, major highways, school. Home offers on each side: first floor: Living room, dining room, kitchen. Second floor: 3 bedrooms, full bath. 1/2 of unfinished basement where mechanics are located. 2 car detached garage in back. Potential rents for section eight $1200-$1400 per month. Property needs some rehab and repairs but will be sold strictly as is. Cash offers or rehab loans, hard money loans accepted. New Buyer agrees to sign City of Dayton Disclosure for Transferring property at closing. Important: Sold as is. Must have proof of funds with offer, seller will accept list price offers only. Priced well below typical market value and nothing else in entire city offers this value and opportunity. Estimated rehab cost $30-$40K tops. Instant sweat equity and great income. Make your move today-Call NOW!

Key facts

• 6,630 sq ft lot
• 2 garage spots
• Built 1923

🏷️ Possibly a rental listed for sale. The $88,000 price doesn't fit this home's estimated sale value (~$150,071) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $88k.

Deal economics

• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $582/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $88k).
• Recommended offer: $83k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.2% 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 (+4.3%/yr); 134 active listings in the ZIP; 1 comparable units currently listed for rent nearby; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $2,157/mo this rent would consume 59% of the median local household income ($44k/yr) (locally 1475% 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 $608 of loan paydown is wiped out by about $3k 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 + 4.3% rent growth), your $25k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 61 days — a 6% lower offer ($83k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $42k; list at $88k implies a 111% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1923 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $82,720 (6.0% below list)

Questions for the listing agent

1. It's been on market 61 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. Built in 1923 — 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: 2.45% ✓
• Cap rate: 22.17%
• Cash-on-cash: 56.71%
• DSCR: 3.52
• GRM: 3.4

CMA / ARV

• ARV (median comp): $150,071
• List price: $88,000
• Delta: -41.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
42 Pointview Ave #40	0.12mi	6/—	2,480 (-0%)	8mo	$185,000	$75	87
46-48 E Hillcrest Ave #46	0.22mi	6/2.0	2,408 (-3%)	7mo	$40,000	$17	79
337-339 Knecht Dr #337	0.41mi	6/2.0	2,456 (-1%)	6mo	$191,500	$78	74
29 Ernst Ave #29	0.51mi	6/—	2,600 (+4%)	6mo	$23,210	$9	64
312 Pointview Ave	0.43mi	6/2.0	2,292 (-8%)	4mo	$70,000	$31	63
25 Redder Ave	0.62mi	6/2.0	2,568 (+3%)	5mo	$159,900	$62	62
2411 N Main St Unit 2409 & 2411	0.50mi	6/2.5	2,658 (+7%)	3mo	$171,000	$64	61
53 W Norman Ave Unit 51 & 53	0.63mi	6/2.5	2,560 (+3%)	4mo	$190,000	$74	60
631 W Norman Ave #629	0.71mi	6/2.0	2,458 (-1%)	8mo	$118,000	$48	59
223 W Parkwood Dr #221	0.53mi	6/3.0	2,562 (+3%)	12mo	$178,600	$70	57
98 W Hudson Ave #96	0.71mi	6/2.0	2,352 (-6%)	4mo	$145,000	$62	55
2059 Catalpa Dr #2057	0.73mi	6/2.0	2,628 (+6%)	10mo	$179,900	$68	49

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 · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 56.6%
• Equity multiple: 3.55×
• Total profit: $62,842
• Equity at exit: $13,121

10-year hold

• IRR: 62.0%
• Equity multiple: 7.60×
• Total profit: $162,608
• Equity at exit: $7,609

Cash invested: $24,640 (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 45405

• Rents YoY: 4.3%
• Active inventory: 134
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,157 high
• Mortgage (P&I): −$461
• Tax from tax record: −$41 /mo · $497/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$453
• Net cashflow: $1,164

Break-even live

Break-even rent $683

Max offer price $88,000

Occupancy floor 41%

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,158
Total (2 units)			$2,157

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: $22,000
• Closing costs: $2,640
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
932 Harvard Blvd Dayton, OH	5.0	2.0	1986	$1,500	$0.76	43d	1	1.42mi

Listing history 9 events

1. 2026-05-31
   days on market $88,000 Active 61 DOM
2. 2026-03-31
   listed $88,000 Active 966-char remark

   Show marketing remark (966 chars)

   Exceptional opportunity-Investor Alert! 2-story duplex in good rental district off N. Main near Hillcrest. Close to park, major bus stop, commerce, downtown, major highways, school. Home offers on each side: first floor: Living room, dining room, kitchen. Second floor: 3 bedrooms, full bath. 1/2 of unfinished basement where mechanics are located. 2 car detached garage in back. Potential rents for section eight $1200-$1400 per month. Property needs some rehab and repairs but will be sold strictly as is. Cash offers or rehab loans, hard money loans accepted. New Buyer agrees to sign City of Dayton Disclosure for Transferring property at closing. Important: Sold as is. Must have proof of funds with offer, seller will accept list price offers only. Priced well below typical market value and nothing else in entire city offers this value and opportunity. Estimated rehab cost $30-$40K tops. Instant sweat equity and great income. Make your move today-Call NOW!

3. 2025-02-09
   price $79,900
4. 2024-08-17
   price $86,000
5. 2024-08-11
   price $89,900
6. 2024-05-10
   price $98,000
7. 1989-05-08
   soldstatus $41,750
8. 1981-10-05
   soldstatus $33,499
9. 1981-10-01
   soldstatus $33,499

ⓘ 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: $497 · $41/mo
• Projected year-2 tax: $935 · $78/mo
• Expected delta: +$438/yr (+$36/mo · 88.0%)

ⓘ 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 ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,884
• − Mortgage interest: −$4,929
• − Property taxes: −$497
• − Insurance: −$440
• − Repairs & maintenance: −$2,071
• − Management: −$2,071
• − Depreciation: −$2,560
• Taxable income: $13,316
• Est. tax owed @ 24.0%: −$3,196
• After-tax cash flow: $10,777/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: 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): 18,955
• Household income: $43,973
• Rent vs Own: 64.0% rent · 36.0% own
• Severe rent burden: 1475.0

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 Black (68%)
• Race & ethnicity: Black 68% White 23% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 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: ▼ -125.58%
• Current HPI: 173.4962
• Rent YoY: ▲ 4.34%
• 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

+162.7% since first listed

8 events — show timeline

• 2026-03-31 Listed $88,000 Dayton MLS
• 2025-02-09 Price Changed $79,900 Dayton MLS
• 2024-08-17 Price Changed $86,000 Dayton MLS
• 2024-08-11 Price Changed $89,900 Dayton MLS
• 2024-05-10 Price Changed $98,000 Dayton MLS
• 1989-05-08 Sold (Public Records) $41,750 Public Records
• 1981-10-05 Sold (Public Records) $33,499 Public Records
• 1981-10-01 Sold (Public Records) $33,499 Public Records

Property tax history

-13.1%/yr

Latest (2025): $497 · -32.8% YoY. Source: county tax records.