5008 S Kessler Frederick Rd · West Milton, OH 45373

$194,900

3 bd · 1.0 ba · 1,258 sqft · SingleFamily public records · 136 Days on market

Built 1948 3.38 ac lot $155/sqft · 25% below area Est $261k · 25% under

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Why this score? — see what drove the C- 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).

• ARV discount +15.0/15.0
• Cash flow +14.4/30.0
• Schools +4.9/10.0
• DSCR +4.4/10.0
• Rent growth +3.8/5.0
• 1% rule +3.5/10.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Investor Opportunity on Over 3 Acres in Milton-Union Schools! Welcome to 5008 S Kessler Frederick Road, a 4-bedroom home situated on a spacious rural lot of over three acres. This property presents an excellent value-add opportunity for investors, rehabbers, or buyers ready to bring new life to a home in a desirable school district. The home offers a functional layout with four bedrooms and generous living space, providing a solid canvas for renovation and improvement. With vision and updates, this property has strong potential as a flip, rental, or long-term hold. The expansive acreage adds flexibility and upside—ideal for outdoor improvements, storage, animals, or future enhancements—while still offering a peaceful country setting.

Key facts

• Over 3 acres
• Rural lot
• Functional layout

Tags

• OVER 3 ACRES
• RURAL LOT
• DESIRABLE SCHOOL DISTRICT
• FUNCTIONAL LAYOUT
• GENEROUS LIVING SPACE
• OUTDOOR IMPROVEMENTS

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $195k.

Deal economics

• At list price, monthly cash flow is $38 ($458/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $166k (14.8% below list).
• Recommended offer: $166k (14.8% below list) — sets the bar for 1% rule.
• Cap rate 6.5% vs local median 4.2% in West Milton — 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 64/100 on livability (#777 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: employment D+, amenities F, commute F.
• Milton-Union Exempted Village (rural): math 54% / reading 61% proficiency, ranked #324 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Milton-Union Elementary School (math 61% / reading 61%, grade B, #652 of 1,584 statewide, top 41%, 609 students, 0% FRL); Milton-Union Middle School (math 56% / reading 58%, grade B, #305 of 654 statewide, top 48%, 349 students, 0% FRL); Milton-Union High School (math 27% / reading 72%, grade D, #390 of 781 statewide, top 54%, 383 students, 99% FRL) — zoned schools average 33% FRL vs 62% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.1%/yr); 287 active listings in the ZIP; solid renter incomes; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

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.

Negotiation context

• It's been on market 136 days — a 12% lower offer ($172k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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 $145k; 34% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

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

Recommended offer $166,041 (14.8% below list)

Questions for the listing agent

1. It's been on market 136 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
2. Built in 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.85% ✗
• Cap rate: 6.53%
• Cash-on-cash: 0.84%
• DSCR: 1.04
• GRM: 9.8

CMA / ARV

• ARV (median comp): $260,693
• List price: $194,900
• Delta: -25.24%
• Verdict: UNDERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.06% rent growth · sell at horizon

5-year hold

• IRR: -12.8%
• Equity multiple: 0.53×
• Total profit: $-25,657
• Equity at exit: $29,060

10-year hold

• IRR: -1.0%
• Equity multiple: 0.92×
• Total profit: $-4,258
• Equity at exit: $16,851

Cash invested: $54,572 (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 45373

• Rents YoY: 5.1%
• Active inventory: 287
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $1,660 medium
• Mortgage (P&I): −$1,022
• Tax from tax record: −$170 /mo · $2,043/yr
• Insurance: −$81
• HOA: −$0
• Vacancy / Maint / Mgmt: −$349
• Net cashflow: $38

Break-even live

Break-even rent $1,612

Max offer price $194,900

Occupancy floor 93%

Sensitivity live

Price	-10% $149	-5% $93	+0% $38	+5% $-17	+10% $-72
Rent	-10% $-93	-5% $-27	+0% $38	+5% $104	+10% $169
Rate	-1.0pp $136	-0.5pp $88	base $38	+0.5pp $-12	+1.0pp $-64

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: $48,725
• Closing costs: $5,847
• Reserves months: —
• Total cash needed: —

Listing history 46 events

1. 2026-06-22
   days on market $194,900 Active 136 DOM
2. 2026-06-18
   days on market $194,900 Active 133 DOM
3. 2026-06-17
   days on market $194,900 Active 132 DOM
4. 2026-06-16
   days on market $194,900 Active 131 DOM
5. 2026-06-15
   status $194,900 Active 130 DOM
6. 2026-06-15
   days on market $194,900 ActiveUnderContract 130 DOM
7. 2026-06-14
   days on market $194,900 ActiveUnderContract 128 DOM
8. 2026-06-13
   days on market $194,900 ActiveUnderContract 127 DOM
9. 2026-06-10
   days on market $194,900 ActiveUnderContract 125 DOM
10. 2026-06-09
    days on market $194,900 ActiveUnderContract 124 DOM
11. 2026-06-08
    days on market $194,900 ActiveUnderContract 123 DOM
12. 2026-06-07
    days on market $194,900 ActiveUnderContract 122 DOM
13. 2026-06-03
    days on market $194,900 ActiveUnderContract 118 DOM
14. 2026-06-02
    days on market $194,900 ActiveUnderContract 117 DOM
15. 2026-06-01
    days on market $194,900 ActiveUnderContract 116 DOM
16. 2026-05-31
    days on market $194,900 ActiveUnderContract 115 DOM
17. 2026-05-12
    historical ActiveUnderContract 755-char remark

    Show marketing remark (755 chars)

    Investor Opportunity on Over 3 Acres in Milton-Union Schools! Welcome to 5008 S Kessler Frederick Road, a 4-bedroom home situated on a spacious rural lot of over three acres. This property presents an excellent value-add opportunity for investors, rehabbers, or buyers ready to bring new life to a home in a desirable school district. The home offers a functional layout with four bedrooms and generous living space, providing a solid canvas for renovation and improvement. With vision and updates, this property has strong potential as a flip, rental, or long-term hold. The expansive acreage adds flexibility and upside—ideal for outdoor improvements, storage, animals, or future enhancements—while still offering a peaceful country setting.

18. 2026-05-03
    price $194,900 755-char remark

    Show marketing remark (755 chars)

    Investor Opportunity on Over 3 Acres in Milton-Union Schools! Welcome to 5008 S Kessler Frederick Road, a 4-bedroom home situated on a spacious rural lot of over three acres. This property presents an excellent value-add opportunity for investors, rehabbers, or buyers ready to bring new life to a home in a desirable school district. The home offers a functional layout with four bedrooms and generous living space, providing a solid canvas for renovation and improvement. With vision and updates, this property has strong potential as a flip, rental, or long-term hold. The expansive acreage adds flexibility and upside—ideal for outdoor improvements, storage, animals, or future enhancements—while still offering a peaceful country setting.

19. 2026-02-16
    price $199,900 755-char remark

    Show marketing remark (755 chars)

    Investor Opportunity on Over 3 Acres in Milton-Union Schools! Welcome to 5008 S Kessler Frederick Road, a 4-bedroom home situated on a spacious rural lot of over three acres. This property presents an excellent value-add opportunity for investors, rehabbers, or buyers ready to bring new life to a home in a desirable school district. The home offers a functional layout with four bedrooms and generous living space, providing a solid canvas for renovation and improvement. With vision and updates, this property has strong potential as a flip, rental, or long-term hold. The expansive acreage adds flexibility and upside—ideal for outdoor improvements, storage, animals, or future enhancements—while still offering a peaceful country setting.

20. 2026-02-05
    listed $204,900 Active 755-char remark

    Show marketing remark (755 chars)

    Investor Opportunity on Over 3 Acres in Milton-Union Schools! Welcome to 5008 S Kessler Frederick Road, a 4-bedroom home situated on a spacious rural lot of over three acres. This property presents an excellent value-add opportunity for investors, rehabbers, or buyers ready to bring new life to a home in a desirable school district. The home offers a functional layout with four bedrooms and generous living space, providing a solid canvas for renovation and improvement. With vision and updates, this property has strong potential as a flip, rental, or long-term hold. The expansive acreage adds flexibility and upside—ideal for outdoor improvements, storage, animals, or future enhancements—while still offering a peaceful country setting.

21. 2025-12-16
    soldstatus $145,000
22. 2016-11-10
    soldstatus $119,900 Sold 778-char remark

    Show marketing remark (778 chars)

    This home has been owned by the same family since 1948. Large, open floor plan has lots of potential. Large eat-in kitchen features a cabinet island, much storage, and a fantastic view from the sink. Full bath and large bedroom on first floor. Second floor features 2 bedrooms and more storage space than you can imagine! Partial basement houses washer/dryer hook ups, shower, utilities, and provides access to lower level garage. 2 decks provide relaxing space. This home is being sold with 3.52 acres bordering 571. a large outbuilding can be utilized as a shed, coop, or workshop. Newer well. This home is waiting for the right person to bring it back to it's days of glory. Tons of potential, but is in need of updates, TLC, and some elbow grease. Make this one your own!

23. 2016-11-10
    soldstatus $119,900 Closed 778-char remark

    Show marketing remark (778 chars)

    This home has been owned by the same family since 1948. Large, open floor plan has lots of potential. Large eat-in kitchen features a cabinet island, much storage, and a fantastic view from the sink. Full bath and large bedroom on first floor. Second floor features 2 bedrooms and more storage space than you can imagine! Partial basement houses washer/dryer hook ups, shower, utilities, and provides access to lower level garage. 2 decks provide relaxing space. This home is being sold with 3.52 acres bordering 571. a large outbuilding can be utilized as a shed, coop, or workshop. Newer well. This home is waiting for the right person to bring it back to it's days of glory. Tons of potential, but is in need of updates, TLC, and some elbow grease. Make this one your own!

24. 2016-10-08
    status Pending 778-char remark

    Show marketing remark (778 chars)

    This home has been owned by the same family since 1948. Large, open floor plan has lots of potential. Large eat-in kitchen features a cabinet island, much storage, and a fantastic view from the sink. Full bath and large bedroom on first floor. Second floor features 2 bedrooms and more storage space than you can imagine! Partial basement houses washer/dryer hook ups, shower, utilities, and provides access to lower level garage. 2 decks provide relaxing space. This home is being sold with 3.52 acres bordering 571. a large outbuilding can be utilized as a shed, coop, or workshop. Newer well. This home is waiting for the right person to bring it back to it's days of glory. Tons of potential, but is in need of updates, TLC, and some elbow grease. Make this one your own!

25. 2016-10-03
    status Active 778-char remark

    Show marketing remark (778 chars)

    This home has been owned by the same family since 1948. Large, open floor plan has lots of potential. Large eat-in kitchen features a cabinet island, much storage, and a fantastic view from the sink. Full bath and large bedroom on first floor. Second floor features 2 bedrooms and more storage space than you can imagine! Partial basement houses washer/dryer hook ups, shower, utilities, and provides access to lower level garage. 2 decks provide relaxing space. This home is being sold with 3.52 acres bordering 571. a large outbuilding can be utilized as a shed, coop, or workshop. Newer well. This home is waiting for the right person to bring it back to it's days of glory. Tons of potential, but is in need of updates, TLC, and some elbow grease. Make this one your own!

26. 2016-09-30
    historical 778-char remark

    Show marketing remark (778 chars)

    This home has been owned by the same family since 1948. Large, open floor plan has lots of potential. Large eat-in kitchen features a cabinet island, much storage, and a fantastic view from the sink. Full bath and large bedroom on first floor. Second floor features 2 bedrooms and more storage space than you can imagine! Partial basement houses washer/dryer hook ups, shower, utilities, and provides access to lower level garage. 2 decks provide relaxing space. This home is being sold with 3.52 acres bordering 571. a large outbuilding can be utilized as a shed, coop, or workshop. Newer well. This home is waiting for the right person to bring it back to it's days of glory. Tons of potential, but is in need of updates, TLC, and some elbow grease. Make this one your own!

27. 2016-05-21
    listed $119,900 Active 778-char remark

    Show marketing remark (778 chars)

    This home has been owned by the same family since 1948. Large, open floor plan has lots of potential. Large eat-in kitchen features a cabinet island, much storage, and a fantastic view from the sink. Full bath and large bedroom on first floor. Second floor features 2 bedrooms and more storage space than you can imagine! Partial basement houses washer/dryer hook ups, shower, utilities, and provides access to lower level garage. 2 decks provide relaxing space. This home is being sold with 3.52 acres bordering 571. a large outbuilding can be utilized as a shed, coop, or workshop. Newer well. This home is waiting for the right person to bring it back to it's days of glory. Tons of potential, but is in need of updates, TLC, and some elbow grease. Make this one your own!

28. 2016-04-26
    historical
29. 2016-01-04
    price $120,000
30. 2015-10-07
    listed $129,900 Active
31. 2015-10-05
    historical
32. 2015-10-01
    listed $134,650 Active
33. 2015-09-30
    historical
34. 2015-09-30
    historical
35. 2015-08-24
    price $134,650
36. 2015-08-21
    price $134,675
37. 2015-08-20
    price $134,700
38. 2015-08-19
    price $134,725
39. 2015-08-18
    price $134,750
40. 2015-08-17
    price $134,775
41. 2015-08-14
    price $134,800
42. 2015-08-13
    price $134,825
43. 2015-08-12
    price $134,850
44. 2015-08-11
    price $134,875
45. 2015-06-03
    listed $134,900 Active
46. 2015-04-01
    listed $134,650

ⓘ 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: $2,043 · $170/mo
• Projected year-2 tax: $2,542 · $212/mo
• Expected delta: +$499/yr (+$42/mo · 24.4%)

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

Climate risk First Street

• 🌊 Flood 4/10 Moderate FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥100°F today · 17 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: $19,925
• − Mortgage interest: −$10,917
• − Property taxes: −$2,043
• − Insurance: −$974
• − Repairs & maintenance: −$1,594
• − Management: −$1,594
• − Depreciation: −$5,670
• Taxable loss: −$2,868
• Est. tax savings @ 24.0%: +$688
• After-tax cash flow: $1,147/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: Milton-Union Exempted Village
• NCES district ID: 3904551
• Math proficiency: 54% ▼ -14.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $51,479
• Composite: 49.12/100
• National rank: #2048
• State rank: #324 of 656 in OH

Livability — West Milton

• Score: 64/100
• State rank: #777
• US rank: #14077

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Miami County · 85,667 people
• Metro: Dayton-Kettering, OH
• Population (ZIP): 37,565
• Household income: $75,742
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1134.0

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 (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Asian 3% Black 3%
• Common ancestry: Lithuanian 4% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Other Asian/Pacific 2% Spanish 1% Other Indo-European 1%

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: ▼ -158.93%
• Current HPI: 211.5279
• Rent YoY: ▲ 5.06%
• 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

+44.7% since first listed

30 events — show timeline

• 2026-05-12 Contingent — Dayton MLS
• 2026-05-03 Price Changed $194,900 Dayton MLS
• 2026-02-16 Price Changed $199,900 Dayton MLS
• 2026-02-05 Listed $204,900 Dayton MLS
• 2025-12-16 Sold (Public Records) $145,000 Public Records
• 2016-11-10 Sold (MLS) $119,900 Dayton MLS
• 2016-11-10 Sold (MLS) $119,900 Dayton MLS
• 2016-10-08 Pending — Dayton MLS
• 2016-10-03 Relisted — Dayton MLS
• 2016-09-30 Listing Removed — Dayton MLS
• 2016-05-21 Listed $119,900 Dayton MLS
• 2016-04-26 Listing Removed — Dayton MLS
• 2016-01-04 Price Changed $120,000 Dayton MLS
• 2015-10-07 Listed $129,900 Dayton MLS
• 2015-10-05 Listing Removed — Dayton MLS
• 2015-10-01 Listed $134,650 Dayton MLS
• 2015-09-30 Listing Removed — WRIST
• 2015-09-30 Listing Removed — Dayton MLS
• 2015-08-24 Price Changed $134,650 Dayton MLS
• 2015-08-21 Price Changed $134,675 Dayton MLS
• 2015-08-20 Price Changed $134,700 Dayton MLS
• 2015-08-19 Price Changed $134,725 Dayton MLS
• 2015-08-18 Price Changed $134,750 Dayton MLS
• 2015-08-17 Price Changed $134,775 Dayton MLS
• 2015-08-14 Price Changed $134,800 Dayton MLS
• 2015-08-13 Price Changed $134,825 Dayton MLS
• 2015-08-12 Price Changed $134,850 Dayton MLS
• 2015-08-11 Price Changed $134,875 Dayton MLS
• 2015-06-03 Listed $134,900 Dayton MLS
• 2015-04-01 Listed $134,650 WRIST

Property tax history

+8.8%/yr

Latest (2025): $2,043 · +116.6% YoY. Source: county tax records.