2005 Wayne Ave · Dayton, OH 45410

$375,000

8 bd · 3.0 ba · 3,800 sqft · MultiFamily public records · 34 Days on market

Built 1885 8,250 sqft lot $99/sqft · 50% above area

---

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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +5.0/5.0
• 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: 8 units. estimate disagrees with records

Listing remarks MLS

High-Upside 8 - Unit Multi-Family Investment Opportunity. This property consists of six studio units and two one-bedroom units offering strong upside potential for investors seeking to expand their portfolio or increase cash flow through lease-up opportunities. Three studio units and one 1-bedroom unit are currently vacant with the current owner actively rehabbing two of the units for lease-up. Positioned in a proven rental market, this property presents an excellent opportunity to secure a high performing asset with future growth potential. Tenants are responsible for their own electric, while the owner covers water, trash, and gas. A monthly utility fee is collected from tenants to offset these expenses. Financials based on Pro-forma at full occupancy, not actual.

Key facts

• 8,250 sq ft lot
• Built 1885
• Listed 34 days

What this means for you Summary

Snapshot

• This is a 2×1bd/1ba + 6×?bd/1ba units multifamily listed at $375k.

Deal economics

• At list price, monthly cash flow is $3k ($38k/yr) — positive. Per door: $399/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($7k rent vs $375k).
• Recommended offer: $364k (3.0% below list) — sets the bar for market timing.
• Cap rate 16.5% 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; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $7,104/mo this rent would consume 183% 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 $3k of loan paydown is wiped out by about $11k 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 $105k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 34 days — a 3% lower offer ($364k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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 $118k; list at $375k implies a 218% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1885 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $363,750 (3.0% below list)

Questions for the listing agent

1. It's been on market 34 days. Have you received any prior offers? Is the seller open to a 3% 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 1885 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.89% ✓
• Cap rate: 16.51%
• Cash-on-cash: 36.48%
• DSCR: 2.62
• GRM: 4.4

CMA / ARV

• ARV (median comp): $249,619
• List price: $375,000
• Delta: 50.23%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 37.7%
• Equity multiple: 2.72×
• Total profit: $180,093
• Equity at exit: $55,914

10-year hold

• IRR: 46.6%
• Equity multiple: 6.61×
• Total profit: $589,502
• Equity at exit: $32,423

Cash invested: $105,000 (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: 34.1×

Monthly cashflow live

• Estimated rent: $7,104 medium
• Mortgage (P&I): −$1,967
• Tax from tax record: −$297 /mo · $3,566/yr
• Insurance: −$156
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,492
• Net cashflow: $3,192

Break-even live

Break-even rent $3,063

Max offer price $375,000

Occupancy floor 50%

Sensitivity live

Price	-10% $3,404	-5% $3,298	+0% $3,192	+5% $3,086	+10% $2,980
Rent	-10% $2,631	-5% $2,912	+0% $3,192	+5% $3,473	+10% $3,753
Rate	-1.0pp $3,381	-0.5pp $3,288	base $3,192	+0.5pp $3,095	+1.0pp $2,996

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,834
▸ 6× units	0	1	$5,268
Total (8 units)			$7,104

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: $93,750
• Closing costs: $11,250
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $375,000 Active 34 DOM
2. 2026-06-17
   days on market $375,000 Active 33 DOM
3. 2026-06-16
   days on market $375,000 Active 32 DOM
4. 2026-06-15
   days on market $375,000 Active 31 DOM
5. 2026-06-14
   days on market $375,000 Active 29 DOM
6. 2026-06-13
   days on market $375,000 Active 28 DOM
7. 2026-06-10
   days on market $375,000 Active 26 DOM
8. 2026-06-09
   days on market $375,000 Active 25 DOM
9. 2026-06-08
   days on market $375,000 Active 24 DOM
10. 2026-06-07
    days on market $375,000 Active 23 DOM
11. 2026-06-05
    days on market $375,000 Active 20 DOM
12. 2026-06-03
    days on market $375,000 Active 19 DOM
13. 2026-06-02
    days on market $375,000 Active 18 DOM
14. 2026-06-01
    days on market $375,000 Active 17 DOM
15. 2026-05-31
    days on market $375,000 Active 16 DOM
16. 2026-05-15
    listed $375,000 Active 776-char remark

    Show marketing remark (776 chars)

    High-Upside 8 - Unit Multi-Family Investment Opportunity. This property consists of six studio units and two one-bedroom units offering strong upside potential for investors seeking to expand their portfolio or increase cash flow through lease-up opportunities. Three studio units and one 1-bedroom unit are currently vacant with the current owner actively rehabbing two of the units for lease-up. Positioned in a proven rental market, this property presents an excellent opportunity to secure a high performing asset with future growth potential. Tenants are responsible for their own electric, while the owner covers water, trash, and gas. A monthly utility fee is collected from tenants to offset these expenses. Financials based on Pro-forma at full occupancy, not actual.

17. 2026-02-12
    historical
18. 2025-12-05
    price $385,000
19. 2025-10-26
    listed $400,000 Active
20. 2004-04-14
    soldstatus $118,000
21. 1994-09-08
    soldstatus $75,000
22. 1994-09-08
    soldstatus $75,000
23. 1990-10-31
    soldstatus $66,000
24. 1986-04-30
    soldstatus $69,900
25. 1984-07-12
    soldstatus $63,500

ⓘ 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: $3,566 · $297/mo
• Projected year-2 tax: $4,708 · $392/mo
• Expected delta: +$1,142/yr (+$95/mo · 32.0%)

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

Taxation est. · year 1

• Rental income: $85,248
• − Mortgage interest: −$21,006
• − Property taxes: −$3,566
• − Insurance: −$1,875
• − Repairs & maintenance: −$6,820
• − Management: −$6,820
• − Depreciation: −$10,909
• Taxable income: $34,253
• Est. tax owed @ 24.0%: −$8,221
• After-tax cash flow: $30,086/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): 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

+490.6% since first listed

10 events — show timeline

• 2026-05-15 Listed $375,000 Dayton MLS
• 2026-02-12 Listing Removed — Dayton MLS
• 2025-12-05 Price Changed $385,000 Dayton MLS
• 2025-10-26 Listed $400,000 Dayton MLS
• 2004-04-14 Sold (Public Records) $118,000 Public Records
• 1994-09-08 Sold (Public Records) $75,000 Public Records
• 1994-09-08 Sold (Public Records) $75,000 Public Records
• 1990-10-31 Sold (Public Records) $66,000 Public Records
• 1986-04-30 Sold (Public Records) $69,900 Public Records
• 1984-07-12 Sold (Public Records) $63,500 Public Records

Property tax history

+0.5%/yr

Latest (2025): $3,566 · -0.2% YoY. Source: county tax records.