405 2nd St · Piqua, OH 45356

$109,900

3 bd · 1.0 ba · 787 sqft · SingleFamily public records · 225 Days on market

Built 1909 4,792 sqft lot $140/sqft · 11% above area Est $99k · 11% over

---

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).

• Cash flow +26.2/30.0
• DSCR +8.9/10.0
• 1% rule +6.1/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• ARV discount +2.5/15.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

Key facts

• Low maintenance yard
• Washer dryer hook-up
• Open living space

Tags

• 1-CAR OFF-STREET PARKING
• ADDITIONAL PARKING IN THE REAR
• LOW MAINTENANCE YARD
• OPEN LIVING SPACE
• WASHER DRYER HOOK-UP
• PARTIAL UNFINISHED BASEMENT

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $110k.

Deal economics

• At list price, monthly cash flow is $281 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $110k).
• Recommended offer: $97k (12.0% below list) — sets the bar for market timing.
• Cap rate 9.4% 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; 8 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 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 $760 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $31k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• It's been on market 225 days — a 12% lower offer ($97k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y ago; this cycle's ask has dropped $15k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1909 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $96,712 (12.0% below list)

Questions for the listing agent

1. It's been on market 225 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 1909 — 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. 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?
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: 1.11% ✓
• Cap rate: 9.37%
• Cash-on-cash: 10.97%
• DSCR: 1.49
• GRM: 7.5

CMA / ARV

• ARV (median comp): $98,867
• List price: $109,900
• Delta: 11.16%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
225 1st St	0.18mi	2/1.0 (-1)	772 (-2%)	4mo	$125,000	$162	80
360 E Main St	0.17mi	3/1.0	864 (+10%)	6mo	$130,900	$152	71
343 Home Ave	0.38mi	2/1.0 (-1)	735 (-7%)	4mo	$59,000	$80	63
403 1st St	0.06mi	2/1.0 (-1)	904 (+15%)	12mo	$50,000	$55	58
526 2nd St	0.21mi	2/1.0 (-1)	725 (-8%)	20mo	$105,000	$145	55
330 E Water St	0.36mi	2/1.0 (-1)	764 (-3%)	24mo	$73,000	$96	54
114 S Roosevelt Ave	0.69mi	3/1.0	744 (-6%)	7mo	$52,000	$70	53
212 Race St	0.38mi	2/1.0 (-1)	864 (+10%)	14mo	$155,000	$179	50
620 S Roosevelt Ave	0.70mi	2/1.0 (-1)	885 (+12%)	17mo	$149,900	$169	27

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: 0.1%
• Equity multiple: 1.00×
• Total profit: $82
• Equity at exit: $16,386

10-year hold

• IRR: 9.7%
• Equity multiple: 1.75×
• Total profit: $23,024
• Equity at exit: $9,502

Cash invested: $30,772 (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: 7.5×

Monthly cashflow live

• Estimated rent: $1,217 high
• Mortgage (P&I): −$576
• Tax from tax record: −$58 /mo · $694/yr
• Insurance: −$46
• HOA: −$0
• Vacancy / Maint / Mgmt: −$256
• Net cashflow: $281

Break-even live

Break-even rent $861

Max offer price $109,900

Occupancy floor 72%

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: $27,475
• Closing costs: $3,297
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Cleveland St Piqua, OH	2.0	1.0	1068	$1,200	$1.12	2d	1	0.24mi
619 S Wayne St Piqua, OH	2.0	1.0	750	$1,050	$1.40	2d	1	0.52mi
436 Wood St Unit 3 Piqua, OH	2.0	1.0	720	$1,050	$1.46	43d	1	0.75mi
701 N Wayne St Unit 118 Piqua, OH	2.0	1.0	944	$1,095	$1.16	23d	1	0.77mi
521-523 Wood St Piqua, OH	2.0	1.0	900	$950	$1.06	3d	1	0.85mi
316 N College St Piqua, OH	2.0	1.0	782	$1,075	$1.37	2d	3	1.01mi
715 Walker St Piqua, OH	3.0	2.0	1100	$1,650	$1.50	3d	1	1.16mi
1103 Nicklin Ave Piqua, OH	2.0	1.0	850	$775	$0.91	21d	1	1.30mi

Listing history 12 events

1. 2026-05-20
   status Pending 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

2. 2026-05-19
   historical ActiveUnderContract 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

3. 2026-05-08
   status Active 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

4. 2026-04-18
   historical ActiveUnderContract 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

5. 2026-04-02
   status Active 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

6. 2026-03-27
   status Pending 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

7. 2026-03-02
   price $109,900 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

8. 2025-11-13
   price $115,000 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

9. 2025-10-01
   listed $125,000 Active 620-char remark

   Show marketing remark (620 chars)

   MOVE IN READY HOME PRICED BELOW $110K!!! Great starter home or perfect for downsizing. Just minutes to shopping and I-75. Property has 1-car off-street parking in the front with additional parking in the rear off the alley, a low maintenance yard and is located in a well-kept neighborhood. Plenty of open living space with a nicely sized living room that flows into the large dining room and kitchen. 2 nice sized bedrooms with washer/dryer hook-up in the mudroom off the kitchen make this a very functional home. Partial unfinished basement is perfect for additional storage. Recently upgraded HVAC and water heater.

10. 2024-03-19
    soldstatus $386,300
11. 2008-04-02
    soldstatus $15,380 89-char remark

    Show marketing remark (89 chars)

    THIS 2 BEDROOM HOME FEATURES A NICE BIG LIVING ROOM, OPEN KITCHEN AND LARGE UTILITY ROOM!

12. 2008-01-12
    listed $14,900 89-char remark

    Show marketing remark (89 chars)

    THIS 2 BEDROOM HOME FEATURES A NICE BIG LIVING ROOM, OPEN KITCHEN AND LARGE UTILITY ROOM!

ⓘ 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: $694 · $58/mo
• Projected year-2 tax: $1,204 · $100/mo
• Expected delta: +$510/yr (+$43/mo · 73.6%)

ⓘ 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 ≥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: $14,602
• − Mortgage interest: −$6,156
• − Property taxes: −$694
• − Insurance: −$550
• − Repairs & maintenance: −$1,168
• − Management: −$1,168
• − Depreciation: −$3,197
• Taxable income: $1,669
• Est. tax owed @ 24.0%: −$401
• After-tax cash flow: $2,976/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

+637.6% since first listed

12 events — show timeline

• 2026-05-20 Pending — Dayton MLS
• 2026-05-19 Contingent — Dayton MLS
• 2026-05-08 Relisted — Dayton MLS
• 2026-04-18 Contingent — Dayton MLS
• 2026-04-02 Relisted — Dayton MLS
• 2026-03-27 Pending — Dayton MLS
• 2026-03-02 Price Changed $109,900 Dayton MLS
• 2025-11-13 Price Changed $115,000 Dayton MLS
• 2025-10-01 Listed $125,000 Dayton MLS
• 2024-03-19 Sold (Public Records) $386,300 Public Records
• 2008-04-02 Sold (MLS) $15,380 WRIST
• 2008-01-12 Listed $14,900 WRIST

Property tax history

+5.7%/yr

Latest (2025): $694 · +45.5% YoY. Source: county tax records.