603 Rockford Ave · Dayton, OH 45405

$230,900

16 bd · 1.0 ba · 5,760 sqft · MultiFamily public records · 51 Days on market

Built 1925 436 sqft lot $40/sqft · 6% below area Est $245k · 6% 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 +10.1/15.0
• 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 (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

Key facts

• Multifamily asset
• Investment property
• Steady rental demand

Tags

• INVESTMENT PROPERTY
• MULTIFAMILY ASSET
• STRONG OCCUPANCY HISTORY
• STEADY RENTAL DEMAND
• CASH-FLOWING PROPERTY
• LOW-MAINTENANCE OPPORTUNITY

Property features AI

Finance

• Financial info: Offered for sale; Reported gross income: $23,114

Exterior

• Parking: No garage
• Home design: Brick construction; 2 stories; Residential zoning
• Construction: Brick construction
• Exterior features: Small residential lot (approx. 5,760 sq ft)

Interior

• Bedrooms: Four one-bedroom units
• Bathrooms: 4 full bathrooms
• Heating & cooling: Gravity heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1.0-bath units multifamily listed at $231k.

Deal economics

• At list price, monthly cash flow is $1k ($16k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $231k).
• Recommended offer: $224k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.2% 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; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $3,624/mo this rent would consume 99% 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 $2k of loan paydown is wiped out by about $7k 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 $65k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 51 days — a 3% lower offer ($224k) is reasonable based on typical stale-listing flexibility.
• 8 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 $150k; list at $231k implies a 54% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $223,973 (3.0% below list)

Questions for the listing agent

1. It's been on market 51 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 1925 — 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: 1.57% ✓
• Cap rate: 13.22%
• Cash-on-cash: 24.74%
• DSCR: 2.10
• GRM: 5.3

CMA / ARV

• ARV (median comp): $245,169
• List price: $230,900
• Delta: -5.82%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 19.6%
• Equity multiple: 1.81×
• Total profit: $52,448
• Equity at exit: $34,428

10-year hold

• IRR: 28.8%
• Equity multiple: 3.72×
• Total profit: $175,930
• Equity at exit: $19,964

Cash invested: $64,652 (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: 21.2×

Monthly cashflow live

• Estimated rent: $3,624 high
• Mortgage (P&I): −$1,211
• Tax from tax record: −$223 /mo · $2,675/yr
• Insurance: −$96
• HOA: −$0
• Vacancy / Maint / Mgmt: −$761
• Net cashflow: $1,333

Break-even live

Break-even rent $1,937

Max offer price $230,900

Occupancy floor 58%

Sensitivity live

Price	-10% $1,464	-5% $1,398	+0% $1,333	+5% $1,268	+10% $1,202
Rent	-10% $1,047	-5% $1,190	+0% $1,333	+5% $1,476	+10% $1,619
Rate	-1.0pp $1,449	-0.5pp $1,392	base $1,333	+0.5pp $1,273	+1.0pp $1,212

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,624
Total (4 units)			$3,624

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: $57,725
• Closing costs: $6,927
• Reserves months: —
• Total cash needed: —

Listing history 40 events

1. 2026-06-18
   days on market $230,900 Active 51 DOM
2. 2026-06-17
   days on market $230,900 Active 50 DOM
3. 2026-06-16
   days on market $230,900 Active 49 DOM
4. 2026-06-15
   days on market $230,900 Active 48 DOM
5. 2026-06-14
   days on market $230,900 Active 46 DOM
6. 2026-06-13
   days on market $230,900 Active 45 DOM
7. 2026-06-10
   days on market $230,900 Active 43 DOM
8. 2026-06-09
   days on market $230,900 Active 42 DOM
9. 2026-06-08
   days on market $230,900 Active 41 DOM
10. 2026-06-07
    days on market $230,900 Active 40 DOM
11. 2026-06-05
    days on market $230,900 Active 37 DOM
12. 2026-06-03
    days on market $230,900 Active 36 DOM
13. 2026-06-02
    days on market $230,900 Active 35 DOM
14. 2026-06-01
    days on market $230,900 Active 34 DOM
15. 2026-05-31
    days on market $230,900 Active 33 DOM
16. 2026-04-27
    listed $230,900 Active 650-char remark
17. 2025-09-17
    price $235,000
18. 2025-04-03
    price $249,000
19. 2024-09-11
    historical $625
20. 2024-08-23
    listed $625
21. 2023-12-09
    historical $750
22. 2023-10-15
    listed $750
23. 2022-08-18
    soldstatus $150,000
24. 2022-07-15
    soldstatus $150,000 Sold

    Show marketing remark (421 chars)

    Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

25. 2022-07-15
    soldstatus $150,000 Closed

    Show marketing remark (421 chars)

    Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

26. 2022-07-01
    status Pending

    Show marketing remark (421 chars)

    Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

27. 2022-06-20
    status Active

    Show marketing remark (421 chars)

    Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

28. 2022-06-19
    historical Active/Pending

    Show marketing remark (421 chars)

    Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

29. 2022-06-18
    listed $150,000 Active

    Show marketing remark (421 chars)

    Great Investment opportunity-New Roof within the last two years. All four units are rented one bedroom one bath. Very spacious units All units have long term tenants. Monthly rents 500 per unit the Owner knows the rents should be increased but the tenants have been there for many years. Four car garage detached plus three additional parking places. The owner takes care of common areas and water. Turnkey opportunity.

30. 2014-07-03
    soldstatus $8,300 Closed
31. 2014-07-03
    soldstatus $8,300
32. 2014-06-06
    historical
33. 2014-03-28
    listed $11,900
34. 2012-02-28
    historical
35. 2011-09-19
    listed $65,000
36. 2011-08-31
    historical
37. 2011-06-02
    soldstatus $85,000
38. 2011-03-06
    listed $75,000
39. 1983-07-30
    soldstatus $47,000
40. 1983-07-30
    soldstatus $47,000

ⓘ 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: $2,675 · $223/mo
• Projected year-2 tax: $3,138 · $262/mo
• Expected delta: +$464/yr (+$39/mo · 17.3%)

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

Taxation est. · year 1

• Rental income: $43,488
• − Mortgage interest: −$12,934
• − Property taxes: −$2,675
• − Insurance: −$1,154
• − Repairs & maintenance: −$3,479
• − Management: −$3,479
• − Depreciation: −$6,717
• Taxable income: $13,050
• Est. tax owed @ 24.0%: −$3,132
• After-tax cash flow: $12,864/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

+391.3% since first listed

25 events — show timeline

• 2026-04-27 Listed $230,900 Dayton MLS
• 2025-09-17 Price Changed $235,000 Dayton MLS
• 2025-04-03 Price Changed $249,000 Dayton MLS
• 2024-09-11 Rental Removed $625 APPFOLIO
• 2024-08-23 Listed for Rent $625 APPFOLIO
• 2023-12-09 Rental Removed $750 APPFOLIO
• 2023-10-15 Listed for Rent $750 APPFOLIO
• 2022-08-18 Sold (Public Records) $150,000 Public Records
• 2022-07-15 Sold (MLS) $150,000 Dayton MLS
• 2022-07-15 Sold (MLS) $150,000 Dayton MLS
• 2022-07-01 Pending — Dayton MLS
• 2022-06-20 Relisted — Dayton MLS
• 2022-06-19 Contingent — Dayton MLS
• 2022-06-18 Listed $150,000 Dayton MLS
• 2014-07-03 Sold (MLS) $8,300 Dayton MLS
• 2014-07-03 Sold (MLS) $8,300 Dayton MLS
• 2014-06-06 Listing Removed — Dayton MLS
• 2014-03-28 Listed $11,900 Dayton MLS
• 2012-02-28 Listing Removed — Dayton MLS
• 2011-09-19 Listed $65,000 Dayton MLS
• 2011-08-31 Listing Removed — Dayton MLS
• 2011-06-02 Sold (Public Records) $85,000 Public Records
• 2011-03-06 Listed $75,000 Dayton MLS
• 1983-07-30 Sold (Public Records) $47,000 Public Records
• 1983-07-30 Sold (Public Records) $47,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $2,675 · -1.0% YoY. Source: county tax records.