1234 Kumler Ave #1234 · Dayton, OH 45402

$225,000

4 bd · 1.0 ba · 5,484 sqft · MultiFamily public records · 407 Days on market

Built 1929 7,841 sqft lot $41/sqft · 9% below area Est $247k · 9% under

---

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 +11.6/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.5/5.0
• 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: 1 unit. 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

This apartment building consists of four large one bedroom apartments. There is a detached garage for possible tenant storage. Also, a full basement with coin-operated washer/dryer. Tenants pay for heat and electric. The units are rented at $600 per month.

Key facts

• 7,841 sq ft lot
• Parking
• Built 1929

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath multifamily listed at $225k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $225k).
• Recommended offer: $198k (12.0% below list) — sets the bar for market timing.
• Cap rate 14.0% 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 (+4.0%/yr); 83 active listings in the ZIP; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $3,865/mo this rent would consume 96% of the median local household income ($48k/yr) (locally 404% 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 + 4.0% rent growth), your $63k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 407 days — a 12% lower offer ($198k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 8y ago; this cycle's ask has dropped $32k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $195k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $198,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 407 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 1929 — 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 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: 1.72% ✓
• Cap rate: 14.02%
• Cash-on-cash: 27.60%
• DSCR: 2.23
• GRM: 4.9

CMA / ARV

• ARV (median comp): $247,378
• List price: $225,000
• Delta: -9.05%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.98% rent growth · sell at horizon

5-year hold

• IRR: 22.8%
• Equity multiple: 1.95×
• Total profit: $59,778
• Equity at exit: $33,548

10-year hold

• IRR: 31.4%
• Equity multiple: 3.97×
• Total profit: $187,374
• Equity at exit: $19,454

Cash invested: $63,000 (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 45402

• Rents YoY: 4.0%
• Active inventory: 83
• Price-to-rent: 19.4×

Monthly cashflow live

• Estimated rent: $3,865 high
• Mortgage (P&I): −$1,180
• Tax from tax record: −$330 /mo · $3,966/yr
• Insurance: −$94
• HOA: −$0
• Vacancy / Maint / Mgmt: −$812
• Net cashflow: $1,449

Break-even live

Break-even rent $2,031

Max offer price $225,000

Occupancy floor 57%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,864
Total (4 units)			$3,865

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $225,000 Active 407 DOM
2. 2026-06-17
   days on market $225,000 Active 406 DOM
3. 2026-06-16
   days on market $225,000 Active 405 DOM
4. 2026-06-15
   days on market $225,000 Active 404 DOM
5. 2026-06-14
   days on market $225,000 Active 402 DOM
6. 2026-06-13
   days on market $225,000 Active 401 DOM
7. 2026-06-10
   days on market $225,000 Active 399 DOM
8. 2026-06-09
   days on market $225,000 Active 398 DOM
9. 2026-06-08
   days on market $225,000 Active 397 DOM
10. 2026-06-07
    days on market $225,000 Active 396 DOM
11. 2026-06-05
    days on market $225,000 Active 393 DOM
12. 2026-06-03
    days on market $225,000 Active 392 DOM
13. 2026-06-02
    days on market $225,000 Active 391 DOM
14. 2026-06-01
    days on market $225,000 Active 390 DOM
15. 2026-05-31
    days on market $225,000 Active 389 DOM
16. 2026-04-27
    price $225,000 256-char remark

    Show marketing remark (256 chars)

    This apartment building consists of four large one bedroom apartments. There is a detached garage for possible tenant storage. Also, a full basement with coin-operated washer/dryer. Tenants pay for heat and electric. The units are rented at $600 per month.

17. 2025-07-28
    price $249,000 256-char remark

    Show marketing remark (256 chars)

    This apartment building consists of four large one bedroom apartments. There is a detached garage for possible tenant storage. Also, a full basement with coin-operated washer/dryer. Tenants pay for heat and electric. The units are rented at $600 per month.

18. 2025-05-07
    listed $257,500 Active 256-char remark

    Show marketing remark (256 chars)

    This apartment building consists of four large one bedroom apartments. There is a detached garage for possible tenant storage. Also, a full basement with coin-operated washer/dryer. Tenants pay for heat and electric. The units are rented at $600 per month.

19. 2022-08-15
    soldstatus $195,000
20. 2020-05-05
    soldstatus $105,000
21. 2018-08-29
    historical
22. 2018-08-19
    listed $140,000 Active

ⓘ 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: $3,966 · $330/mo
• Projected year-2 tax: $3,966 · $330/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $46,380
• − Mortgage interest: −$12,603
• − Property taxes: −$3,966
• − Insurance: −$1,125
• − Repairs & maintenance: −$3,710
• − Management: −$3,710
• − Depreciation: −$6,545
• Taxable income: $14,720
• Est. tax owed @ 24.0%: −$3,533
• After-tax cash flow: $13,858/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): 9,407
• Household income: $48,401
• Rent vs Own: 64.1% rent · 35.9% own
• Severe rent burden: 404.0

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: Diverse neighborhood (Simpson 0.57)
• Race & ethnicity: Black 57% White 32% Two or more races 7% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 1%
• Common ancestry: Italian 2% Serbian 2% Slovak 1%
• Foreign-born: 5% · Canada, Vietnam, Jamaica
• Languages at home: 94% English-only · Spanish 4% Other Asian/Pacific 1% Arabic 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: ▼ -81.89%
• Current HPI: 149.7909
• Rent YoY: ▲ 3.98%
• 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

+60.7% since first listed

7 events — show timeline

• 2026-04-27 Price Changed $225,000 Dayton MLS
• 2025-07-28 Price Changed $249,000 Dayton MLS
• 2025-05-07 Listed $257,500 Dayton MLS
• 2022-08-15 Sold (Public Records) $195,000 Public Records
• 2020-05-05 Sold (Public Records) $105,000 Public Records
• 2018-08-29 Listing Removed — Dayton MLS
• 2018-08-19 Listed $140,000 Dayton MLS

Property tax history

+6.0%/yr

Latest (2025): $3,966 · -1.0% YoY. Source: county tax records.