3021 Bulah Ave · Kettering, OH 45429

$199,900

3 bd · 1.0 ba · 1,222 sqft · SingleFamily public records · 12 Days on market

Built 1958 4,927 sqft lot $164/sqft · 16% below area Est $218k · 8% under

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Why this score? — see what drove the D 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 +11.2/30.0
• ARV discount +11.2/15.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• DSCR +3.3/10.0
• 1% rule +3.0/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks

Fully Renovated | Modern Feel | Move-In Ready Own this home with seller financing—no traditional bank process required. Move right into this beautifully updated 3-bedroom home offering a clean, modern feel and low-maintenance living throughout. Thoughtfully renovated with a focus on quality, modern design, and long-term reliability. Beautifully restored red oak hardwood flooring flows through the living areas and bedrooms, complemented by durable, modern LVT in the kitchen, bath, and laundry room. Fresh neutral paint and updated lighting create a bright, inviting space from the moment you enter. The fully renovated kitchen features soft-close Shaker cabinetry, updated countertops, st

Key facts

• Fully renovated
• Modern design
• Updated full bath

Tags

• FULLY RENOVATED
• MODERN DESIGN
• UPDATED COUNTERTOPS
• UNDER-CABINET LIGHTING
• SOFT-CLOSE SHAKER CABINETRY
• UPDATED FULL BATH

Property features AI

Finance

• Other: Property listed for sale; Residential zoning

Exterior

• Parking: No garage
• Security: Smoke detector(s); Surveillance system
• Utilities: Central air conditioning; Forced air heating; Gas water heater
• Home design: Single-story brick home
• Construction: Brick construction
• Exterior features: Fenced yard; Yard storage; Shed(s)

Interior

• Kitchen: Range; Microwave; Dishwasher; Refrigerator; Disposal; Laminate counters
• Bedrooms: Two main-level bedrooms (9 x 12 and 10 x 12)
• Bathrooms: One full bathroom (main level)
• Interior features: Ceiling fan(s); Laminate counters; Remodeled; Double pane insulated vinyl windows
• Laundry & utility: Main-level laundry room

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $200k.

Deal economics

• At list price, monthly cash flow is $-77 ($-926/yr) — negative.
• To cash-flow at today's rent, offer at most $186k (6.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $160k (19.8% below list).
• Recommended offer: $160k (19.8% below list) — sets the bar for 1% rule.
• Cap rate 5.8% vs local median 4.4% in Kettering — 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 83/100 on livability (#61 in OH, #922 nationally) — a professional / high-income tenant draw. Strengths: crime A+, cost of living A+, housing A+; Watch: commute F.
• Kettering City School District (suburban): math 54% / reading 68% proficiency, ranked #277 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Kettering Fairmont High School (math 49% / reading 75%, grade B-, #202 of 781 statewide, top 29%, 2,486 students, 32% FRL) — zoned schools at 32% FRL track the district average.
• Market conditions: 82 active listings in the ZIP; 16 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 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.
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.

Negotiation context

• Only 12 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1958 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $160,228 (19.8% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. Schools are A-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?
5. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
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: 0.80% ✗
• Cap rate: 5.83%
• Cash-on-cash: -1.65%
• DSCR: 0.93
• GRM: 10.4

CMA / ARV

• ARV (median comp): $217,985
• List price: $199,900
• Delta: -8.30%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3021 Bulah Ave	0.00mi	3/1.0	1,118 (-8%)	1mo	$199,900	$179	85
3040 Ridgemore Ave	0.10mi	3/2.0	1,263 (+3%)	5mo	$232,000	$184	82
3320 Valleywood Dr	0.34mi	3/2.0	1,160 (-5%)	3mo	$210,000	$181	69
2740 Horstman Dr	0.30mi	3/2.0	1,320 (+8%)	0mo	$285,000	$216	69
1629 Beaver Creek Ln	0.49mi	3/1.5	1,120 (-8%)	2mo	$210,000	$188	60
2716 Horstman Dr	0.33mi	3/2.0	1,404 (+15%)	1mo	$287,900	$205	55
3801 Valleywood Dr	0.72mi	4/2.0 (+1)	1,170 (-4%)	2mo	$240,000	$205	49
1138 Sharon Ave	0.71mi	3/1.0	1,100 (-10%)	3mo	$225,000	$205	48
2812 Rushland Dr	0.61mi	4/2.0 (+1)	1,120 (-8%)	1mo	$230,000	$205	48
1427 Barton Ave	0.64mi	3/2.0	1,098 (-10%)	4mo	$234,000	$213	46
3700 Lisbon St	0.65mi	3/2.0	1,079 (-12%)	3mo	$160,000	$148	44
1912 Echo Wood Ct	0.71mi	3/2.0	1,095 (-10%)	2mo	$243,000	$222	44

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: -19.0%
• Equity multiple: 0.33×
• Total profit: $-37,306
• Equity at exit: $29,806

10-year hold

• IRR: -11.6%
• Equity multiple: 0.31×
• Total profit: $-38,811
• Equity at exit: $17,284

Cash invested: $55,972 (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 45429

• Active inventory: 82
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $1,602 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$211 /mo · $2,536/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$336
• Net cashflow: $-77

Break-even live

Break-even rent $1,700

Max offer price $186,269

Occupancy floor 100%

Sensitivity live

Price	-10% $36	-5% $-21	+0% $-77	+5% $-134	+10% $-190
Rent	-10% $-204	-5% $-140	+0% $-77	+5% $-14	+10% $49
Rate	-1.0pp $24	-0.5pp $-26	base $-77	+0.5pp $-129	+1.0pp $-182

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 16 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2974 Woodman Dr Dayton, OH	3.0	1.0	864	$1,625	$1.88	16d	1	0.65mi
3970 Parliament Pl Dayton, OH	1.0–2.0	1.0	774	$1,040	$1.34	4d	3	0.79mi
2820 Harvey Ave Dayton, OH	2.0	1.0	900	$1,350	$1.50	45d	1	0.88mi
1532 Lynnfield Dr Unit 1530 Kettering, OH	2.0	1.0	1000	$1,450	$1.45	25d	1	1.17mi
3603 S Smithville Rd Kettering, OH	2.0	1.0	950	$1,100	$1.16	25d	1	1.17mi
562 East Dr Dayton, OH	2.0	1.0	1218	$950	$0.78	4d	1	1.36mi
4354 Meadowcroft Rd Dayton, OH	3.0	1.5	1155	$1,600	$1.39	4d	1	1.37mi
2274 Broadmoor Dr Dayton, OH	3.0	1.5	1188	$2,145	$1.81	4d	1	1.38mi
563 Broad Blvd Dayton, OH	3.0	2.0	1410	$2,100	$1.49	12d	1	1.38mi
1828 Hazel Ave Dayton, OH	2.0	1.0	960	$1,435	$1.49	4d	1	1.40mi
3040 E Dorothy Ln Unit 23 Dayton, OH	3.0	2.0	1300	$1,500	$1.15	45d	1	1.43mi
3311 S Smithville Rd Dayton, OH	3.0	1.0	1019	$1,295	$1.27	45d	1	1.44mi
2112 Patterson Rd Dayton, OH	3.0	1.0	1008	$1,425	$1.41	4d	1	1.45mi
3101 Bromley Pl #23 Dayton, OH	3.0	2.0	1300	$1,500	$1.15	4d	1	1.46mi
3101 Bromley Pl #21 Dayton, OH	3.0	2.0	1350	$1,600	$1.19	45d	1	1.46mi
1934 Farmside Dr Dayton, OH	3.0	1.0	1008	$1,395	$1.38	45d	1	1.49mi

Listing history 4 events

1. 2026-05-10
   status Pending 1900-char remark
2. 2026-04-28
   listed $199,900 Active 1900-char remark
3. 1981-08-28
   soldstatus $29,000
4. 1981-08-28
   soldstatus $29,000

ⓘ 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: $2,536 · $211/mo
• Projected year-2 tax: $2,827 · $236/mo
• Expected delta: +$291/yr (+$24/mo · 11.5%)

ⓘ 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 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $19,227
• − Mortgage interest: −$11,198
• − Property taxes: −$2,536
• − Insurance: −$1,000
• − Repairs & maintenance: −$1,538
• − Management: −$1,538
• − Depreciation: −$5,815
• Taxable loss: −$4,398
• Est. tax savings @ 24.0%: +$1,055
• After-tax cash flow: $130/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: Kettering City School District
• NCES district ID: 3904418
• Math proficiency: 54% ▼ -21.00%
• Reading proficiency: 68% ▼ -9.00%
• Median HH income: $50,353
• Composite: 51.89/100
• National rank: #1653
• State rank: #277 of 656 in OH

Livability — Kettering

• Score: 83/100
• State rank: #61
• US rank: #922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kettering, OH
• County: Montgomery County · 459,541 people
• City population: 73,116
• Metro: Dayton-Kettering, OH
• Population (ZIP): 26,347
• Household income: $80,210
• Rent vs Own: 30.2% rent · 69.8% own
• Severe rent burden: 889.0

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 (86%)
• Race & ethnicity: White 86% Two or more races 5% Black 5% Hispanic / Latino 3% Asian 2%
• Common ancestry: Italian 3% Lithuanian 3% Slovak 2%
• Foreign-born: 5% · Canada, China
• Languages at home: 95% English-only · Spanish 2% 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: ▼ -172.24%
• Current HPI: 274.1505
• 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

+589.3% since first listed

5 events — show timeline

• 2026-06-04 Sold (MLS) $199,900 Dayton MLS
• 2026-05-10 Pending — Dayton MLS
• 2026-04-28 Listed $199,900 Dayton MLS
• 1981-08-28 Sold (Public Records) $29,000 Public Records
• 1981-08-28 Sold (Public Records) $29,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $2,536 · -0.2% YoY. Source: county tax records.