2226 Cadie Ave · Vandalia, OH 45414

$190,000

3 bd · 1.0 ba · 922 sqft · SingleFamily public records · 52 Days on market

Built 1929 3,899 sqft lot

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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 +9.5/30.0
• ARV discount +7.5/15.0
• Schools +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.5/5.0
• DSCR +2.7/10.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

This beautiful updated 3 bedroom 1 bath home is looking for its new owner with the opportunity to become a landlord. This 2 story home features a large living room open to the dining room. Kitchen is fully furnished with appliances. The additional one-bedroom apartment with living room, kitchen and full bath above the 2 1/2 car garage can be rented for additional income. This home sits on three large lots and is suitable for 2 families. Call for a private showing.

Key facts

• Spacious yard
• Fully fenced
• Back deck

Tags

• FIRST FLOOR BEDROOM
• ABUNDANCE OF CLOSET SPACE
• COZY DINING NOOK
• BACK DECK
• SPACIOUS YARD
• FULLY FENCED

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Detached two-car garage
• Utilities: Natural gas available; Sewer available; Public water available
• Home design: Residential zoning
• Construction: Aluminum siding; Vinyl siding
• Exterior features: Deck; Porch; Fence; Below-grade unfinished area (516)

Interior

• Kitchen: Kitchen on main level (16 x 9); Range; Refrigerator
• Bedrooms: Bedroom on second level (12 x 8); Bedroom on second level (16 x 9); Bedroom on main level (8 x 9)
• Bathrooms: 1 full bathroom
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Ceiling fan(s); Recently remodeled
• Laundry & utility: Washer; Dryer; Gas water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $190k.

Deal economics

• At list price, monthly cash flow is $-134 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $166k (12.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $141k (26.0% below list).
• Recommended offer: $141k (26.0% below list) — sets the bar for 1% rule.
• Cap rate 5.4% vs local median 2.8% in Vandalia — 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 70/100 on livability (#463 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F, health & safety F.
• Zoned schools: Northridge Elementary School (math 14% / reading 23%, grade F, #1,323 of 1,584 statewide, top 84%, 734 students, 0% FRL); Northridge Middle School (math 9% / reading 18%, grade F, #639 of 654 statewide, top 98%, 354 students, 0% FRL); Northridge High School (math 8% / reading 27%, grade F, #689 of 781 statewide, top 90%, 422 students, 0% FRL).
• Market conditions: Rents rising fast (+7.4%/yr); 52 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• This rent runs 31% of the median local income ($54k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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

• It's been on market 52 days — a 3% lower offer ($184k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 7y ago; this cycle's ask has dropped $10k (5%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $125k; list at $190k implies a 52% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

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

Recommended offer $140,667 (26.0% 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. It's been on market 52 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1929 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-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?
6. 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?
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 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: 0.74% ✗
• Cap rate: 5.45%
• Cash-on-cash: -3.02%
• DSCR: 0.87
• GRM: 11.3

CMA / ARV

• ARV (on-the-fly): $120,782
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2211 Martin Ave	0.04mi	3/1.0	988 (+7%)	2mo	$131,400	$133	85
2213 Martin Ave	0.04mi	3/1.0	988 (+7%)	3mo	$127,000	$129	84
2234 Gipsy Dr	0.18mi	3/1.0	910 (-1%)	8mo	$119,000	$131	83
2020 Wilding Ave	0.24mi	3/1.0	872 (-5%)	1mo	$41,910	$48	79
2234 Nomad Ave	0.12mi	3/1.0	960 (+4%)	11mo	$111,000	$116	78
2203 Arthur Ave	0.30mi	3/1.0	957 (+4%)	7mo	$130,000	$136	74
5586 Wadsworth Rd	0.32mi	4/1.0 (+1)	936 (+2%)	7mo	$38,610	$41	72
2108 Gipsy Dr	0.24mi	3/1.0	1,053 (+14%)	4mo	$54,670	$52	62
2017 Kildare Ave	0.29mi	3/1.0	832 (-10%)	11mo	$155,000	$186	62
2127 Marker Ave	0.51mi	2/1.0 (-1)	989 (+7%)	7mo	$100,000	$101	53
2203 Rector Ave	0.72mi	3/1.0	1,008 (+9%)	4mo	$152,000	$151	48
2216 Rector Ave	0.75mi	3/2.0	850 (-8%)	7mo	$200,000	$235	43

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 · 7.41% rent growth · sell at horizon

5-year hold

• IRR: -16.8%
• Equity multiple: 0.38×
• Total profit: $-32,811
• Equity at exit: $28,330

10-year hold

• IRR: -2.4%
• Equity multiple: 0.81×
• Total profit: $-10,324
• Equity at exit: $16,428

Cash invested: $53,200 (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 45414

• Rents YoY: 7.4%
• Active inventory: 52
• Price-to-rent: 11.3×

Monthly cashflow live

• Estimated rent: $1,407 high
• Mortgage (P&I): −$996
• Tax from tax record: −$170 /mo · $2,034/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$295
• Net cashflow: $-134

Break-even live

Break-even rent $1,576

Max offer price $166,366

Occupancy floor —

Sensitivity live

Price	-10% $-26	-5% $-80	+0% $-134	+5% $-188	+10% $-241
Rent	-10% $-245	-5% $-189	+0% $-134	+5% $-78	+10% $-23
Rate	-1.0pp $-38	-0.5pp $-85	base $-134	+0.5pp $-183	+1.0pp $-233

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2109 Harding Ave Dayton, OH	2.0	1.0	750	$950	$1.27	4d	1	0.33mi
2022 Arthur Ave Unit NA Dayton, OH	3.0	1.0	1040	$1,500	$1.44	13d	1	0.35mi
5900 Erica Ct Dayton, OH	2.0	1.0	800	$975	$1.22	4d	1	0.39mi
4911 Northcutt Pl Dayton, OH	2.0	1.0	850	$825	$0.97	4d	1	1.00mi
2991 Benchwood Rd Unit 2993 Dayton, OH	2.0	1.5	1063	$1,295	$1.22	4d	1	1.31mi
3097 Silver Rock Ave Unit 3103 Dayton, OH	2.0	1.5	1035	$1,295	$1.25	16d	1	1.37mi

Listing history 30 events

1. 2026-06-22
   days on market $190,000 Active 52 DOM
2. 2026-06-18
   days on market $190,000 Active 49 DOM
3. 2026-06-17
   days on market $190,000 Active 48 DOM
4. 2026-06-16
   pricedays on market $190,000 Active 47 DOM
5. 2026-06-15
   days on market $200,000 Active 46 DOM
6. 2026-06-14
   days on market $200,000 Active 44 DOM
7. 2026-06-13
   days on market $200,000 Active 43 DOM
8. 2026-06-10
   days on market $200,000 Active 41 DOM
9. 2026-06-09
   days on market $200,000 Active 40 DOM
10. 2026-06-08
    days on market $200,000 Active 39 DOM
11. 2026-06-07
    statusdays on market $200,000 Active 38 DOM
12. 2026-06-03
    days on market $200,000 ActiveUnderContract 34 DOM
13. 2026-06-02
    days on market $200,000 ActiveUnderContract 33 DOM
14. 2026-06-01
    days on market $200,000 ActiveUnderContract 32 DOM
15. 2026-05-31
    days on market $200,000 ActiveUnderContract 31 DOM
16. 2026-05-13
    historical ActiveUnderContract
17. 2026-04-30
    listed $200,000 Active
18. 2021-04-01
    historical 468-char remark

    Show marketing remark (468 chars)

    This beautiful updated 3 bedroom 1 bath home is looking for its new owner with the opportunity to become a landlord. This 2 story home features a large living room open to the dining room. Kitchen is fully furnished with appliances. The additional one-bedroom apartment with living room, kitchen and full bath above the 2 1/2 car garage can be rented for additional income. This home sits on three large lots and is suitable for 2 families. Call for a private showing.

19. 2021-03-31
    soldstatus $125,000 Closed 468-char remark

    Show marketing remark (468 chars)

    This beautiful updated 3 bedroom 1 bath home is looking for its new owner with the opportunity to become a landlord. This 2 story home features a large living room open to the dining room. Kitchen is fully furnished with appliances. The additional one-bedroom apartment with living room, kitchen and full bath above the 2 1/2 car garage can be rented for additional income. This home sits on three large lots and is suitable for 2 families. Call for a private showing.

20. 2021-03-31
    soldstatus $125,000 Sold 468-char remark

    Show marketing remark (468 chars)

    This beautiful updated 3 bedroom 1 bath home is looking for its new owner with the opportunity to become a landlord. This 2 story home features a large living room open to the dining room. Kitchen is fully furnished with appliances. The additional one-bedroom apartment with living room, kitchen and full bath above the 2 1/2 car garage can be rented for additional income. This home sits on three large lots and is suitable for 2 families. Call for a private showing.

21. 2021-02-10
    historical Active/Pending 468-char remark

    Show marketing remark (468 chars)

    This beautiful updated 3 bedroom 1 bath home is looking for its new owner with the opportunity to become a landlord. This 2 story home features a large living room open to the dining room. Kitchen is fully furnished with appliances. The additional one-bedroom apartment with living room, kitchen and full bath above the 2 1/2 car garage can be rented for additional income. This home sits on three large lots and is suitable for 2 families. Call for a private showing.

22. 2021-01-17
    listed $128,000 Active 468-char remark

    Show marketing remark (468 chars)

    This beautiful updated 3 bedroom 1 bath home is looking for its new owner with the opportunity to become a landlord. This 2 story home features a large living room open to the dining room. Kitchen is fully furnished with appliances. The additional one-bedroom apartment with living room, kitchen and full bath above the 2 1/2 car garage can be rented for additional income. This home sits on three large lots and is suitable for 2 families. Call for a private showing.

23. 2020-03-12
    soldstatus $42,000
24. 2020-02-25
    soldstatus $42,000 Closed 278-char remark

    Show marketing remark (278 chars)

    REDUCED for Quick Sale! This 1.5 story home features 3 bedrooms, a large living room open to the dining area. Kitchen with breakfast nook. Full basement. As a bonus, the large 2 car detached garage features a 1 bedroom apartment upstairs with living room, kitchen and full bath.

25. 2020-02-25
    soldstatus $42,000 Sold 278-char remark

    Show marketing remark (278 chars)

    REDUCED for Quick Sale! This 1.5 story home features 3 bedrooms, a large living room open to the dining area. Kitchen with breakfast nook. Full basement. As a bonus, the large 2 car detached garage features a 1 bedroom apartment upstairs with living room, kitchen and full bath.

26. 2020-02-03
    status Pending 278-char remark

    Show marketing remark (278 chars)

    REDUCED for Quick Sale! This 1.5 story home features 3 bedrooms, a large living room open to the dining area. Kitchen with breakfast nook. Full basement. As a bonus, the large 2 car detached garage features a 1 bedroom apartment upstairs with living room, kitchen and full bath.

27. 2020-01-31
    price $39,900 278-char remark

    Show marketing remark (278 chars)

    REDUCED for Quick Sale! This 1.5 story home features 3 bedrooms, a large living room open to the dining area. Kitchen with breakfast nook. Full basement. As a bonus, the large 2 car detached garage features a 1 bedroom apartment upstairs with living room, kitchen and full bath.

28. 2019-12-15
    listed $65,000 Active 278-char remark

    Show marketing remark (278 chars)

    REDUCED for Quick Sale! This 1.5 story home features 3 bedrooms, a large living room open to the dining area. Kitchen with breakfast nook. Full basement. As a bonus, the large 2 car detached garage features a 1 bedroom apartment upstairs with living room, kitchen and full bath.

29. 2019-02-21
    soldstatus $25,000
30. 2008-12-10
    soldstatus $95,000

ⓘ 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: $2,034 · $170/mo
• Projected year-2 tax: $2,499 · $208/mo
• Expected delta: +$465/yr (+$39/mo · 22.9%)

ⓘ 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 ≥103°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $16,880
• − Mortgage interest: −$10,643
• − Property taxes: −$2,034
• − Insurance: −$950
• − Repairs & maintenance: −$1,350
• − Management: −$1,350
• − Depreciation: −$5,527
• Taxable loss: −$4,975
• Est. tax savings @ 24.0%: +$1,194
• After-tax cash flow: $-411/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)

No district data.

Livability — Vandalia

• Score: 70/100
• State rank: #463
• US rank: #7669

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Montgomery County · 459,541 people
• City population: 14,888
• Metro: Dayton-Kettering, OH
• Population (ZIP): 21,167
• Household income: $54,485
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 801.0

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 (75%)
• Race & ethnicity: White 75% Black 15% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% Arabic 1% Tagalog/Filipino 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: ▼ -142.46%
• Current HPI: 183.1124
• Rent YoY: ▲ 7.41%
• 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

+110.5% since first listed

15 events — show timeline

• 2026-05-13 Contingent — Dayton MLS
• 2026-04-30 Listed $200,000 Dayton MLS
• 2021-04-01 Listing Removed — Dayton MLS
• 2021-03-31 Sold (MLS) $125,000 Dayton MLS
• 2021-03-31 Sold (MLS) $125,000 Dayton MLS
• 2021-02-10 Contingent — Dayton MLS
• 2021-01-17 Listed $128,000 Dayton MLS
• 2020-03-12 Sold (Public Records) $42,000 Public Records
• 2020-02-25 Sold (MLS) $42,000 Dayton MLS
• 2020-02-25 Sold (MLS) $42,000 Dayton MLS
• 2020-02-03 Pending — Dayton MLS
• 2020-01-31 Price Changed $39,900 Dayton MLS
• 2019-12-15 Listed $65,000 Dayton MLS
• 2019-02-21 Sold (Public Records) $25,000 Public Records
• 2008-12-10 Sold (Public Records) $95,000 Public Records

Property tax history

+3.8%/yr

Latest (2025): $2,034 · -2.3% YoY. Source: county tax records.