1863-1865 Emerson Ave · Dayton, OH 45406

$155,000

4 bd · 2.0 ba · 1,956 sqft · MultiFamily public records · 35 Days on market

Built 1926 5,602 sqft lot $79/sqft · 36% above area Est $114k · 36% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks

Discover an investment opportunity in Dayton with this updated, fully occupied duplex, perfectly positioned to offer both immediate income and future growth potential. Each side of this multi-family dwelling features three comfortable bedrooms and a full bathroom, providing ample living space across its two stories. Tenants have established long-term residency, with one side generating $800.00 monthly and the other $900.00 monthly, including the valuable addition of a two-car garage. Both units are currently on month-to-month leases, presenting an excellent opportunity for rental income adjustments and increased profitability in the future. Situated on a generous 0.13-acre lot, this propert

Key facts

• 5,602 sq ft lot
• 2 garage spots
• Built 1926

Property features AI

Finance

• Financial info: Gross rental income listed as $1,700; Offered for sale

Exterior

• Parking: Detached two-car garage
• Home design: Multi-unit property with 2 units in 1 building; 2 stories; Frame construction
• Construction: Frame construction
• Exterior features: Residential lot (approximately 0.13 acres)

Interior

• Bedrooms: Three-bedroom unit(s)
• Bathrooms: 2 full bathrooms (total)
• Heating & cooling: Forced air heating; Window air conditioning units
• Interior features: Full unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 3-bed/1.0-bath units multifamily listed at $155k.

Deal economics

• At list price, monthly cash flow is $606 ($7k/yr) — positive. Per door: $303/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Cap rate 11.0% 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 (+3.0%/yr); 156 active listings in the ZIP; 33 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $2,010/mo this rent would consume 58% of the median local household income ($42k/yr) (locally 1504% 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 $1k of loan paydown is wiped out by about $5k 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 + 3.0% rent growth), your $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $37k; list at $155k implies a 319% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $150,350 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 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 1926 — 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: 1.30% ✓
• Cap rate: 10.99%
• Cash-on-cash: 16.76%
• DSCR: 1.75
• GRM: 6.4

CMA / ARV

• ARV (median comp): $114,097
• List price: $155,000
• Delta: 35.85%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1263 Linda Vista Ave	0.40mi	4/2.0	1,944 (-1%)	24mo	$110,000	$57	61
960 Sherwood Dr	0.63mi	4/2.0	2,080 (+6%)	8mo	$145,000	$70	53
10 Marie Ave	0.37mi	4/2.0	2,200 (+12%)	16mo	$179,000	$81	49
605 Delaware Ave	0.54mi	5/3.0 (+1)	2,240 (+14%)	5mo	$180,000	$80	37

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 · 3.03% rent growth · sell at horizon

5-year hold

• IRR: 8.0%
• Equity multiple: 1.31×
• Total profit: $13,532
• Equity at exit: $23,111

10-year hold

• IRR: 17.2%
• Equity multiple: 2.42×
• Total profit: $61,652
• Equity at exit: $13,402

Cash invested: $43,400 (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 45406

• Rents YoY: 3.0%
• Active inventory: 156
• Price-to-rent: 12.9×

Monthly cashflow live

• Estimated rent: $2,010 high
• Mortgage (P&I): −$813
• Tax from tax record: −$104 /mo · $1,251/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$422
• Net cashflow: $606

Break-even live

Break-even rent $1,243

Max offer price $155,000

Occupancy floor 65%

Sensitivity live

Price	-10% $694	-5% $650	+0% $606	+5% $562	+10% $519
Rent	-10% $447	-5% $527	+0% $606	+5% $686	+10% $765
Rate	-1.0pp $684	-0.5pp $646	base $606	+0.5pp $566	+1.0pp $525

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1	$2,010
Total (2 units)			$2,010

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 33 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1743 Radcliffe Rd Dayton, OH	3.0	1.5	1729	$1,200	$0.69	44d	1	0.21mi
439 W Fairview Ave Dayton, OH	3.0	1.0	1500	$1,200	$0.80	44d	1	0.25mi
2232 Salem Ave Dayton, OH	3.0	1.0	1250	$1,200	$0.96	4d	1	0.30mi
2247 Salem Ave Unit 2247 Dayton, OH	3.0	1.5	1300	$1,350	$1.04	4d	1	0.32mi
2247 Salem Ave Unit 2249 Dayton, OH	3.0	1.5	1300	$1,400	$1.08	44d	1	0.32mi
201 W Norman Ave Dayton, OH	3.0	1.0	1424	$1,200	$0.84	44d	1	0.35mi
181 W Norman Ave Dayton, OH	3.0	2.0	1228	$1,150	$0.94	44d	1	0.37mi
167 W Hudson Ave Dayton, OH	3.0	1.5	1344	$1,185	$0.88	44d	1	0.40mi
1927 Burroughs Dr Dayton, OH	3.0	2.0	1409	$1,245	$0.88	15d	1	0.47mi
234 Santa Clara Ave Dayton, OH	3.0	1.0	1368	$1,125	$0.82	44d	1	0.48mi
101 W Norman Ave Unit 101 Dayton, OH	3.0	1.0	1600	$945	$0.59	44d	1	0.52mi
41 W Fairview Ave Unit 2 Dayton, OH	3.0	1.0	1452	$1,200	$0.83	15d	1	0.60mi
26 W Beechwood Ave Dayton, OH	3.0	1.5	1468	$1,050	$0.72	44d	1	0.65mi
1225 Amherst Pl Dayton, OH	3.0	1.0	1548	$1,300	$0.84	15d	1	0.67mi
2141 Philadelphia Dr Dayton, OH	3.0	1.0	1736	$1,395	$0.80	44d	1	0.69mi
39 E Maplewood Ave Dayton, OH	4.0	1.5	1560	$1,050	$0.67	4d	1	0.82mi
2327 Eastview Ave Dayton, OH	5.0	1.0	1290	$1,300	$1.01	44d	1	0.83mi
42 Pointview Ave Unit 42 Dayton, OH	3.0	2.0	1240	$1,200	$0.97	4d	1	0.84mi
942 Harvard Blvd Dayton, OH	3.0	2.0	1596	$1,200	$0.75	4d	1	0.90mi
932 Harvard Blvd Dayton, OH	5.0	2.0	1986	$1,500	$0.76	44d	1	0.90mi
338 Kenwood Ave Dayton, OH	3.0	1.5	1512	$1,195	$0.79	44d	1	0.92mi
101 E Bruce Ave Dayton, OH	3.0	1.0	1455	$1,150	$0.79	3d	1	0.99mi
1501 Viola Ave Dayton, OH	3.0	1.0	1952	$1,175	$0.60	15d	1	1.02mi
253 E Hillcrest Ave Dayton, OH	3.0	2.5	2569	$1,800	$0.70	3d	1	1.04mi
424 Lexington Ave Dayton, OH	3.0	2.0	1536	$1,025	$0.67	44d	1	1.06mi
132 Wroe Ave Unit 132 Dayton, OH	3.0	2.5	1934	$1,297	$0.67	44d	1	1.08mi
317 Fernwood Ave Dayton, OH	3.0	1.0	1320	$1,100	$0.83	12d	1	1.12mi
1011 N Broadway St Dayton, OH	3.0	1.5	1700	$950	$0.56	44d	1	1.15mi
138 Rockwood Ave Dayton, OH	3.0	1.5	1439	$1,200	$0.83	24d	1	1.19mi
136 Rockwood Ave Dayton, OH	3.0	1.5	1439	$1,200	$0.83	44d	1	1.19mi
1119 Superior Ave Unit 1119 Dayton, OH	3.0	1.0	1435	$1,350	$0.94	4d	1	1.20mi
1045 Shakespeare Ave Dayton, OH	3.0	1.0	1435	$1,275	$0.89	44d	1	1.22mi
534 Geyer St Dayton, OH	4.0	1.0	1640	$1,530	$0.93	24d	1	1.40mi

Listing history 18 events

1. 2026-06-18
   days on market $155,000 Active 35 DOM
2. 2026-06-17
   days on market $155,000 Active 34 DOM
3. 2026-06-16
   pricedays on market $155,000 Active 33 DOM
4. 2026-06-15
   days on market $165,000 Active 32 DOM
5. 2026-06-14
   days on market $165,000 Active 30 DOM
6. 2026-06-13
   days on market $165,000 Active 29 DOM
7. 2026-06-10
   days on market $165,000 Active 27 DOM
8. 2026-06-09
   days on market $165,000 Active 26 DOM
9. 2026-06-08
   days on market $165,000 Active 25 DOM
10. 2026-06-07
    days on market $165,000 Active 24 DOM
11. 2026-06-05
    days on market $165,000 Active 21 DOM
12. 2026-06-03
    days on market $165,000 Active 20 DOM
13. 2026-06-02
    days on market $165,000 Active 19 DOM
14. 2026-06-01
    days on market $165,000 Active 18 DOM
15. 2026-05-31
    days on market $165,000 Active 17 DOM
16. 2026-05-13
    listed $170,000 Active 865-char remark
17. 2022-07-13
    soldstatus $37,000
18. 1993-07-02
    soldstatus $37,500

ⓘ 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: $1,251 · $104/mo
• Projected year-2 tax: $1,834 · $153/mo
• Expected delta: +$584/yr (+$49/mo · 46.7%)

ⓘ 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 ≥104°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: $24,120
• − Mortgage interest: −$8,682
• − Property taxes: −$1,251
• − Insurance: −$775
• − Repairs & maintenance: −$1,930
• − Management: −$1,930
• − Depreciation: −$4,509
• Taxable income: $5,044
• Est. tax owed @ 24.0%: −$1,210
• After-tax cash flow: $6,065/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): 19,991
• Household income: $41,796
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1504.0

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 (75%)
• Race & ethnicity: Black 75% White 16% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -113.75%
• Current HPI: 197.1302
• Rent YoY: ▲ 3.03%
• 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

+313.3% since first listed

5 events — show timeline

• 2026-06-16 Price Changed $155,000 Dayton MLS
• 2026-05-26 Price Changed $165,000 Dayton MLS
• 2026-05-13 Listed $170,000 Dayton MLS
• 2022-07-13 Sold (Public Records) $37,000 Public Records
• 1993-07-02 Sold (Public Records) $37,500 Public Records

Property tax history

+0.4%/yr

Latest (2025): $1,251 · -0.2% YoY. Source: county tax records.