221 W Norman Ave · Dayton, OH 45405

$1

3 bd · 1.0 ba · 1,345 sqft · SingleFamily public records · 57 Days on market

Built 1925 4,609 sqft lot

---

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 +27.1/30.0
• DSCR +9.4/10.0
• ARV discount +7.5/15.0
• 1% rule +7.4/10.0
• 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

Listing remarks MLS

Court Ordered Sale by Private Selling Officer. Plaintiff postponed auction until April 30, 2026. All information we have on the property is included. We have no additional information, property condition is unknown. NO SHOWINGS, NO trespassing for any reason. Information is thought to be correct but not guaranteed. 10% Buyer Premium added to the high bid, $5,000 deposit is due within 24 hours of bidding end.

Key facts

• 4,609 sq ft lot
• Garage
• Built 1925

🔨 Auction listing. The $1 list price is a nominal opening bid, not a real ask — every metric below is computed on the estimated value $92,106 (ARV from comps), not the list price.

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath single-family listed at $1.

Deal economics

• At list price, monthly cash flow is $262 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $1).
• Cap rate 9.7% 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; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d 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).
• This rent runs 31% of the median local income ($44k/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 $637 of loan paydown is wiped out by about $3k 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 $26k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 57 days — a 3% lower offer ($0) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: property tax is 138159.2% of price; built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $1

Questions for the listing agent

1. It's been on market 57 days. Have you received any prior offers? Is the seller open to a 5% concession, seller financing, or rate buy-down credit?
2. Built in 1925 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
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 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: 1.24% ✓
• Cap rate: 9.71%
• Cash-on-cash: 12.20%
• DSCR: 1.54
• GRM: 6.7

CMA / ARV

• ARV (median comp): $92,106
• List price: $1
• Delta: -100.00%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
117 Valleyview Dr	0.22mi	2/1.0 (-1)	1,381 (+3%)	1mo	$50,000	$36	80
17 Marie Ave	0.09mi	4/1.5 (+1)	1,424 (+6%)	0mo	$70,000	$49	79
2032 Rugby Rd	0.37mi	3/1.0	1,422 (+6%)	0mo	$44,990	$32	73
50 Woodcrest Ave	0.21mi	3/1.0	1,500 (+12%)	2mo	$155,000	$103	70
69 E Beechwood Ave	0.55mi	3/1.0	1,400 (+4%)	1mo	$173,000	$124	67
423 Sandalwood Dr	0.45mi	3/1.5	1,444 (+7%)	0mo	$62,000	$43	64
148 Valleyview Dr	0.26mi	3/1.0	1,163 (-14%)	2mo	$125,000	$107	64
121 E Hillcrest Ave	0.62mi	3/1.0	1,402 (+4%)	1mo	$75,000	$53	63
128 E Parkwood Dr	0.52mi	3/1.0	1,228 (-9%)	1mo	$29,810	$24	61
2331 Newport Ave	0.46mi	3/1.5	1,520 (+13%)	1mo	$85,000	$56	54
819 Princeton Dr	0.62mi	3/1.0	1,181 (-12%)	1mo	$74,000	$63	50
1516 Kumler Ave	0.66mi	3/1.5	1,516 (+13%)	1mo	$100,000	$66	46

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 · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 3.3%
• Equity multiple: 1.13×
• Total profit: $3,346
• Equity at exit: $13,733

10-year hold

• IRR: 14.1%
• Equity multiple: 2.20×
• Total profit: $31,040
• Equity at exit: $7,964

Cash invested: $25,790 (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

Monthly cashflow live

• Estimated rent: $1,138 high
• Mortgage (P&I): −$483
• Tax est. 1.5%: −$115 /mo · $1,382/yr
• Insurance: −$38
• HOA: −$0
• Vacancy / Maint / Mgmt: −$239
• Net cashflow: $262

Break-even live

Break-even rent $806

Max offer price $92,106

Occupancy floor 72%

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: $23,027
• Closing costs: $2,763
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 W Norman Ave Dayton, OH	3.0	1.0	1424	$1,200	$0.84	43d	1	0.02mi
181 W Norman Ave Dayton, OH	3.0	2.0	1228	$1,150	$0.94	43d	1	0.05mi
167 W Hudson Ave Dayton, OH	3.0	1.5	1344	$1,185	$0.88	43d	1	0.10mi
412 W Parkwood Dr Unit 1 Dayton, OH	2.0	1.0	900	$875	$0.97	23d	1	0.19mi
101 W Norman Ave Unit 101 Dayton, OH	3.0	1.0	1600	$945	$0.59	43d	1	0.20mi
439 W Fairview Ave Dayton, OH	3.0	1.0	1500	$1,200	$0.80	43d	1	0.20mi
234 Santa Clara Ave Dayton, OH	3.0	1.0	1368	$1,125	$0.82	43d	1	0.26mi
41 W Fairview Ave Unit 2 Dayton, OH	3.0	1.0	1452	$1,200	$0.83	14d	1	0.28mi
628 W Norman Ave Unit 628 Dayton, OH	2.0	1.0	918	$795	$0.87	43d	1	0.31mi
2327 N Main St Unit 2 Dayton, OH	2.0	1.0	900	$1,200	$1.33	23d	1	0.33mi
265 Victor Ave Dayton, OH	3.0	1.0	1204	$900	$0.75	43d	1	0.34mi
26 W Beechwood Ave Dayton, OH	3.0	1.5	1468	$1,050	$0.72	43d	1	0.43mi
31 E Norman Ave Dayton, OH	3.0	1.0	1100	$1,150	$1.05	23d	1	0.44mi
2333 Rustic Rd Unit 4 Dayton, OH	2.0	1.0	1000	$840	$0.84	2d	1	0.47mi
2333 Rustic Rd Dayton, OH	2.0	1.0	1000	$840	$0.84	43d	1	0.47mi
1743 Radcliffe Rd Dayton, OH	3.0	1.5	1729	$1,200	$0.69	43d	1	0.48mi
518 Delaware Ave Dayton, OH	2.0	1.0	1500	$750	$0.50	43d	1	0.50mi
147 Laura Ave Dayton, OH	2.0	1.0	1096	$975	$0.89	23d	1	0.55mi
152 Laura Ave Dayton, OH	2.0	1.0	990	$895	$0.90	43d	1	0.55mi
1004 W Fairview Ave Dayton, OH	2.0	1.0	1053	$950	$0.90	23d	1	0.59mi
39 E Maplewood Ave Dayton, OH	4.0	1.5	1560	$1,050	$0.67	3d	1	0.60mi
1019 Cherry Dr Dayton, OH	4.0	1.0	1057	$1,125	$1.06	43d	1	0.60mi
2232 Salem Ave Dayton, OH	3.0	1.0	1250	$1,200	$0.96	3d	1	0.61mi
65 E Maplewood Ave Dayton, OH	2.0	1.0	1064	$723	$0.68	43d	1	0.62mi
2247 Salem Ave Unit 2247 Dayton, OH	3.0	1.5	1300	$1,350	$1.04	3d	1	0.62mi
2247 Salem Ave Unit 2249 Dayton, OH	3.0	1.5	1300	$1,400	$1.08	43d	1	0.62mi
38 Pointview Ave Dayton, OH	2.0	1.0	1140	$900	$0.79	14d	1	0.63mi
42 Pointview Ave Unit 42 Dayton, OH	3.0	2.0	1240	$1,200	$0.97	3d	1	0.63mi
1067 Salem Ave Dayton, OH	2.0	1.0	1100	$900	$0.82	43d	1	0.64mi
1067 Salem Ave Unit 3 Dayton, OH	2.0	1.5	1100	$900	$0.82	43d	1	0.64mi
1067 Salem Ave Unit 2 Dayton, OH	2.0	1.5	1100	$900	$0.82	43d	1	0.64mi
1225 Amherst Pl Dayton, OH	3.0	1.0	1548	$1,300	$0.84	14d	1	0.68mi
1207 W Fairview Ave Dayton, OH	2.0	1.0	1023	$825	$0.81	43d	1	0.71mi
1207 W Fairview Ave Dayton, OH	2.0	1.0	1023	$825	$0.81	3d	1	0.71mi
338 Kenwood Ave Dayton, OH	3.0	1.5	1512	$1,195	$0.79	43d	1	0.74mi
220 Fernwood Ave Dayton, OH	2.0	1.0	884	$900	$1.02	3d	1	0.78mi
1927 Burroughs Dr Dayton, OH	3.0	2.0	1409	$1,245	$0.88	14d	1	0.79mi
1378 Cory Dr Dayton, OH	2.0	1.0	1300	$975	$0.75	43d	1	0.79mi
101 E Bruce Ave Dayton, OH	3.0	1.0	1455	$1,150	$0.79	2d	1	0.81mi
942 Harvard Blvd Dayton, OH	3.0	2.0	1596	$1,200	$0.75	3d	1	0.82mi

Listing history 20 events

1. 2026-06-18
   days on market $1 Active 57 DOM
2. 2026-06-17
   days on market $1 Active 56 DOM
3. 2026-06-16
   days on market $1 Active 55 DOM
4. 2026-06-15
   days on market $1 Active 54 DOM
5. 2026-06-14
   days on market $1 Active 52 DOM
6. 2026-06-13
   days on market $1 Active 51 DOM
7. 2026-06-10
   days on market $1 Active 49 DOM
8. 2026-06-09
   days on market $1 Active 48 DOM
9. 2026-06-08
   days on market $1 Active 47 DOM
10. 2026-06-07
    days on market $1 Active 46 DOM
11. 2026-06-05
    days on market $1 Active 43 DOM
12. 2026-06-03
    days on market $1 Active 42 DOM
13. 2026-06-02
    days on market $1 Active 41 DOM
14. 2026-06-01
    days on market $1 Active 40 DOM
15. 2026-05-31
    days on market $1 Active 39 DOM
16. 2026-04-22
    listed $1 Active 411-char remark

    Show marketing remark (411 chars)

    Court Ordered Sale by Private Selling Officer. Plaintiff postponed auction until April 30, 2026. All information we have on the property is included. We have no additional information, property condition is unknown. NO SHOWINGS, NO trespassing for any reason. Information is thought to be correct but not guaranteed. 10% Buyer Premium added to the high bid, $5,000 deposit is due within 24 hours of bidding end.

17. 2004-04-26
    soldstatus $70,000
18. 1999-05-25
    soldstatus $59,600
19. 1988-09-12
    soldstatus $21,100
20. 1985-03-04
    soldstatus $12,500

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 · 17 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: $13,651
• − Mortgage interest: −$5,159
• − Property taxes: −$1,382
• − Insurance: −$461
• − Repairs & maintenance: −$1,092
• − Management: −$1,092
• − Depreciation: −$2,679
• Taxable income: $1,786
• Est. tax owed @ 24.0%: −$429
• After-tax cash flow: $2,718/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

+460.0% since first listed

5 events — show timeline

• 2026-04-22 Listed $1 Cincy MLS
• 2004-04-26 Sold (Public Records) $70,000 Public Records
• 1999-05-25 Sold (Public Records) $59,600 Public Records
• 1988-09-12 Sold (Public Records) $21,100 Public Records
• 1985-03-04 Sold (Public Records) $12,500 Public Records

Property tax history

+1.9%/yr

Latest (2025): $283 · -55.1% YoY. Source: county tax records.