445 Hunter Ave

Dayton, OH 45404

$500,000B-

84 bd · 2.0 ba · 4,560 sqft · Built 1968 · MultiFamily · Active · 68 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $10,334/mo
• Mortgage (P&I): −$2,622
• Tax + insurance: −$1,332
• HOA: −$0
• Vac / Maint / Mgmt: −$2,170
• Net cashflow: $4,210/mo
• Annual: $50,523/yr
• Cap rate: 16.40%
• Cash-on-cash: 36.09%
• DSCR: 2.61
• 1% rule: 2.07%
• Cash to close: $140,000

Investor read

• This is a 7 × 12-bed/7.0-bath units multifamily listed at $500k.
• At list price, monthly cash flow is $4k ($51k/yr) — positive. Per door: $601/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($10k rent vs $500k).
• It's been on market 68 days — a 6% lower offer ($470k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $470k (6.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $15k of value loss. Plan a longer hold.
• 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.
• Watch-outs: property tax is 2.7% of price.
• Market conditions: 66 active listings in the ZIP; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 10 sale attempts since 9y ago; this cycle's ask has dropped $85k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $433k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $140k cash investment doubles in ~4 years — after that, you're playing with house money.
• Cap rate 16.4% 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.
• At $10,334/mo this rent would consume 319% of the median local household income ($39k/yr) (locally 702% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• It's been on market 68 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• Property tax is high relative to price — has the assessment been appealed recently, and will the sale trigger a re-assessment?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?