514 S Walnut St · Troy, OH 45373

$164,900

4 bd · 2.0 ba · 1,772 sqft · MultiFamily public records · 19 Days on market

Built 1900 6,098 sqft lot Est $186k · 11% under

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Why this score? — see what drove the B+ 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
• ARV discount +12.6/15.0
• DSCR +10.0/10.0
• 1% rule +8.5/10.0
• Schools +5.2/10.0
• Rent growth +3.8/5.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• 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 MLS

A unique investment opportunity in the heart of Troy, where convenience meets potential in this multi-family dwelling. This property offers a chance to generate rental income or accommodate multi-generational living with its flexible layout. Each unit within this 2 unit property benefits from well-proportioned rooms, ensuring privacy and ease of living. With a total of four bedrooms and two full bathrooms across the entire property, it presents an appealing option for diverse tenant needs or owner-occupancy scenarios. Seller is willing to package for a portfolio deal, please contact agent for qualifying parcels.

Key facts

• Flexible layout
• 6,098 sq ft lot
• Built 1900

Tags

• MULTI-FAMILY DWELLING
• GENERATE RENTAL INCOME
• FLEXIBLE LAYOUT
• WELL-PROPORTIONED ROOMS

Property features AI

Finance

• Other: Offered for sale
• Financial info: Gross income reported: $18,900

Exterior

• Parking: On-street parking; No garage
• Utilities: Public water; Sewer available
• Home design: Two-story building; Single building containing multiple units
• Construction: Frame construction with vinyl siding
• Exterior features: Residential lot (approx. 0.14 acres, 51 x 116)

Interior

• Bedrooms: Two-bedroom units (property contains 2 units)
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Forced air heating; Natural gas heating; Electric heating; Window air conditioning units
• Interior features: Full basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $761 ($9k/yr) — positive. Per door: $381/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $162k (1.5% below list) — sets the bar for market timing.
• Cap rate 11.8% vs local median 2.6% in Troy — 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 73/100 on livability (#345 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime A; Watch: amenities F, commute F, health & safety F.
• Troy City (suburban): math 61% / reading 61% proficiency, ranked #271 of 656 in OH (top 41%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+5.1%/yr); 282 active listings in the ZIP; 3 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; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• This rent runs 35% of the median local income ($76k/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 $5k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.1% rent growth), your $46k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($162k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.
• Current owner paid $100k; list at $165k implies a 65% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,426 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — 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 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?
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 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: 1.35% ✓
• Cap rate: 11.83%
• Cash-on-cash: 19.78%
• DSCR: 1.88
• GRM: 6.2

CMA / ARV

• ARV (on-the-fly): $186,060
• Comps found: 8

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
710 S Mulberry St	0.13mi	3/2.0 (-1)	1,680 (-5%)	13mo	$140,000	$83	69
131 S Mulberry St	0.28mi	3/2.0 (-1)	1,705 (-4%)	9mo	$203,000	$119	68
9 N Mulberry St	0.45mi	4/2.0	1,768 (-0%)	14mo	$246,000	$139	67
624 S Clay St	0.17mi	4/2.0	1,601 (-10%)	12mo	$100,000	$62	66
426 S Clay St	0.12mi	3/2.0 (-1)	1,520 (-14%)	11mo	$159,500	$105	56
610-612 S Walnut St	0.07mi	3/2.0 (-1)	1,583 (-11%)	23mo	$140,000	$88	55
818 E Canal St	0.55mi	3/2.0 (-1)	1,670 (-6%)	10mo	$92,000	$55	52
320 Garfield Ave	0.50mi	5/3.5 (+1)	1,632 (-8%)	23mo	$280,000	$172	33

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 · 5.06% rent growth · sell at horizon

5-year hold

• IRR: 14.0%
• Equity multiple: 1.57×
• Total profit: $26,434
• Equity at exit: $24,587

10-year hold

• IRR: 24.2%
• Equity multiple: 3.28×
• Total profit: $105,458
• Equity at exit: $14,258

Cash invested: $46,172 (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 45373

• Rents YoY: 5.1%
• Active inventory: 282
• Price-to-rent: 12.3×

Monthly cashflow live

• Estimated rent: $2,233 high
• Mortgage (P&I): −$865
• Tax from tax record: −$69 /mo · $833/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $761

Break-even live

Break-even rent $1,269

Max offer price $164,900

Occupancy floor 61%

Sensitivity live

Price	-10% $855	-5% $808	+0% $761	+5% $715	+10% $668
Rent	-10% $585	-5% $673	+0% $761	+5% $849	+10% $938
Rate	-1.0pp $844	-0.5pp $803	base $761	+0.5pp $718	+1.0pp $675

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,232
Total (2 units)			$2,233

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: $41,225
• Closing costs: $4,947
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2 N Market St Troy, OH	3.0	1.0	2000	$2,000	$1.00	15d	1	0.45mi
5 N Market St Unit 5 1/2 Troy, OH	3.0	2.0	1600	$1,695	$1.06	15d	1	0.45mi
1530 Williamsburg Pl Apt D Troy, OH	3.0	1.5	1275	$1,700	$1.33	24d	1	1.06mi

Listing history 8 events

1. 2026-06-03
   statusdays on market $164,900 Pending 19 DOM
2. 2026-06-02
   days on market $164,900 Active 18 DOM
3. 2026-06-01
   days on market $164,900 Active 17 DOM
4. 2026-05-31
   days on market $164,900 Active 16 DOM
5. 2026-05-31
   days on market $164,900 Active 15 DOM
6. 2026-05-20
   listed $164,900 Active 619-char remark

   Show marketing remark (619 chars)

   A unique investment opportunity in the heart of Troy, where convenience meets potential in this multi-family dwelling. This property offers a chance to generate rental income or accommodate multi-generational living with its flexible layout. Each unit within this 2 unit property benefits from well-proportioned rooms, ensuring privacy and ease of living. With a total of four bedrooms and two full bathrooms across the entire property, it presents an appealing option for diverse tenant needs or owner-occupancy scenarios. Seller is willing to package for a portfolio deal, please contact agent for qualifying parcels.

7. 2026-05-15
   listed $164,900 Active
8. 1989-12-11
   soldstatus $100,000

ⓘ 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: $833 · $69/mo
• Projected year-2 tax: $1,703 · $142/mo
• Expected delta: +$870/yr (+$72/mo · 104.4%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $26,796
• − Mortgage interest: −$9,237
• − Property taxes: −$833
• − Insurance: −$824
• − Repairs & maintenance: −$2,144
• − Management: −$2,144
• − Depreciation: −$4,797
• Taxable income: $6,817
• Est. tax owed @ 24.0%: −$1,636
• After-tax cash flow: $7,498/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: Troy City
• NCES district ID: 3904492
• Math proficiency: 61% ▼ -10.00%
• Reading proficiency: 61% ▼ -7.00%
• Median HH income: $52,012
• Composite: 52.1/100
• National rank: #1625
• State rank: #271 of 656 in OH

Livability — Troy

• Score: 73/100
• State rank: #345
• US rank: #5621

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Troy, OH
• County: Miami County · 85,667 people
• City population: 37,565
• Metro: Dayton-Kettering, OH
• Population (ZIP): 37,565
• Household income: $75,742
• Rent vs Own: 28.7% rent · 71.3% own
• Severe rent burden: 1134.0

Population outlook (Miami County) Hauer SSP2

• Today (2025): 107,816 people
• By 2030: 108,896 · +1.0%
• By 2040: 109,581 · +1.6%
• By 2050: 108,110 · +0.3%
• By 2075: 101,523 · -5.8%
• By 2100: 85,787 · -20.4%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (87%)
• Race & ethnicity: White 87% Two or more races 6% Hispanic / Latino 4% Asian 3% Black 3%
• Common ancestry: Lithuanian 4% Slovak 2% Iranian 2%
• Foreign-born: 4% · Canada
• Languages at home: 96% English-only · Other Asian/Pacific 2% Spanish 1% Other Indo-European 1%

Political lean MEDSL · Miami

• 2024 margin: Solid R (+45.1) · D 27.0% · R 72.1%
• 2008→2024 swing: -16.6pp toward R · 2008: -28.5pp · 2024: -45.1pp
• All cycles: 2024: R+45.1 2020: R+44.3 2016: R+45.6 2012: R+35.6 2008: R+28.5

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.93%
• Current HPI: 211.5279
• Rent YoY: ▲ 5.06%
• 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

+64.9% since first listed

3 events — show timeline

• 2026-05-20 Listed $164,900 WRIST
• 2026-05-15 Listed $164,900 Dayton MLS
• 1989-12-11 Sold (Public Records) $100,000 Public Records

Property tax history

-1.6%/yr

Latest (2025): $833 · -40.6% YoY. Source: county tax records.