815-821 Sussex Pl · Vandalia, OH 45377

$405,000

24 bd · 4.0 ba · 3,528 sqft · MultiFamily public records · 2 Days on market

Built 1977 0.53 ac lot

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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
• DSCR +10.0/10.0
• 1% rule +9.7/10.0
• ARV discount +7.5/15.0
• Schools +5.4/10.0
• Livability +3.5/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 4 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Attention Investors! Great opportunity to own a solid 4-unit multifamily building in Vandalia! The property features one 2 bed / 2 bath unit, one 2 bed / 1 bath unit, and two 1 bed / 1 bath units. All units are currently rented with solid tenants in place, and the building has been well updated and carefully maintained—ready for easy ownership and steady income. Perfect for investors looking for a turnkey multifamily property with immediate cash flow. Contact for more details or to schedule a showing! Do not disturb tenants. Property can be sold as a package with 1130-1136 Stoney Springs Dr.

Key facts

• 0.53 acre lot
• Built 1977
• Listed 2 days

What this means for you Summary

Snapshot

• This is a 4 × 6-bed/4.0-bath units multifamily listed at $405k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $452/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $405k).
• Cap rate 11.7% vs local median 2.9% 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+, schools B+; Watch: amenities F, commute F, health & safety F.
• Vandalia-Butler City (suburban): math 59% / reading 66% proficiency, ranked #239 of 656 in OH (top 36%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: 93 active listings in the ZIP; solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $5,940/mo this rent would consume 92% of the median local household income ($77k/yr) (locally 341% 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 $3k of loan paydown is wiped out by about $12k 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 $113k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• Only 2 days on market — expect competitive offers; lowballing is unlikely to land.
• Current owner paid $199k; list at $405k implies a 104% gain — meaningful room to come down on a strong offer.

Recommended offer $405,000

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 1977 — 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. 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: 1.47% ✓
• Cap rate: 11.65%
• Cash-on-cash: 19.14%
• DSCR: 1.85
• GRM: 5.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 11.1%
• Equity multiple: 1.44×
• Total profit: $49,718
• Equity at exit: $60,387

10-year hold

• IRR: 20.1%
• Equity multiple: 2.70×
• Total profit: $192,213
• Equity at exit: $35,017

Cash invested: $113,400 (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 45377

• Active inventory: 93
• Price-to-rent: 22.7×

Monthly cashflow live

• Estimated rent: $5,940 medium
• Mortgage (P&I): −$2,124
• Tax from tax record: −$591 /mo · $7,094/yr
• Insurance: −$169
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,247
• Net cashflow: $1,809

Break-even live

Break-even rent $3,650

Max offer price $405,000

Occupancy floor 65%

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

Units	Beds	Baths	Est. rent
▸ 4× units	6	4	$5,940
Total (4 units)			$5,940

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: $101,250
• Closing costs: $12,150
• Reserves months: —
• Total cash needed: —

Listing history 3 events

1. 2026-03-21
   status Pending
2. 2026-03-19
   listed $405,000 Active
3. 2016-07-12
   soldstatus $199,000

ⓘ 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: $7,094 · $591/mo
• Projected year-2 tax: $7,094 · $591/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥101°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: $71,280
• − Mortgage interest: −$22,686
• − Property taxes: −$7,094
• − Insurance: −$2,025
• − Repairs & maintenance: −$5,702
• − Management: −$5,702
• − Depreciation: −$11,782
• Taxable income: $16,288
• Est. tax owed @ 24.0%: −$3,909
• After-tax cash flow: $17,797/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: Vandalia-Butler City
• NCES district ID: 3904495
• Math proficiency: 59% ▼ -9.00%
• Reading proficiency: 66% ▼ -4.00%
• Median HH income: $57,317
• Composite: 53.83/100
• National rank: #1414
• State rank: #239 of 656 in OH

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

• Census place: Vandalia, OH
• County: Montgomery County · 459,541 people
• City population: 14,888
• Metro: Dayton-Kettering, OH
• Population (ZIP): 14,888
• Household income: $77,398
• Rent vs Own: 33.1% rent · 66.9% own
• Severe rent burden: 341.0

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 (85%)
• Race & ethnicity: White 85% Two or more races 6% Black 5% Asian 2% Hispanic / Latino 2%
• Common ancestry: Slovak 3% Lithuanian 2% Romanian 1%
• Foreign-born: 3%
• Languages at home: 97% English-only · Arabic 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: ▼ -186.68%
• Current HPI: 157.8923
• Rent YoY: —
• 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

+103.5% since first listed

3 events — show timeline

• 2026-03-21 Pending — Dayton MLS
• 2026-03-19 Listed $405,000 Dayton MLS
• 2016-07-12 Sold (Public Records) $199,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $7,094 · -0.7% YoY. Source: county tax records.