221 1st St · Piqua, OH 45356

$89,900

2 bd · 1.0 ba · 1,128 sqft · SingleFamily public records

Built 1920 9,148 sqft lot Est $147k · 39% 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 +27.2/30.0
• ARV discount +15.0/15.0
• DSCR +9.5/10.0
• 1% rule +7.3/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

Key facts

• 9,148 sq ft lot
• 2 garage spots
• Built 1920

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $90k.

Deal economics

• At list price, monthly cash flow is $257 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $90k).
• Cap rate 9.7% vs local median 4.7% in Piqua — 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 62/100 on livability (#887 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: employment D+, crime F, amenities F.
• Piqua City (rural): math 45% / reading 50% proficiency, ranked #482 of 656 in OH (top 74%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: 139 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $622 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $25k cash investment doubles in ~10 years — after that, you're playing with house money.

Negotiation context

• Only 0 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 19y ago 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 $45k; list at $90k implies a 100% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $89,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.23% ✓
• Cap rate: 9.72%
• Cash-on-cash: 12.25%
• DSCR: 1.55
• GRM: 6.8

CMA / ARV

• ARV (on-the-fly): $146,640
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
309 Cleveland St	0.16mi	2/1.0	1,172 (+4%)	4mo	$80,000	$68	82
214 Cleveland St	0.07mi	2/1.0	1,028 (-9%)	4mo	$79,000	$77	79
709 S Main St	0.48mi	3/1.0 (+1)	1,118 (-1%)	12mo	$51,500	$46	62
605 1st St	0.44mi	2/1.0	1,040 (-8%)	9mo	$135,000	$130	59
441 Miami St	0.62mi	3/1.0 (+1)	1,106 (-2%)	8mo	$159,900	$145	56
624 Adams St	0.59mi	2/1.0	1,048 (-7%)	7mo	$156,900	$150	55
505 1st St	0.29mi	3/2.0 (+1)	1,250 (+11%)	9mo	$180,000	$144	52
717 S Downing St	0.58mi	3/1.0 (+1)	1,212 (+7%)	13mo	$86,000	$71	44
312 W Grant St	0.46mi	3/1.5 (+1)	1,260 (+12%)	11mo	$54,000	$43	43
420 Summit St	0.74mi	3/2.0 (+1)	1,200 (+6%)	7mo	$184,900	$154	40
465 Miami St	0.64mi	2/1.5	986 (-13%)	11mo	$157,000	$159	38
523 W Water St	0.58mi	3/2.5 (+1)	1,264 (+12%)	10mo	$80,000	$63	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 1.9%
• Equity multiple: 1.07×
• Total profit: $1,820
• Equity at exit: $13,404

10-year hold

• IRR: 11.5%
• Equity multiple: 1.90×
• Total profit: $22,729
• Equity at exit: $7,773

Cash invested: $25,172 (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 45356

• Active inventory: 139
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $1,109 high
• Mortgage (P&I): −$471
• Tax from tax record: −$110 /mo · $1,317/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$233
• Net cashflow: $257

Break-even live

Break-even rent $783

Max offer price $89,900

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: $22,475
• Closing costs: $2,697
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Cleveland St Piqua, OH	2.0	1.0	1068	$1,200	$1.12	2d	1	0.16mi
310 Harrison St Piqua, OH	1.0	1.0	1200	$895	$0.75	18d	1	0.31mi
310 Harrison St Piqua, OH	1.0	1.0	850	$895	$1.05	23d	1	0.31mi
310 Harrison St Piqua, OH	1.0	1.0	800	$1,095	$1.37	43d	1	0.31mi
200 E High St Piqua, OH	3.0	1.0	1500	$1,365	$0.91	3d	1	0.32mi
619 S Wayne St Piqua, OH	2.0	1.0	750	$1,050	$1.40	2d	1	0.44mi
611 N Main St Unit 611-A Piqua, OH	1.0	1.0	857	$995	$1.16	14d	1	0.55mi
717 S Downing St Piqua, OH	3.0	1.0	1212	$1,100	$0.91	2d	1	0.58mi
436 Wood St Unit 3 Piqua, OH	2.0	1.0	720	$1,050	$1.46	43d	1	0.58mi
628 N Main St Piqua, OH	1.0	1.0	914	$895	$0.98	23d	1	0.58mi
701 N Wayne St Unit 118 Piqua, OH	2.0	1.0	944	$1,095	$1.16	23d	1	0.63mi
764 S Wayne St Piqua, OH	3.0	1.0	1203	$1,300	$1.08	43d	1	0.63mi
521-523 Wood St Piqua, OH	2.0	1.0	900	$950	$1.06	3d	1	0.69mi
316 N College St Piqua, OH	2.0	1.0	782	$1,075	$1.37	2d	3	0.84mi
519 Ann St Piqua, OH	3.0	1.0	1388	$1,300	$0.94	2d	1	0.98mi
715 Walker St Piqua, OH	3.0	2.0	1100	$1,650	$1.50	3d	1	0.98mi
918 W Greene St Piqua, OH	2.0	1.5	1270	$900	$0.71	14d	1	1.01mi
1103 Nicklin Ave Piqua, OH	2.0	1.0	850	$775	$0.91	21d	1	1.14mi

Listing history 9 events

1. 2026-05-21
   status Pending 207-char remark

   Show marketing remark (207 chars)

   Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

2. 2026-05-18
   status Active 207-char remark

   Show marketing remark (207 chars)

   Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

3. 2026-03-21
   status Pending 207-char remark

   Show marketing remark (207 chars)

   Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

4. 2026-03-20
   listed $89,900 Active 207-char remark

   Show marketing remark (207 chars)

   Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

5. 2026-03-20
   listed $89,900

   Show marketing remark (207 chars)

   Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

6. 2026-03-20
   historical

   Show marketing remark (207 chars)

   Reasonably priced ~ 2 bedroom one floor plan ~ Large kitchen ~ Spacious living room & dining room ~ Enclosed front porch ~ 2 car attached garage and large fenced yard! Would make a great income property.

7. 2008-10-08
   historical
8. 2007-10-08
   listed $35,000
9. 2005-03-22
   soldstatus $45,000

ⓘ 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: $1,317 · $110/mo
• Projected year-2 tax: $1,360 · $113/mo
• Expected delta: +$43/yr (+$4/mo · 3.2%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X · 24% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $13,302
• − Mortgage interest: −$5,036
• − Property taxes: −$1,317
• − Insurance: −$450
• − Repairs & maintenance: −$1,064
• − Management: −$1,064
• − Depreciation: −$2,615
• Taxable income: $1,756
• Est. tax owed @ 24.0%: −$421
• After-tax cash flow: $2,663/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: Piqua City
• NCES district ID: 3904464
• Math proficiency: 45% ▼ -11.00%
• Reading proficiency: 50% ▼ -7.00%
• Median HH income: $41,751
• Composite: 39.91/100
• National rank: #3855
• State rank: #482 of 656 in OH

Livability — Piqua

• Score: 62/100
• State rank: #887
• US rank: #16830

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Piqua, OH
• County: Miami County · 85,667 people
• City population: 25,237
• Metro: Dayton-Kettering, OH
• Population (ZIP): 25,237
• Household income: $69,188
• Rent vs Own: 29.4% rent · 70.6% own
• Severe rent burden: 748.0

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 (92%)
• Race & ethnicity: White 92% Two or more races 3% Black 2% Hispanic / Latino 1%
• Common ancestry: Iranian 2% Italian 2% Lithuanian 2%
• Foreign-born: 1%
• Languages at home: 99% English-only · Spanish 1% Vietnamese 0%

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: ▼ -137.96%
• Current HPI: 251.435
• 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

+99.8% since first listed

9 events — show timeline

• 2026-05-21 Pending — WRIST
• 2026-05-18 Relisted — WRIST
• 2026-03-21 Pending — WRIST
• 2026-03-20 Listing Removed — Dayton MLS
• 2026-03-20 Listed $89,900 Dayton MLS
• 2026-03-20 Listed $89,900 WRIST
• 2008-10-08 Listing Removed — WRIST
• 2007-10-08 Listed $35,000 WRIST
• 2005-03-22 Sold (Public Records) $45,000 Public Records

Property tax history

+5.5%/yr

Latest (2025): $1,317 · +145.8% YoY. Source: county tax records.