9681 N Spiker Rd · Piqua, OH 45356

$184,900

4 bd · 1.0 ba · 1,898 sqft · SingleFamily public records · 11 Days on market

Built 1886 0.95 ac lot

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Why this score? — see what drove the D 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 +14.8/30.0
• ARV discount +7.5/15.0
• DSCR +4.5/10.0
• 1% rule +4.3/10.0
• 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

Eligible under Freddie Mac First Look Initiative ''good through 6/14/2026'' where only owner-occupant & approved public entity buyers are eligible to purchase. On the 30th day, all buyers will be eligible to purchase. Property must be in MLS for a minimum of 72 hours before any offer can be considered. Offers can be emailed to [email protected] or dotlooped to the same email address. Read the attached doc, print & forward w/all offers. Seller addendum required. Info believed accurate, not warranted. Rely on your own inspections.

Key facts

• 0.95 acre lot
• Garage
• Built 1886

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Detached one-car garage
• Utilities: Well water; Septic system; Utilities available
• Home design: Two-story brick home
• Construction: Brick construction
• Exterior features: Nearly one-acre residential lot; Residential zoning

Interior

• Kitchen: Kitchen on the main level measuring 14 x 11
• Bedrooms: One bedroom on the second level measuring 25 x 13; One bedroom on the second level measuring 11 x 11; Two bedrooms on the second level each measuring 13 x 8
• Bathrooms: One full bathroom (main level)
• Heating & cooling: Baseboard heating; Central air conditioning
• Interior features: Partial, unfinished basement; Office on the main level; Dining room on the main level; Living room on the main level

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath single-family listed at $185k.

Deal economics

• At list price, monthly cash flow is $51 ($608/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $172k (6.7% below list).
• Recommended offer: $172k (6.7% below list) — sets the bar for 1% rule.
• Cap rate 6.6% 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.
• Zoned schools: Piqua High School (math 12% / reading 57%, grade F, #582 of 781 statewide, top 76%, 876 students, 52% FRL) — zoned schools at 52% FRL track the district average.
• Zoned-school proficiency averages 34% at this address vs 48% district-wide (-13 pts) — the specific schools serving this property underperform the Piqua City average; the district grade overstates school quality for this exact location.
• Market conditions: 139 active listings in the ZIP; 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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• Only 11 days on market — expect competitive offers; lowballing is unlikely to land.
• 6 sale attempts since 18y 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 $150k; 23% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1886 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $172,479 (6.7% below list)

Questions for the listing agent

1. Built in 1886 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
5. 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.
6. 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.
7. 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: 0.93% ✗
• Cap rate: 6.62%
• Cash-on-cash: 1.17%
• DSCR: 1.05
• GRM: 8.9

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: -14.4%
• Equity multiple: 0.48×
• Total profit: $-26,688
• Equity at exit: $27,569

10-year hold

• IRR: -5.6%
• Equity multiple: 0.64×
• Total profit: $-18,894
• Equity at exit: $15,987

Cash invested: $51,772 (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: 8.9×

Monthly cashflow live

• Estimated rent: $1,725 medium
• Mortgage (P&I): −$970
• Tax from tax record: −$265 /mo · $3,183/yr
• Insurance: −$77
• HOA: −$0
• Vacancy / Maint / Mgmt: −$362
• Net cashflow: $51

Break-even live

Break-even rent $1,661

Max offer price $184,900

Occupancy floor 92%

Sensitivity live

Price	-10% $155	-5% $103	+0% $51	+5% $-2	+10% $-54
Rent	-10% $-86	-5% $-17	+0% $51	+5% $119	+10% $187
Rate	-1.0pp $144	-0.5pp $98	base $51	+0.5pp $3	+1.0pp $-46

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: $46,225
• Closing costs: $5,547
• Reserves months: —
• Total cash needed: —

Listing history 11 events

1. 2026-06-21
   days on market $184,900 Active 11 DOM
2. 2026-06-18
   days on market $184,900 Active 8 DOM
3. 2026-06-17
   days on market $184,900 Active 7 DOM
4. 2026-06-16
   status $184,900 Active 6 DOM
5. 2026-06-13
   status $184,900 Pending 6 DOM
6. 2026-06-10
   days on market $184,900 Active 6 DOM
7. 2026-06-09
   days on market $184,900 Active 5 DOM
8. 2026-06-08
   days on market $184,900 Active 4 DOM
9. 2026-06-07
   days on market $184,900 Active 3 DOM
10. 2026-06-05
    remarks 133-char remark
11. 2026-06-05
    listed $184,900 Active 1 DOM

ⓘ 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: $3,183 · $265/mo
• Projected year-2 tax: $3,183 · $265/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 · 17 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $20,697
• − Mortgage interest: −$10,357
• − Property taxes: −$3,183
• − Insurance: −$924
• − Repairs & maintenance: −$1,656
• − Management: −$1,656
• − Depreciation: −$5,379
• Taxable loss: −$2,458
• Est. tax savings @ 24.0%: +$590
• After-tax cash flow: $1,198/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

• 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

+302.0% since first listed

19 events — show timeline

• 2026-06-04 Listed $184,900 Dayton MLS
• 2026-06-04 Listed $184,900 WRIST
• 2019-11-04 Sold (Public Records) $150,000 Public Records
• 2019-11-03 Sold (MLS) $150,000 Dayton MLS
• 2019-11-03 Sold (MLS) $150,000 Dayton MLS
• 2019-11-01 Sold (MLS) $150,000 WRIST
• 2019-10-02 Pending — Dayton MLS
• 2019-08-18 Relisted — Dayton MLS
• 2019-08-17 Contingent — Dayton MLS
• 2019-08-05 Price Changed $149,000 Dayton MLS
• 2019-07-09 Price Changed $159,000 Dayton MLS
• 2019-06-25 Price Changed $169,000 Dayton MLS
• 2019-06-25 Price Changed $169,900 Dayton MLS
• 2019-05-28 Listed $149,000 WRIST
• 2019-05-28 Listed $179,000 Dayton MLS
• 2009-01-27 Sold (MLS) $51,150 WRIST
• 2008-09-30 Listed $57,500 WRIST
• 1993-09-14 Sold (Public Records) $79,000 Public Records
• 1987-03-02 Sold (Public Records) $46,000 Public Records

Property tax history

+12.7%/yr

Latest (2025): $3,183 · +23.1% YoY. Source: county tax records.