263 S Hedges St · Dayton, OH 45403

$99,900

2 bd · 2.0 ba · 1,836 sqft · MultiFamily public records · 28 Days on market

Built 1915 4,321 sqft lot Est $184k · 46% 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 +15.0/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• 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

Solid mechanical updates & unbeatable pricing make this side by side Dayton Duplex ideal for the budget minded owner occupant or smart investor looking to maximize value & invest confidently. Each unit offers nice layout consisting of a large living room, main level laundry, king sized kitchen, 2 Bedrooms and 2 full baths (one on each floor!). Dimensional roofing, durable vinyl siding, upgraded furnaces and water heaters allow for efficiency, easy care and additional piece of mind. Both units have experienced bath upgrades and have been turned for a rent ready experience. Unit #163 offers original hardwoods. Projected rents are $895-925 Monthly. These units have been vacated to

Key facts

• Bath upgrades
• Original hardwoods
• Large living room

Tags

• SIDE BY SIDE DUPLEX
• LARGE LIVING ROOM
• MAIN LEVEL LAUNDRY
• KING SIZED KITCHEN
• BATH UPGRADES
• ORIGINAL HARDWOODS

Property features AI

Finance

• Financial info: Offered for sale; Tenant pays electricity, gas, water, and trash collection

Exterior

• Parking: Detached private 2-car garage
• Utilities: Natural gas available; Public water; Sewer available; Cable available
• Home design: Two-story building; Vinyl siding
• Construction: Vinyl siding construction
• Exterior features: Porch; Lot approximately 0.10 acres (32 x 135)

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two-bedroom units (property contains two units)
• Bathrooms: Two full bathrooms (total)
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Laminate counters; Full basement
• Laundry & utility: Gas water heater

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $100k.

Deal economics

• At list price, monthly cash flow is $876 ($11k/yr) — positive. Per door: $438/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $98k (1.5% below list) — sets the bar for market timing.
• Cap rate 16.8% 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.

Location & tenants

• 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.
• Market conditions: Rents rising (+3.7%/yr); 77 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 53% of comp listings sitting > 30 days — soft ceiling on asking rent; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $1,915/mo this rent would consume 60% of the median local household income ($38k/yr) (locally 1071% 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 $691 of loan paydown is wiped out by about $3k 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 + 3.7% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 28 days — a 2% lower offer ($98k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $98,401 (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 1915 — 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. 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?
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: 1.92% ✓
• Cap rate: 16.82%
• Cash-on-cash: 37.58%
• DSCR: 2.67
• GRM: 4.3

CMA / ARV

• ARV (on-the-fly): $183,600
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2519 E 5th St #2517	0.53mi	2/2.0	1,748 (-5%)	13mo	$82,500	$47	56
1104 Huffman Ave	0.24mi	3/2.0 (+1)	1,964 (+7%)	23mo	$138,000	$70	53
1607 Gondert Ave #1603	0.66mi	3/3.0 (+1)	1,800 (-2%)	18mo	$170,000	$94	42
1626 Darst Ave	0.60mi	3/3.0 (+1)	1,656 (-10%)	7mo	$165,000	$100	41
1608 Xenia Ave	0.66mi	3/2.0 (+1)	1,564 (-15%)	10mo	$160,000	$102	31
1629 Gondert Ave	0.69mi	3/3.0 (+1)	1,656 (-10%)	14mo	$170,100	$103	30

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 · 3.71% rent growth · sell at horizon

5-year hold

• IRR: 34.3%
• Equity multiple: 2.47×
• Total profit: $40,980
• Equity at exit: $14,895

10-year hold

• IRR: 41.6%
• Equity multiple: 5.05×
• Total profit: $113,249
• Equity at exit: $8,638

Cash invested: $27,972 (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 45403

• Home prices YoY: -3.7%
• Rents YoY: 3.7%
• Active inventory: 77
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $1,915 high
• Mortgage (P&I): −$524
• Tax from tax record: −$71 /mo · $856/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$402
• Net cashflow: $876

Break-even live

Break-even rent $806

Max offer price $99,900

Occupancy floor 49%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$1,916
Total (2 units)			$1,915

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 Pleasant Ave Unit 203 Dayton, OH	2.0	1.0	1250	$975	$0.78	23d	1	0.12mi
314 Sheridan Ave Dayton, OH	3.0	1.0	1258	$1,150	$0.91	3d	1	0.16mi
115 Livingston Ave Dayton, OH	3.0	1.0	1624	$1,450	$0.89	44d	1	0.32mi
3707 E 3rd St Unit 3705 Dayton, OH	3.0	1.0	1410	$1,045	$0.74	23d	1	0.46mi
2924 E 2nd St Unit 2 Dayton, OH	2.0	1.0	2078	$875	$0.42	23d	1	0.50mi
511 Parrot St Dayton, OH	3.0	1.5	1618	$1,100	$0.68	14d	1	0.93mi
1520 S Smithville Rd Dayton, OH	3.0	2.0	1481	$1,345	$0.91	2d	1	1.11mi
1515 Wyoming St Dayton, OH	3.0	1.0	1400	$1,000	$0.71	43d	1	1.14mi
1101 Phillips Ave Unit 1101 Dayton, OH	3.0	1.5	1300	$1,450	$1.12	43d	1	1.15mi
1411 Wyoming St Dayton, OH	3.0	1.0	1256	$1,095	$0.87	2d	1	1.18mi
31 Bidleman St Dayton, OH	2.0	1.5	1568	$1,100	$0.70	43d	1	1.31mi
438 Clover St Dayton, OH	3.0	2.0	2156	$1,025	$0.48	43d	1	1.32mi
4924 Bayside Dr Dayton, OH	3.0	2.0	1236	$1,545	$1.25	43d	1	1.43mi
20 Lucerne Ave Dayton, OH	3.0	1.0	1378	$1,200	$0.87	43d	1	1.46mi
1038 Walnut Hill Pl Dayton, OH	3.0	1.0	1232	$1,095	$0.89	43d	1	1.46mi

Listing history 19 events

1. 2026-06-18
   days on market $99,900 Active 28 DOM
2. 2026-06-17
   days on market $99,900 Active 27 DOM
3. 2026-06-16
   days on market $99,900 Active 26 DOM
4. 2026-06-15
   days on market $99,900 Active 25 DOM
5. 2026-06-14
   days on market $99,900 Active 23 DOM
6. 2026-06-13
   days on market $99,900 Active 22 DOM
7. 2026-06-10
   days on market $99,900 Active 20 DOM
8. 2026-06-09
   days on market $99,900 Active 19 DOM
9. 2026-06-08
   days on market $99,900 Active 18 DOM
10. 2026-06-07
    days on market $99,900 Active 17 DOM
11. 2026-06-05
    days on market $99,900 Active 14 DOM
12. 2026-06-03
    days on market $99,900 Active 13 DOM
13. 2026-06-02
    days on market $99,900 Active 12 DOM
14. 2026-06-01
    days on market $99,900 Active 11 DOM
15. 2026-05-31
    days on market $99,900 Active 10 DOM
16. 2026-05-21
    listed $99,900 Active
17. 2025-01-13
    soldstatus $145,000
18. 1997-06-18
    soldstatus $39,000
19. 1997-06-18
    soldstatus $39,000

ⓘ 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: $856 · $71/mo
• Projected year-2 tax: $1,207 · $101/mo
• Expected delta: +$351/yr (+$29/mo · 41.1%)

ⓘ 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 ≥101°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 4/10 Moderate 4 unhealthy d/yr today · 5 by 30 yrs out

Taxation est. · year 1

• Rental income: $22,980
• − Mortgage interest: −$5,596
• − Property taxes: −$856
• − Insurance: −$500
• − Repairs & maintenance: −$1,838
• − Management: −$1,838
• − Depreciation: −$2,906
• Taxable income: $9,446
• Est. tax owed @ 24.0%: −$2,267
• After-tax cash flow: $8,245/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: Dayton City
• NCES district ID: 3904384
• Math proficiency: 12% ▼ -12.00%
• Reading proficiency: 21% ▼ -11.00%
• Median HH income: $28,688
• Composite: 12.94/100
• National rank: #9579
• State rank: #641 of 656 in OH

Livability — Dayton

• Score: 65/100
• State rank: #716
• US rank: #12895

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Dayton, OH
• County: Montgomery County · 459,541 people
• City population: 164,387
• Metro: Dayton-Kettering, OH
• Population (ZIP): 13,608
• Household income: $38,323
• Rent vs Own: 60.0% rent · 40.0% own
• Severe rent burden: 1071.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Black 14% Two or more races 8% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -17.40%
• Current HPI: 447.4034
• Rent YoY: ▲ 3.71%
• 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

+156.2% since first listed

4 events — show timeline

• 2026-05-21 Listed $99,900 Dayton MLS
• 2025-01-13 Sold (Public Records) $145,000 Public Records
• 1997-06-18 Sold (Public Records) $39,000 Public Records
• 1997-06-18 Sold (Public Records) $39,000 Public Records

Property tax history

-0.9%/yr

Latest (2025): $856 · -0.2% YoY. Source: county tax records.