1106 Watervliet Ave #1108 · Dayton, OH 45420

$210,000

4 bd · 2.0 ba · 2,128 sqft · MultiFamily · 5 Days on market

Built 1927 Fair condition 5,201 sqft lot Est $187k · 12% over

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Why this score? — see what drove the C 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.8/10.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.2/5.0
• ARV discount +2.0/15.0
• 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

Discover an exceptional opportunity in Dayton, where classic charm meets modern potential across 2,128 square feet of meticulously designed living space. This delightful duplex, boasting four spacious bedrooms and two full bathrooms, is perfectly situated on a generous 0.12-acre lot, offering both comfort and significant investment potential. The two-story layout provides a versatile canvas for creating an ideal home environment, with distinct areas for relaxation and entertaining. Its prime location ensures convenient access to local amenities and the vibrant community spirit of Dayton, enhancing the lifestyle appeal. Embrace the chance to personalize this wonderful property and transform

Key facts

• Generous lot
• Recent updates
• Updated flooring

Tags

• GENEROUS LOT
• TWO STORY LAYOUT
• PRIME LOCATION
• RECENT UPDATES
• NEW ROOF
• UPDATED FLOORING

Property features AI

Finance

• Financial info: For sale; Reported gross income: $26,400; Lease amount listed as $1,100

Exterior

• Parking: No garage; On-street parking
• Utilities: Natural gas available
• Home design: Two-story property; Wood siding construction
• Construction: Wood siding exterior
• Exterior features: Residential zoning; Lot approximately 0.12 acres

Interior

• Bedrooms: Unit includes four or more bedrooms
• Bathrooms: 2 full bathrooms
• Heating & cooling: Natural gas heating
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $210k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $666 ($8k/yr) — positive. Per door: $333/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $210k).
• Cap rate 10.1% vs local median 7.3% 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 fast (+4.8%/yr); 106 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $2,680/mo this rent would consume 53% of the median local household income ($61k/yr) (locally 856% 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 $1k of loan paydown is wiped out by about $6k 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 + 4.8% rent growth), your $59k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 5 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

• Watch-outs: built in 1927 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $210,000

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. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
4. Built in 1927 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 10.10%
• Cash-on-cash: 13.59%
• DSCR: 1.60
• GRM: 6.5

CMA / ARV

• ARV (on-the-fly): $187,264
• Comps found: 3

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1112 Watervliet Ave #1110	0.01mi	4/2.0	2,128 (0%)	18mo	$188,000	$88	84
2417-2419 S Smithville Rd #2417	0.32mi	4/3.0	2,156 (+1%)	6mo	$82,000	$38	74
511 Haskins Ave	0.72mi	4/4.0	2,232 (+5%)	3mo	$265,000	$119	47

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 · 4.82% rent growth · sell at horizon

5-year hold

• IRR: 5.8%
• Equity multiple: 1.23×
• Total profit: $13,422
• Equity at exit: $31,312

10-year hold

• IRR: 16.7%
• Equity multiple: 2.49×
• Total profit: $87,747
• Equity at exit: $18,157

Cash invested: $58,800 (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 45420

• Rents YoY: 4.8%
• Active inventory: 106
• Price-to-rent: 13.1×

Monthly cashflow live

• Estimated rent: $2,680 high
• Mortgage (P&I): −$1,101
• Tax est. 1.5%: −$262 /mo · $3,150/yr
• Insurance: −$88
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $666

Break-even live

Break-even rent $1,837

Max offer price $210,000

Occupancy floor 70%

Sensitivity live

Price	-10% $811	-5% $739	+0% $666	+5% $593	+10% $521
Rent	-10% $454	-5% $560	+0% $666	+5% $772	+10% $878
Rate	-1.0pp $772	-0.5pp $719	base $666	+0.5pp $612	+1.0pp $556

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,680
Total (2 units)			$2,680

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: $52,500
• Closing costs: $6,300
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4253 Pleasant View Ave Dayton, OH	3.0	2.0	1440	$1,695	$1.18	45d	1	0.73mi
1028 Colwick Dr Dayton, OH	4.0	2.0	1900	$2,200	$1.16	4d	1	0.73mi
4249 Pleasant View Ave Dayton, OH	3.0	2.0	1440	$1,695	$1.18	45d	1	0.74mi
2309 Whitlock Pl Dayton, OH	3.0	2.0	2400	$1,900	$0.79	4d	1	0.99mi
1520 S Smithville Rd Dayton, OH	3.0	2.0	1481	$1,345	$0.91	4d	1	1.28mi
1112 Irving Ave Dayton, OH	3.0	4.0	2041	$4,500	$2.20	4d	1	1.39mi

Listing history 6 events

1. 2026-06-18
   days on market $210,000 Active 5 DOM
2. 2026-06-17
   days on market $210,000 Active 4 DOM
3. 2026-06-16
   days on market $210,000 Active 3 DOM
4. 2026-06-15
   days on market $210,000 Active 2 DOM
5. 2026-06-14
   remarks 699-char remark
6. 2026-06-14
   listed $210,000 Active 1 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,160
• − Mortgage interest: −$11,763
• − Property taxes: −$3,150
• − Insurance: −$1,050
• − Repairs & maintenance: −$2,573
• − Management: −$2,573
• − Depreciation: −$6,109
• Taxable income: $4,942
• Est. tax owed @ 24.0%: −$1,186
• After-tax cash flow: $6,805/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.

Condition & rehab AI · 2 photos

Fair 45/100 Moderate rehab

This two-story duplex requires moderate repairs, particularly to the roof and flooring, and general maintenance. Painting and cleaning can significantly improve its curb appeal and interior aesthetics, making it a solid investment opportunity.

Repairs flagged

• Moderate roof — Signs of wear visible
• Major flooring — Worn appearance

Value-add opportunities

• Both painting and cleaning — Enhances curb appeal and interior aesthetics
• Both roof repair — Improves structural integrity and reduces maintenance costs
• Both flooring replacement — Enhances comfort and aesthetics, attracting more tenants

Renovation cost estimate screening

Repair item	Severity	Est. cost
roof · Signs of wear visible	Moderate	$3,000–15,000
flooring · Worn appearance	Major	$15,000–50,000
Total estimated repair cost · 2 items		$18,000–65,000

Value-add ROI direction

• Both painting and cleaning — Enhances curb appeal and interior aesthetics ↑
• Both roof repair — Improves structural integrity and reduces maintenance costs ↑
• Both flooring replacement — Enhances comfort and aesthetics, attracting more tenants ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 24,411
• Household income: $60,588
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 856.0

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 (83%)
• Race & ethnicity: White 83% Black 7% Two or more races 6% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 2% Chinese 0%

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: ▼ -192.56%
• Current HPI: 241.6543
• Rent YoY: ▲ 4.82%
• 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

1 event — show timeline

• 2026-06-13 Listed $210,000 Dayton MLS