421 2nd St · Piqua, OH 45356

$118,900

2 bd · 1.0 ba · 1,630 sqft · SingleFamily public records · 109 Days on market

Built 1914 4,792 sqft lot $73/sqft · 16% below area Est $142k · 16% under ↓ 6% since listing

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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 +22.4/30.0
• ARV discount +14.8/15.0
• DSCR +7.2/10.0
• 1% rule +4.9/10.0
• 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

Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in 'As Is' condition.

Key facts

• Covered front porch
• Eat in kitchen
• Updated furnace

Tags

• COVERED FRONT PORCH
• MAJORITY OF WINDOWS REPLACED
• EAT IN KITCHEN
• BACK PORCH FILLED WITH WINDOWS
• UPDATED FURNACE
• VINYL EXTERIOR

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $119k.

Deal economics

• At list price, monthly cash flow is $198 ($2k/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 $118k (0.8% below list).
• Recommended offer: $108k (9.0% below list) — sets the bar for market timing.
• Cap rate 8.3% 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; 9 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 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 $822 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($108k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $11k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1914 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $108,199 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1914 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 0.99% ✗
• Cap rate: 8.29%
• Cash-on-cash: 7.14%
• DSCR: 1.32
• GRM: 8.4

CMA / ARV

• ARV (median comp): $141,868
• List price: $118,900
• Delta: -16.19%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
359 E Main St	0.17mi	3/1.5 (+1)	1,626 (-0%)	2mo	$216,900	$133	84
647 S Wayne St	0.60mi	3/1.5 (+1)	1,664 (+2%)	4mo	$184,900	$111	59
120 Garnsey St	0.57mi	3/1.5 (+1)	1,672 (+3%)	13mo	$135,000	$81	51
306 Wood St	0.66mi	3/1.0 (+1)	1,524 (-6%)	4mo	$140,000	$92	50
215 Miami St	0.59mi	3/1.5 (+1)	1,736 (+6%)	5mo	$137,500	$79	50
508 S Wayne St	0.57mi	3/1.0 (+1)	1,752 (+8%)	7mo	$164,900	$94	50
523 Harrison St	0.66mi	3/1.5 (+1)	1,532 (-6%)	9mo	$45,000	$29	45
420 S Roosevelt Ave	0.75mi	3/1.0 (+1)	1,612 (-1%)	17mo	$149,900	$93	44
323 Miami St	0.68mi	3/1.5 (+1)	1,512 (-7%)	11mo	$164,500	$109	40
321 E Greene St	0.57mi	3/2.5 (+1)	1,792 (+10%)	8mo	$70,000	$39	39
209 South St	0.60mi	3/1.0 (+1)	1,446 (-11%)	11mo	$145,900	$101	39
431 S Roosevelt Ave	0.73mi	3/1.0 (+1)	1,399 (-14%)	5mo	$174,900	$125	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: -5.4%
• Equity multiple: 0.80×
• Total profit: $-6,690
• Equity at exit: $17,728

10-year hold

• IRR: 4.2%
• Equity multiple: 1.31×
• Total profit: $10,269
• Equity at exit: $10,280

Cash invested: $33,292 (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: 8.4×

Monthly cashflow live

• Estimated rent: $1,180 high
• Mortgage (P&I): −$624
• Tax from tax record: −$61 /mo · $732/yr
• Insurance: −$50
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $198

Break-even live

Break-even rent $929

Max offer price $118,900

Occupancy floor 78%

Sensitivity live

Price	-10% $265	-5% $232	+0% $198	+5% $164	+10% $131
Rent	-10% $105	-5% $151	+0% $198	+5% $245	+10% $291
Rate	-1.0pp $258	-0.5pp $228	base $198	+0.5pp $167	+1.0pp $136

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: $29,725
• Closing costs: $3,567
• Reserves months: —
• Total cash needed: —

Rent comps 9 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
317 Cleveland St Piqua, OH	2.0	1.0	1068	$1,200	$1.12	4d	1	0.28mi
310 Harrison St Piqua, OH	1.0	1.0	1200	$895	$0.75	21d	1	0.54mi
200 E High St Piqua, OH	3.0	1.0	1500	$1,365	$0.91	5d	1	0.55mi
717 S Downing St Piqua, OH	3.0	1.0	1212	$1,100	$0.91	4d	1	0.65mi
764 S Wayne St Piqua, OH	3.0	1.0	1203	$1,300	$1.08	45d	1	0.67mi
316 N College St Piqua, OH	2.0	1.0	782	$1,075	$1.37	4d	3	1.08mi
519 Ann St Piqua, OH	3.0	1.0	1388	$1,300	$0.94	4d	1	1.22mi
715 Walker St Piqua, OH	3.0	2.0	1100	$1,650	$1.50	5d	1	1.24mi
918 W Greene St Piqua, OH	2.0	1.5	1270	$900	$0.71	16d	1	1.26mi

Listing history 23 events

1. 2026-06-21
   days on market $118,900 Active 109 DOM
2. 2026-06-18
   days on market $118,900 Active 106 DOM
3. 2026-06-17
   days on market $118,900 Active 105 DOM
4. 2026-06-16
   days on market $118,900 Active 104 DOM
5. 2026-06-15
   days on market $118,900 Active 103 DOM
6. 2026-06-14
   days on market $118,900 Active 101 DOM
7. 2026-06-13
   days on market $118,900 Active 100 DOM
8. 2026-06-10
   days on market $118,900 Active 98 DOM
9. 2026-06-09
   days on market $118,900 Active 97 DOM
10. 2026-06-08
    days on market $118,900 Active 96 DOM
11. 2026-06-07
    days on market $118,900 Active 95 DOM
12. 2026-06-05
    days on market $118,900 Active 92 DOM
13. 2026-06-03
    pricedays on market $118,900 Active 91 DOM
14. 2026-06-02
    days on market $122,000 Active 90 DOM
15. 2026-06-01
    days on market $122,000 Active 89 DOM
16. 2026-05-31
    days on market $122,000 Active 88 DOM
17. 2026-05-31
    days on market $122,000 Active 87 DOM
18. 2026-04-20
    price $122,000 919-char remark

    Show marketing remark (930 chars)

    Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in "As Is" condition.

19. 2026-04-20
    price $122,000 930-char remark

    Show marketing remark (930 chars)

    Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in "As Is" condition.

20. 2026-03-23
    price $124,900 919-char remark

    Show marketing remark (930 chars)

    Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in "As Is" condition.

21. 2026-03-23
    price $124,900 930-char remark

    Show marketing remark (930 chars)

    Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in "As Is" condition.

22. 2026-03-04
    listed $129,900 Active 919-char remark

    Show marketing remark (930 chars)

    Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in "As Is" condition.

23. 2026-03-04
    listed $129,900 Active 930-char remark

    Show marketing remark (930 chars)

    Welcome to 421 2nd St. Piqua, OH! Unlimited possibilities and options in this solid home! Amazing space offering 1,630 Square Feet of living space for you to spread out! This home could easily be a 4 bedroom home and have an office by finishing touches to the upstairs. Nice size covered front porch for you to enjoy and relax on. Majority of windows have been replaced at some point. Spacious living and family rooms, great for your gatherings. 2 Spacious bedrooms located on the main floor. Eat in kitchen with nice space for your table. Full bath with large walk in shower. Back porch filled with lots of windows and natural light. Updated furnace approx. 5 years. Vinyl exterior. 1 car detached stone block garage. Alley access . On and off street parking. Do not delay on this home. Convenient location being close to dining, shopping and I-75! Possession at closing. This home is being sold in "As Is" condition.

ⓘ 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: $732 · $61/mo
• Projected year-2 tax: $1,294 · $108/mo
• Expected delta: +$561/yr (+$47/mo · 76.6%)

ⓘ 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 ≥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: $14,159
• − Mortgage interest: −$6,660
• − Property taxes: −$732
• − Insurance: −$594
• − Repairs & maintenance: −$1,133
• − Management: −$1,133
• − Depreciation: −$3,459
• Taxable income: $447
• Est. tax owed @ 24.0%: −$107
• After-tax cash flow: $2,269/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

-6.1% since first listed

6 events — show timeline

• 2026-04-20 Price Changed $122,000 WRIST
• 2026-04-20 Price Changed $122,000 Dayton MLS
• 2026-03-23 Price Changed $124,900 WRIST
• 2026-03-23 Price Changed $124,900 Dayton MLS
• 2026-03-04 Listed $129,900 Dayton MLS
• 2026-03-04 Listed $129,900 WRIST

Property tax history

-1.6%/yr

Latest (2025): $732 · -33.7% YoY. Source: county tax records.