2648 Parklawn Dr · Kettering, OH 45440

$1,949,000

504 bd · 3.0 ba · 7,992 sqft · MultiFamily public records · 379 Days on market

Built 1963 1.09 ac lot

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +5.2/10.0
• Livability +4.2/5.0
• Rent growth +3.6/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 21 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Location, Location, Location, Location! This 2 Building 21 Unit Kettering Apartment Property is Within Close Proximity to All the Places We Need to Access on a Regular Basis. Directly Across the Street from an Elementary School, 1 Mile to the Grocery, 2 Miles from I-675, 2 1/2 Miles from Walmart & Miami Valley South & Less than 30 Minutes from the Majority of the Greater Dayton Market. The Property has also been well cared for & Maintained over the last 17 Years! Looking for the Next Owners to Keep the Reputation & Client Care Strong & Clean. Most of the Units have been refreshed with New Flooring, Paint, Doors, & Countertops Over the Last Several Years. The Property Sports a Coin Operated Washer & Dryer in a Community Laundry Room that Adds $300-$350 a Month to the Bottom Line. Take the time to Take a Good Look Before it Gets Snapped Up By Someone Who Beat You to the Punch

Key facts

• 1 mile to grocery
• 2 miles from i-675
• New doors

Tags

• 1 MILE TO GROCERY
• 2 MILES FROM I-675
• 2 1/2 MILES FROM WALMART
• NEW FLOORING
• NEW PAINT
• NEW DOORS

What this means for you Summary

Snapshot

• This is a 21 × 24-bed/22.0-bath units multifamily listed at $1.95M.

Deal economics

• At list price, monthly cash flow is $14k ($172k/yr) — positive. Per door: $684/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($33k rent vs $1.95M).
• Recommended offer: $1.72M (12.0% below list) — sets the bar for market timing.
• Cap rate 15.1% vs local median 4.4% in Kettering — 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 83/100 on livability (#61 in OH, #922 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, cost of living A+; Watch: commute F.
• Kettering City School District (suburban): math 54% / reading 68% proficiency, ranked #277 of 656 in OH (top 42%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Market conditions: Rents rising fast (+4.3%/yr); 119 active listings in the ZIP; solid renter incomes; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $33,465/mo this rent would consume 487% of the median local household income ($82k/yr) (locally 626% 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 $13k of loan paydown is wiped out by about $58k 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 + 4.3% rent growth), your $546k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 379 days — a 12% lower offer ($1.72M) is reasonable based on typical stale-listing flexibility.
• Current owner paid $653k; list at $1.95M implies a 198% gain — meaningful room to come down on a strong offer.

Recommended offer $1,715,120 (12.0% below list)

Questions for the listing agent

1. It's been on market 379 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
3. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
4. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
8. 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.
9. 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.
10. 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: 1.72% ✓
• Cap rate: 15.14%
• Cash-on-cash: 31.58%
• DSCR: 2.41
• GRM: 4.9

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.35% rent growth · sell at horizon

5-year hold

• IRR: 27.9%
• Equity multiple: 2.18×
• Total profit: $644,720
• Equity at exit: $290,602

10-year hold

• IRR: 36.1%
• Equity multiple: 4.54×
• Total profit: $1,932,274
• Equity at exit: $168,514

Cash invested: $545,720 (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 45440

• Rents YoY: 4.3%
• Active inventory: 119
• Price-to-rent: 101.9×

Monthly cashflow live

• Estimated rent: $33,465 medium
• Mortgage (P&I): −$10,221
• Tax from tax record: −$1,041 /mo · $12,490/yr
• Insurance: −$812
• HOA: −$0
• Vacancy / Maint / Mgmt: −$7,028
• Net cashflow: $14,364

Break-even live

Break-even rent $15,283

Max offer price $1,949,000

Occupancy floor 52%

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

Units	Beds	Baths	Est. rent
▸ 21× units	24	22	$33,474
Total (21 units)			$33,465

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: $487,250
• Closing costs: $58,470
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $1,949,000 Active 379 DOM
2. 2026-06-17
   days on market $1,949,000 Active 378 DOM
3. 2026-06-16
   days on market $1,949,000 Active 377 DOM
4. 2026-06-15
   days on market $1,949,000 Active 376 DOM
5. 2026-06-14
   days on market $1,949,000 Active 374 DOM
6. 2026-06-13
   days on market $1,949,000 Active 373 DOM
7. 2026-06-10
   days on market $1,949,000 Active 371 DOM
8. 2026-06-09
   days on market $1,949,000 Active 370 DOM
9. 2026-06-08
   days on market $1,949,000 Active 369 DOM
10. 2026-06-07
    days on market $1,949,000 Active 368 DOM
11. 2026-06-05
    days on market $1,949,000 Active 365 DOM
12. 2026-06-03
    days on market $1,949,000 Active 364 DOM
13. 2026-06-02
    days on market $1,949,000 Active 363 DOM
14. 2026-06-01
    days on market $1,949,000 Active 362 DOM
15. 2026-05-31
    days on market $1,949,000 Active 361 DOM
16. 2025-06-20
    price $1,949,000 928-char remark

    Show marketing remark (928 chars)

    Location, Location, Location, Location! This 2 Building 21 Unit Kettering Apartment Property is Within Close Proximity to All the Places We Need to Access on a Regular Basis. Directly Across the Street from an Elementary School, 1 Mile to the Grocery, 2 Miles from I-675, 2 1/2 Miles from Walmart & Miami Valley South & Less than 30 Minutes from the Majority of the Greater Dayton Market. The Property has also been well cared for & Maintained over the last 17 Years! Looking for the Next Owners to Keep the Reputation & Client Care Strong & Clean. Most of the Units have been refreshed with New Flooring, Paint, Doors, & Countertops Over the Last Several Years. The Property Sports a Coin Operated Washer & Dryer in a Community Laundry Room that Adds $300-$350 a Month to the Bottom Line. Take the time to Take a Good Look Before it Gets Snapped Up By Someone Who Beat You to the Punch

17. 2025-06-03
    listed $1,999,000 Active 928-char remark

    Show marketing remark (928 chars)

    Location, Location, Location, Location! This 2 Building 21 Unit Kettering Apartment Property is Within Close Proximity to All the Places We Need to Access on a Regular Basis. Directly Across the Street from an Elementary School, 1 Mile to the Grocery, 2 Miles from I-675, 2 1/2 Miles from Walmart & Miami Valley South & Less than 30 Minutes from the Majority of the Greater Dayton Market. The Property has also been well cared for & Maintained over the last 17 Years! Looking for the Next Owners to Keep the Reputation & Client Care Strong & Clean. Most of the Units have been refreshed with New Flooring, Paint, Doors, & Countertops Over the Last Several Years. The Property Sports a Coin Operated Washer & Dryer in a Community Laundry Room that Adds $300-$350 a Month to the Bottom Line. Take the time to Take a Good Look Before it Gets Snapped Up By Someone Who Beat You to the Punch

18. 2008-07-25
    soldstatus $653,333

ⓘ 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: $12,490 · $1,041/mo
• Projected year-2 tax: $21,447 · $1,787/mo
• Expected delta: +$8,957/yr (+$746/mo · 71.7%)

ⓘ 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 · 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: $401,580
• − Mortgage interest: −$109,174
• − Property taxes: −$12,490
• − Insurance: −$9,745
• − Repairs & maintenance: −$32,126
• − Management: −$32,126
• − Depreciation: −$56,698
• Taxable income: $149,220
• Est. tax owed @ 24.0%: −$35,813
• After-tax cash flow: $136,551/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: Kettering City School District
• NCES district ID: 3904418
• Math proficiency: 54% ▼ -21.00%
• Reading proficiency: 68% ▼ -9.00%
• Median HH income: $50,353
• Composite: 51.89/100
• National rank: #1653
• State rank: #277 of 656 in OH

Livability — Kettering

• Score: 83/100
• State rank: #61
• US rank: #922

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kettering, OH
• County: Greene County · 132,120 people
• City population: 73,116
• Metro: Dayton-Kettering, OH
• Population (ZIP): 22,358
• Household income: $82,383
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 626.0

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 (82%)
• Race & ethnicity: White 82% Two or more races 9% Black 5% Hispanic / Latino 5% Asian 2%
• Common ancestry: Romanian 2% Lithuanian 2% Italian 2%
• Foreign-born: 6% · Canada, South Korea
• Languages at home: 92% English-only · Spanish 3% French/Haitian/Cajun 1% Arabic 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: ▼ -168.53%
• Current HPI: 217.1026
• Rent YoY: ▲ 4.35%
• 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

+198.3% since first listed

3 events — show timeline

• 2025-06-20 Price Changed $1,949,000 Dayton MLS
• 2025-06-03 Listed $1,999,000 Dayton MLS
• 2008-07-25 Sold (Public Records) $653,333 Public Records

Property tax history

+3.1%/yr

Latest (2025): $12,490 · -0.3% YoY. Source: county tax records.