401 W Norman Ave · Dayton, OH 45406

$65,000

3 bd · 1.5 ba · 1,540 sqft · SingleFamily public records · 42 Days on market

Built 1926 5,062 sqft lot $42/sqft · 29% below area Est $91k · 29% 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 +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks

This 1926 classic stands proudly on a corner lot in Dayton's resurging Santa Clara District--where character homes meet modern potential. With soaring rooflines, a welcoming front porch, and tons of natural light, it's got curb appeal for days. Inside, you'll find original hardwood floors, crown molding, and an ornate fireplace that whisper vintage charm. The living and dining rooms are made for gatherings, while French doors lead to a sunny flex space perfect for an office, playroom, or cozy hangout. Upstairs, 3 massive bedrooms and a full bath await, plus a floored attic and unfinished basement ready for your vision. Updates like replacement windows and an upgraded electrical panel bring

Key facts

• 5,062 sq ft lot
• 2 garage spots
• Built 1926

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Detached two-car garage with garage door opener
• Utilities: Natural gas available; Public water; Sewer available
• Home design: Residential property; Frame construction with aluminum siding
• Construction: Frame construction; Aluminum siding
• Exterior features: Front porch

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Bedrooms: Bedroom on second level (12 x 12); Bedroom on second level (14 x 14); Bedroom on second level (17 x 13)
• Bathrooms: 1 full bathroom; 1 half bathroom; Main level bathroom included
• Heating & cooling: Natural gas heating
• Interior features: Ceiling fans; Remodeled; Double-hung windows; Decorative fireplace (one)
• Laundry & utility: Laundry room in basement (10 x 10); Electric water heater

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $65k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $65k).
• Recommended offer: $63k (3.0% below list) — sets the bar for market timing.
• Cap rate 14.8% 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 (+3.0%/yr); 156 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% 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).
• This rent runs 34% of the median local income ($42k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $449 of loan paydown is wiped out by about $2k 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 + 3.0% rent growth), your $18k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 42 days — a 3% lower offer ($63k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 16y 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 $6k; list at $65k implies a 964% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1926 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $63,050 (3.0% below list)

Questions for the listing agent

1. It's been on market 42 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1926 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
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: 1.81% ✓
• Cap rate: 14.85%
• Cash-on-cash: 30.55%
• DSCR: 2.36
• GRM: 4.6

CMA / ARV

• ARV (median comp): $91,017
• List price: $65,000
• Delta: -28.58%
• 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
17 Marie Ave	0.13mi	4/1.5 (+1)	1,424 (-8%)	0mo	$70,000	$49	76
2032 Rugby Rd	0.26mi	3/1.0	1,422 (-8%)	0mo	$44,990	$32	73
2331 Newport Ave	0.56mi	3/1.5	1,520 (-1%)	1mo	$85,000	$56	70
1516 Kumler Ave	0.61mi	3/1.5	1,516 (-2%)	1mo	$100,000	$66	68
423 Sandalwood Dr	0.46mi	3/1.5	1,444 (-6%)	0mo	$62,000	$43	68
117 Valleyview Dr	0.19mi	2/1.0 (-1)	1,381 (-10%)	1mo	$50,000	$36	66
25 Laura Ave	0.49mi	3/1.5	1,710 (+11%)	2mo	$143,000	$84	57
2 E Hudson Ave	0.58mi	3/1.0	1,661 (+8%)	1mo	$35,000	$21	57
1936 Burroughs Dr	0.63mi	3/1.5	1,682 (+9%)	0mo	$135,000	$80	55
69 E Beechwood Ave	0.62mi	3/1.0	1,400 (-9%)	1mo	$173,000	$124	53
121 E Hillcrest Ave	0.70mi	3/1.0	1,402 (-9%)	1mo	$75,000	$53	50
2439 Mayfair Rd	0.59mi	2/3.0 (-1)	1,689 (+10%)	1mo	$200,000	$118	45

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 · 3.03% rent growth · sell at horizon

5-year hold

• IRR: 25.3%
• Equity multiple: 2.05×
• Total profit: $19,039
• Equity at exit: $9,692

10-year hold

• IRR: 33.1%
• Equity multiple: 4.01×
• Total profit: $54,839
• Equity at exit: $5,620

Cash invested: $18,200 (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 45406

• Rents YoY: 3.0%
• Active inventory: 156
• Price-to-rent: 4.6×

Monthly cashflow live

• Estimated rent: $1,179 high
• Mortgage (P&I): −$341
• Tax from tax record: −$100 /mo · $1,199/yr
• Insurance: −$27
• HOA: −$0
• Vacancy / Maint / Mgmt: −$248
• Net cashflow: $463

Break-even live

Break-even rent $592

Max offer price $65,000

Occupancy floor 56%

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: $16,250
• Closing costs: $1,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
201 W Norman Ave Dayton, OH	3.0	1.0	1424	$1,200	$0.84	44d	1	0.13mi
439 W Fairview Ave Dayton, OH	3.0	1.0	1500	$1,200	$0.80	44d	1	0.13mi
181 W Norman Ave Dayton, OH	3.0	2.0	1228	$1,150	$0.94	44d	1	0.15mi
167 W Hudson Ave Dayton, OH	3.0	1.5	1344	$1,185	$0.88	44d	1	0.19mi
101 W Norman Ave Unit 101 Dayton, OH	3.0	1.0	1600	$945	$0.59	44d	1	0.31mi
234 Santa Clara Ave Dayton, OH	3.0	1.0	1368	$1,125	$0.82	44d	1	0.33mi
41 W Fairview Ave Unit 2 Dayton, OH	3.0	1.0	1452	$1,200	$0.83	14d	1	0.38mi
265 Victor Ave Dayton, OH	3.0	1.0	1204	$900	$0.75	44d	1	0.38mi
1743 Radcliffe Rd Dayton, OH	3.0	1.5	1729	$1,200	$0.69	44d	1	0.40mi
26 W Beechwood Ave Dayton, OH	3.0	1.5	1468	$1,050	$0.72	44d	1	0.47mi
1004 W Fairview Ave Dayton, OH	2.0	1.0	1053	$950	$0.90	23d	1	0.49mi
2232 Salem Ave Dayton, OH	3.0	1.0	1250	$1,200	$0.96	3d	1	0.51mi
2247 Salem Ave Unit 2247 Dayton, OH	3.0	1.5	1300	$1,350	$1.04	3d	1	0.52mi
2247 Salem Ave Unit 2249 Dayton, OH	3.0	1.5	1300	$1,400	$1.08	44d	1	0.52mi
1019 Cherry Dr Dayton, OH	4.0	1.0	1057	$1,125	$1.06	44d	1	0.52mi
518 Delaware Ave Dayton, OH	2.0	1.0	1500	$750	$0.50	44d	1	0.53mi
31 E Norman Ave Dayton, OH	3.0	1.0	1100	$1,150	$1.05	23d	1	0.54mi
147 Laura Ave Dayton, OH	2.0	1.0	1096	$975	$0.89	23d	1	0.64mi
39 E Maplewood Ave Dayton, OH	4.0	1.5	1560	$1,050	$0.67	3d	1	0.64mi
1067 Salem Ave Dayton, OH	2.0	1.0	1100	$900	$0.82	44d	1	0.66mi
1067 Salem Ave Unit 3 Dayton, OH	2.0	1.5	1100	$900	$0.82	44d	1	0.66mi
1067 Salem Ave Unit 2 Dayton, OH	2.0	1.5	1100	$900	$0.82	44d	1	0.66mi
65 E Maplewood Ave Dayton, OH	2.0	1.0	1064	$723	$0.68	44d	1	0.67mi
38 Pointview Ave Dayton, OH	2.0	1.0	1140	$900	$0.79	14d	1	0.67mi
42 Pointview Ave Unit 42 Dayton, OH	3.0	2.0	1240	$1,200	$0.97	3d	1	0.67mi
1225 Amherst Pl Dayton, OH	3.0	1.0	1548	$1,300	$0.84	14d	1	0.68mi
1927 Burroughs Dr Dayton, OH	3.0	2.0	1409	$1,245	$0.88	14d	1	0.69mi
52 Fernwood Ave Dayton, OH	2.0	1.0	1926	$925	$0.48	44d	1	0.73mi
1378 Cory Dr Dayton, OH	2.0	1.0	1300	$975	$0.75	44d	1	0.76mi
338 Kenwood Ave Dayton, OH	3.0	1.5	1512	$1,195	$0.79	44d	1	0.80mi
101 E Bruce Ave Dayton, OH	3.0	1.0	1455	$1,150	$0.79	3d	1	0.84mi
942 Harvard Blvd Dayton, OH	3.0	2.0	1596	$1,200	$0.75	3d	1	0.85mi
1501 Viola Ave Dayton, OH	3.0	1.0	1952	$1,175	$0.60	14d	1	0.86mi
2141 Philadelphia Dr Dayton, OH	3.0	1.0	1736	$1,395	$0.80	44d	1	0.88mi
202 E Bruce Ave Apt 2 Dayton, OH	2.0	1.0	1250	$800	$0.64	23d	1	0.88mi
317 Fernwood Ave Dayton, OH	3.0	1.0	1320	$1,100	$0.83	11d	1	0.92mi
905 Neal Ave Dayton, OH	3.0	1.0	1100	$850	$0.77	44d	1	0.98mi
132 Wroe Ave Unit 132 Dayton, OH	3.0	2.5	1934	$1,297	$0.67	44d	1	1.00mi
244 E Siebenthaler Ave Dayton, OH	2.0	1.5	1273	$1,175	$0.92	3d	1	1.05mi
138 Rockwood Ave Dayton, OH	3.0	1.5	1439	$1,200	$0.83	23d	1	1.08mi

Listing history 29 events

1. 2026-06-18
   days on market $65,000 Active 42 DOM
2. 2026-06-17
   days on market $65,000 Active 41 DOM
3. 2026-06-16
   days on market $65,000 Active 40 DOM
4. 2026-06-15
   days on market $65,000 Active 39 DOM
5. 2026-06-14
   days on market $65,000 Active 37 DOM
6. 2026-06-13
   days on market $65,000 Active 36 DOM
7. 2026-06-10
   days on market $65,000 Active 34 DOM
8. 2026-06-09
   days on market $65,000 Active 33 DOM
9. 2026-06-08
   days on market $65,000 Active 32 DOM
10. 2026-06-07
    days on market $65,000 Active 31 DOM
11. 2026-06-05
    days on market $65,000 Active 28 DOM
12. 2026-06-03
    days on market $65,000 Active 27 DOM
13. 2026-06-02
    days on market $65,000 Active 26 DOM
14. 2026-06-01
    days on market $65,000 Active 25 DOM
15. 2026-05-31
    days on market $65,000 Active 24 DOM
16. 2026-05-07
    listed $65,000 Active 892-char remark
17. 2025-09-23
    price $94,990
18. 2013-05-31
    historical
19. 2012-08-15
    listed $18,000
20. 2011-06-06
    soldstatus $6,107
21. 2011-06-06
    soldstatus $6,107 Closed
22. 2011-04-25
    historical
23. 2011-02-06
    historical
24. 2011-02-06
    historical
25. 2010-11-26
    listed $11,400
26. 2010-08-06
    listed $19,000
27. 2010-08-06
    listed $19,000
28. 1997-10-22
    soldstatus $63,500
29. 1986-08-04
    soldstatus $41,000

ⓘ 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: $1,199 · $100/mo
• Projected year-2 tax: $1,199 · $100/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 ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $14,144
• − Mortgage interest: −$3,641
• − Property taxes: −$1,199
• − Insurance: −$325
• − Repairs & maintenance: −$1,132
• − Management: −$1,132
• − Depreciation: −$1,891
• Taxable income: $4,825
• Est. tax owed @ 24.0%: −$1,158
• After-tax cash flow: $4,401/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): 19,991
• Household income: $41,796
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1504.0

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 Black (75%)
• Race & ethnicity: Black 75% White 16% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -113.75%
• Current HPI: 197.1302
• Rent YoY: ▲ 3.03%
• 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

+58.5% since first listed

14 events — show timeline

• 2026-05-07 Listed $65,000 Dayton MLS
• 2025-09-23 Price Changed $94,990 Dayton MLS
• 2013-05-31 Listing Removed — Dayton MLS
• 2012-08-15 Listed $18,000 Dayton MLS
• 2011-06-06 Sold (MLS) $6,107 Dayton MLS
• 2011-06-06 Sold (MLS) $6,107 Dayton MLS
• 2011-04-25 Listing Removed — Dayton MLS
• 2011-02-06 Listing Removed — Cincy MLS
• 2011-02-06 Listing Removed — Dayton MLS
• 2010-11-26 Listed $11,400 Dayton MLS
• 2010-08-06 Listed $19,000 Cincy MLS
• 2010-08-06 Listed $19,000 Dayton MLS
• 1997-10-22 Sold (Public Records) $63,500 Public Records
• 1986-08-04 Sold (Public Records) $41,000 Public Records

Property tax history

-5.2%/yr

Latest (2025): $1,199 · -0.2% YoY. Source: county tax records.