113 4th Ave Unit 9-111

Dayton, KY 41074

$550,000C+

8 bd · 4.0 ba · 3,072 sqft · Built 1984 · MultiFamily · Active · 1 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $6,300/mo
• Mortgage (P&I): −$2,884
• Tax + insurance: −$917
• HOA: −$0
• Vac / Maint / Mgmt: −$1,323
• Net cashflow: $1,176/mo
• Annual: $14,113/yr
• Cap rate: 8.86%
• Cash-on-cash: 9.16%
• DSCR: 1.41
• 1% rule: 1.15%
• Cash to close: $154,000

Investor read

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $550k. Condition is rated good.
• At list price, monthly cash flow is $1k ($14k/yr) — positive. Per door: $294/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $550k).
• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• Local home prices are declining (-3.0%/yr); year-one equity from $4k of loan paydown is wiped out by about $16k of value loss. Plan a longer hold.
• Location reads 81/100 on livability (#67 in KY, #1,485 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: employment D+.
• Dayton Independent (suburban): math 23% / reading 32% proficiency, ranked #129 of 165 in KY (top 78%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 71% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Lincoln Elementary School (math 20% / reading 29%, grade F, #489 of 676 statewide, top 76%, 487 students, 82% FRL); Dayton High School (math 27% / reading 37%, grade F, #97 of 254 statewide, top 46%, 372 students, 78% FRL).
• Market conditions: Rents rising fast (+7.2%/yr); 53 active listings in the ZIP; 247 units permitted in Campbell County in 2024 (77 in 5+ unit buildings).
• At projected returns (-3.0% appreciation + 7.2% rent growth), your $154k cash investment doubles in ~8 years — after that, you're playing with house money.
• Cap rate 8.9% vs local median 6.9% in Dayton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.
• At $6,300/mo this rent would consume 114% of the median local household income ($66k/yr) (locally 215% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
• What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.
• 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.