511 Center St · Xenia, OH 45385

$55,000

5 bd · 3.0 ba · 2,098 sqft · MultiFamily public records · 16 Days on market

Built 1900 5,222 sqft lot $26/sqft · 66% below area

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Why this score? — see what drove the D+ 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +4.0/10.0
• Rent growth +3.9/5.0
• Livability +3.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Investment opportunity! Triplex property in need of full rehab. New roof on house and 2 car detached garage in 2022. Some updated electrical and plumbing by previous owner. Electricity is not on. Property being sold as is.

Key facts

• Desirable corner lot
• Completely gutted
• 9-foot ceilings

Tags

• DESIRABLE CORNER LOT
• COMPLETELY GUTTED
• 9-FOOT CEILINGS
• SUNROOM OFF FAMILY ROOM
• MULTIPLE LIVING SPACES
• TWO FIREPLACES

Property features AI

Finance

• Financial info: Property is for sale

Exterior

• Parking: Detached 3-car garage; Driveway access
• Utilities: Natural gas available
• Home design: Two-story building; Vinyl siding
• Construction: Vinyl siding construction; Cellar foundation
• Exterior features: Residential zoning; Lot approximately 0.12 acres (112 x 50)

Interior

• Bathrooms: 3 full bathrooms
• Heating & cooling: Natural gas heating
• Interior features: Cellar

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $55k.

Deal economics

• At list price, monthly cash flow is $2k ($21k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 43.8% vs local median 3.6% in Xenia — 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 75/100 on livability (#244 in OH, #3,892 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, health & safety B+; Watch: amenities D+, commute F, employment F.
• Xenia Community City (suburban): math 42% / reading 53% proficiency, ranked #478 of 656 in OH (top 73%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Market conditions: Rents rising fast (+5.5%/yr); 240 active listings in the ZIP; solid renter incomes; 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• This rent runs 42% of the median local income ($77k/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 $380 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 5.5% rent growth), your $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 16 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 3y 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 $40k; 38% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
4. 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.
5. 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.
6. 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: 4.87% ✓
• Cap rate: 43.83%
• Cash-on-cash: 134.05%
• DSCR: 6.96
• GRM: 1.7

CMA / ARV

• ARV (median comp): $161,790
• List price: $55,000
• Delta: -66.01%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
36 Leaman St	0.44mi	5/3.0	1,994 (-5%)	3mo	$85,000	$43	69
119 S Galloway St	0.32mi	4/2.0 (-1)	2,278 (+9%)	1mo	$165,000	$72	61
207 N Galloway St #209	0.58mi	4/3.0 (-1)	2,008 (-4%)	20mo	$250,000	$125	44
132 Hivling St	0.53mi	4/2.0 (-1)	2,306 (+10%)	14mo	$116,900	$51	38
128 Home Ave	0.41mi	4/2.0 (-1)	2,304 (+10%)	22mo	$132,000	$57	37
637 S Monroe St	0.72mi	6/2.0 (+1)	1,850 (-12%)	8mo	$167,000	$90	31

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 · 5.48% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.98×
• Total profit: $107,558
• Equity at exit: $8,201

10-year hold

• IRR: —
• Equity multiple: 18.18×
• Total profit: $264,538
• Equity at exit: $4,755

Cash invested: $15,400 (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 45385

• Rents YoY: 5.5%
• Active inventory: 240
• Price-to-rent: 3.4×

Monthly cashflow live

• Estimated rent: $2,680 high
• Mortgage (P&I): −$288
• Tax from tax record: −$86 /mo · $1,027/yr
• Insurance: −$23
• HOA: −$0
• Vacancy / Maint / Mgmt: −$563
• Net cashflow: $1,720

Break-even live

Break-even rent $502

Max offer price $55,000

Occupancy floor 31%

Sensitivity live

Price	-10% $1,751	-5% $1,736	+0% $1,720	+5% $1,705	+10% $1,689
Rent	-10% $1,509	-5% $1,614	+0% $1,720	+5% $1,826	+10% $1,932
Rate	-1.0pp $1,748	-0.5pp $1,734	base $1,720	+0.5pp $1,706	+1.0pp $1,692

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-21
   days on market $55,000 Active 16 DOM
2. 2026-06-18
   days on market $55,000 Active 13 DOM
3. 2026-06-17
   days on market $55,000 Active 12 DOM
4. 2026-06-16
   days on market $55,000 Active 11 DOM
5. 2026-06-15
   days on market $55,000 Active 10 DOM
6. 2026-06-14
   days on market $55,000 Active 8 DOM
7. 2026-06-13
   days on market $55,000 Active 7 DOM
8. 2026-06-10
   days on market $55,000 Active 5 DOM
9. 2026-06-09
   days on market $55,000 Active 4 DOM
10. 2026-06-08
    days on market $55,000 Active 3 DOM
11. 2026-06-07
    statusdays on marketlisting id $55,000 Active 2 DOM
12. 2026-05-11
    price $55,000 1406-char remark
13. 2026-02-13
    status Active 1406-char remark
14. 2026-02-12
    historical ActiveUnderContract 1406-char remark
15. 2026-02-04
    status Active 1406-char remark
16. 2026-01-31
    historical ActiveUnderContract 1406-char remark
17. 2026-01-23
    listed $60,000 Active 1406-char remark
18. 2023-08-24
    soldstatus $40,000
19. 2023-08-21
    soldstatus $40,000 Closed 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity! Triplex property in need of full rehab. New roof on house and 2 car detached garage in 2022. Some updated electrical and plumbing by previous owner. Electricity is not on. Property being sold as is.

20. 2023-08-21
    soldstatus $40,000 Sold 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity! Triplex property in need of full rehab. New roof on house and 2 car detached garage in 2022. Some updated electrical and plumbing by previous owner. Electricity is not on. Property being sold as is.

21. 2023-08-13
    status Pending 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity! Triplex property in need of full rehab. New roof on house and 2 car detached garage in 2022. Some updated electrical and plumbing by previous owner. Electricity is not on. Property being sold as is.

22. 2023-08-05
    historical Active/Pending 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity! Triplex property in need of full rehab. New roof on house and 2 car detached garage in 2022. Some updated electrical and plumbing by previous owner. Electricity is not on. Property being sold as is.

23. 2023-07-14
    listed $49,900 Active 222-char remark

    Show marketing remark (222 chars)

    Investment opportunity! Triplex property in need of full rehab. New roof on house and 2 car detached garage in 2022. Some updated electrical and plumbing by previous owner. Electricity is not on. Property being sold as is.

24. 2005-09-28
    soldstatus $49,000
25. 2002-11-18
    soldstatus $42,500

ⓘ 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: $1,027 · $86/mo
• Projected year-2 tax: $1,027 · $86/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 ≥100°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 3 unhealthy d/yr today · 3 by 30 yrs out

Taxation est. · year 1

• Rental income: $32,160
• − Mortgage interest: −$3,081
• − Property taxes: −$1,027
• − Insurance: −$275
• − Repairs & maintenance: −$2,573
• − Management: −$2,573
• − Depreciation: −$1,600
• Taxable income: $21,032
• Est. tax owed @ 24.0%: −$5,048
• After-tax cash flow: $15,596/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: Xenia Community City
• NCES district ID: 3904515
• Math proficiency: 42% ▼ -16.00%
• Reading proficiency: 53% ▼ -5.00%
• Median HH income: $46,206
• Composite: 40.31/100
• National rank: #3752
• State rank: #478 of 656 in OH

Livability — Xenia

• Score: 75/100
• State rank: #244
• US rank: #3892

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Xenia, OH
• County: Greene County · 132,120 people
• City population: 40,617
• Metro: Dayton-Kettering, OH
• Population (ZIP): 40,617
• Household income: $76,564
• Rent vs Own: 27.7% rent · 72.3% own
• Severe rent burden: 906.0

Population outlook (Greene County) Hauer SSP2

• Today (2025): 170,301 people
• By 2030: 171,840 · +0.9%
• By 2040: 171,408 · +0.7%
• By 2050: 167,806 · -1.5%
• By 2075: 154,430 · -9.3%
• By 2100: 138,669 · -18.6%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (83%)
• Race & ethnicity: White 83% Two or more races 6% Black 6% Hispanic / Latino 2% Asian 2%
• Common ancestry: Slovak 3% Italian 2% Serbian 1%
• Foreign-born: 3% · Canada
• Languages at home: 96% English-only · Other Indo-European 1% Spanish 1%

Political lean MEDSL · Greene

• 2024 margin: R (+19.8) · D 39.5% · R 59.3% · Other 1.2%
• 2008→2024 swing: -1.4pp toward R · 2008: -18.4pp · 2024: -19.8pp
• All cycles: 2024: R+19.8 2020: R+19.5 2016: R+24.5 2012: R+21.8 2008: R+18.4

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -158.15%
• Current HPI: 239.0473
• Rent YoY: ▲ 5.48%
• 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

+29.4% since first listed

16 events — show timeline

• 2026-06-05 Listed $55,000 Dayton MLS
• 2026-05-23 Listing Removed — Dayton MLS
• 2026-05-11 Price Changed $55,000 Dayton MLS
• 2026-02-13 Relisted — Dayton MLS
• 2026-02-12 Contingent — Dayton MLS
• 2026-02-04 Relisted — Dayton MLS
• 2026-01-31 Contingent — Dayton MLS
• 2026-01-23 Listed $60,000 Dayton MLS
• 2023-08-24 Sold (Public Records) $40,000 Public Records
• 2023-08-21 Sold (MLS) $40,000 Dayton MLS
• 2023-08-21 Sold (MLS) $40,000 Dayton MLS
• 2023-08-13 Pending — Dayton MLS
• 2023-08-05 Contingent — Dayton MLS
• 2023-07-14 Listed $49,900 Dayton MLS
• 2005-09-28 Sold (Public Records) $49,000 Public Records
• 2002-11-18 Sold (Public Records) $42,500 Public Records

Property tax history

+4.1%/yr

Latest (2025): $1,027 · +1.8% YoY. Source: county tax records.