123 E North St · Piqua, OH 45356

$199,900

3 bd · 2.0 ba · 2,200 sqft · MultiFamily public records · 66 Days on market

Built 1920 3,920 sqft lot $91/sqft · 22% above area Est $163k · 22% over

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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 +26.0/30.0
• DSCR +8.8/10.0
• 1% rule +5.7/10.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (2-4 Unit). Listing-text estimate: 2 units. confirmed

Listing remarks MLS

Great investment opportunity! This duplex offers strong rental potential with a versatile layout. The lower unit features 3 spacious bedrooms, a large eat-in kitchen, 1 full bath, and access to a 1-car garage--ideal for owner-occupants or tenants seeking extra space. The upper unit includes 1 bedroom and 1 full bath, perfect for additional rental income. A solid addition to any investment portfolio!

Key facts

• 3,920 sq ft lot
• Garage
• Built 1920

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $200k.

Deal economics

• At list price, monthly cash flow is $498 ($6k/yr) — positive. Per door: $249/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $200k).
• Recommended offer: $188k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.3% 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.
• Market conditions: 139 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• This rent runs 37% of the median local income ($69k/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 $1k of loan paydown is wiped out by about $6k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 66 days — a 6% lower offer ($188k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 4y ago; this cycle's ask has dropped $25k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $75k; list at $200k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $187,906 (6.0% below list)

Questions for the listing agent

1. It's been on market 66 days. Have you received any prior offers? Is the seller open to a 6% 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 1920 — 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. 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?
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: 1.07% ✓
• Cap rate: 9.28%
• Cash-on-cash: 10.69%
• DSCR: 1.48
• GRM: 7.8

CMA / ARV

• ARV (median comp): $163,248
• List price: $199,900
• Delta: 22.45%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
421 N Downing St	0.21mi	4/2.0 (+1)	2,198 (-0%)	20mo	$185,000	$84	69
726 N Wayne St	0.20mi	3/3.0	2,384 (+8%)	14mo	$165,000	$69	62
650 N Main St	0.11mi	3/2.0	1,892 (-14%)	14mo	$100,000	$53	60
508 W High St	0.43mi	4/2.0 (+1)	2,076 (-6%)	15mo	$122,500	$59	53
127-129 1st St	0.46mi	4/2.0 (+1)	2,036 (-8%)	17mo	$84,750	$42	47
127 First St	0.47mi	4/2.0 (+1)	2,036 (-8%)	17mo	$84,750	$42	47
444 E Ash St	0.29mi	4/3.0 (+1)	1,956 (-11%)	18mo	$185,000	$95	44
826 Nicklin Ave	0.60mi	4/2.0 (+1)	2,067 (-6%)	18mo	$235,000	$114	42
519 Miami St	0.73mi	4/2.0 (+1)	1,870 (-15%)	12mo	$100,000	$53	26

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: -0.3%
• Equity multiple: 0.99×
• Total profit: $-732
• Equity at exit: $29,806

10-year hold

• IRR: 9.3%
• Equity multiple: 1.71×
• Total profit: $39,898
• Equity at exit: $17,284

Cash invested: $55,972 (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: 15.6×

Monthly cashflow live

• Estimated rent: $2,140 high
• Mortgage (P&I): −$1,048
• Tax from tax record: −$61 /mo · $727/yr
• Insurance: −$83
• HOA: −$0
• Vacancy / Maint / Mgmt: −$449
• Net cashflow: $498

Break-even live

Break-even rent $1,509

Max offer price $199,900

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,140
Total (2 units)			$2,140

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: $49,975
• Closing costs: $5,997
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
200 E High St Piqua, OH	3.0	1.0	1500	$1,365	$0.91	3d	1	0.22mi

Listing history 34 events

1. 2026-06-18
   days on market $199,900 Active 66 DOM
2. 2026-06-17
   days on market $199,900 Active 65 DOM
3. 2026-06-16
   days on market $199,900 Active 64 DOM
4. 2026-06-15
   days on market $199,900 Active 63 DOM
5. 2026-06-14
   days on market $199,900 Active 61 DOM
6. 2026-06-13
   days on market $199,900 Active 60 DOM
7. 2026-06-10
   days on market $199,900 Active 58 DOM
8. 2026-06-09
   days on market $199,900 Active 57 DOM
9. 2026-06-08
   days on market $199,900 Active 56 DOM
10. 2026-06-07
    days on market $199,900 Active 55 DOM
11. 2026-06-05
    days on market $199,900 Active 52 DOM
12. 2026-06-03
    days on market $199,900 Active 51 DOM
13. 2026-06-02
    days on market $199,900 Active 50 DOM
14. 2026-06-01
    days on market $199,900 Active 49 DOM
15. 2026-05-31
    days on market $199,900 Active 48 DOM
16. 2026-05-31
    days on market $199,900 Active 47 DOM
17. 2026-04-28
    price $199,900 402-char remark

    Show marketing remark (24 chars)

    Duplex lower unit offers

18. 2026-04-28
    price $199,900 24-char remark

    Show marketing remark (24 chars)

    Duplex lower unit offers

19. 2026-04-12
    listed $224,900 Active 402-char remark

    Show marketing remark (24 chars)

    Duplex lower unit offers

20. 2026-04-12
    listed $224,900 Active 24-char remark

    Show marketing remark (24 chars)

    Duplex lower unit offers

21. 2025-05-29
    soldstatus $75,000 Closed
22. 2025-05-29
    soldstatus $75,000 Closed
23. 2025-05-01
    status Pending
24. 2025-05-01
    status Pending
25. 2025-04-15
    listed $63,000 Active
26. 2025-04-15
    listed $63,000 Active
27. 2022-11-01
    historical
28. 2022-11-01
    status Pending
29. 2022-09-12
    price $76,000
30. 2022-09-07
    price $81,000
31. 2022-07-28
    price $85,000
32. 2022-06-23
    listed $90,000 Active
33. 2002-09-13
    soldstatus $63,500
34. 1983-11-04
    soldstatus $33,000

ⓘ 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: $727 · $61/mo
• Projected year-2 tax: $1,923 · $160/mo
• Expected delta: +$1,196/yr (+$100/mo · 164.5%)

ⓘ 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
• 🫁 Air quality 2/10 Low 1 unhealthy d/yr today · 2 by 30 yrs out

Taxation est. · year 1

• Rental income: $25,680
• − Mortgage interest: −$11,198
• − Property taxes: −$727
• − Insurance: −$1,000
• − Repairs & maintenance: −$2,054
• − Management: −$2,054
• − Depreciation: −$5,815
• Taxable income: $2,832
• Est. tax owed @ 24.0%: −$680
• After-tax cash flow: $5,301/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

+505.8% since first listed

18 events — show timeline

• 2026-04-28 Price Changed $199,900 WRIST
• 2026-04-28 Price Changed $199,900 Dayton MLS
• 2026-04-12 Listed $224,900 Dayton MLS
• 2026-04-12 Listed $224,900 WRIST
• 2025-05-29 Sold (MLS) $75,000 Dayton MLS
• 2025-05-29 Sold (MLS) $75,000 WRIST
• 2025-05-01 Pending — WRIST
• 2025-05-01 Pending — Dayton MLS
• 2025-04-15 Listed $63,000 Dayton MLS
• 2025-04-15 Listed $63,000 WRIST
• 2022-11-01 Listing Removed — Dayton MLS
• 2022-11-01 Pending — Dayton MLS
• 2022-09-12 Price Changed $76,000 Dayton MLS
• 2022-09-07 Price Changed $81,000 Dayton MLS
• 2022-07-28 Price Changed $85,000 Dayton MLS
• 2022-06-23 Listed $90,000 Dayton MLS
• 2002-09-13 Sold (Public Records) $63,500 Public Records
• 1983-11-04 Sold (Public Records) $33,000 Public Records

Property tax history

-1.9%/yr

Latest (2025): $727 · -60.3% YoY. Source: county tax records.