159 Alton Ave #157 · Dayton, OH 45404

$155,000

4 bd · 2.0 ba · 2,082 sqft · MultiFamily · 10 Days on market

Built 1900 Good condition 4,643 sqft lot Est $142k · 9% 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 +29.3/30.0
• DSCR +10.0/10.0
• 1% rule +8.2/10.0
• Condition / age +3.8/5.0
• ARV discount +3.2/15.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Schools +1.3/10.0
• 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

Two Story Duplex located in the old North Neighborhood, close to Hospitals, Downtown, Schools and Public Transit. Each side has 2 bedrooms and 1 bath currently fully rented at 825 a side. Tenants pay their own electric and gas owner pays water and trash. Street parking and parking pad in the rear. Large, fenced in backyard with gate. Central Air and gas furnaces.

Key facts

• Close to schools
• Close to hospitals
• Two story duplex

Tags

• TWO STORY DUPLEX
• CLOSE TO HOSPITALS
• CLOSE TO DOWNTOWN
• CLOSE TO SCHOOLS
• CLOSE TO PUBLIC TRANSIT
• LARGE FENCED IN BACKYARD

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.0-bath units multifamily listed at $155k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $544 ($7k/yr) — positive. Per door: $272/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• Cap rate 10.5% 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: 66 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 14d on market — plan ~3-4 weeks tenant-placement turnaround); lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $2,045/mo this rent would consume 63% of the median local household income ($39k/yr) (locally 702% 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 $1k of loan paydown is wiped out by about $5k 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 $43k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.

Risks & watch-outs

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

Recommended offer $155,000

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1900 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.32% ✓
• Cap rate: 10.51%
• Cash-on-cash: 15.05%
• DSCR: 1.67
• GRM: 6.3

CMA / ARV

• ARV (on-the-fly): $141,576
• Comps found: 6

Show comp detail 6 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
414 Hart St #412	0.24mi	4/2.0	2,200 (+6%)	7mo	$20,000	$9	74
818 Troy St #816	0.33mi	5/2.0 (+1)	2,240 (+8%)	4mo	$152,000	$68	64
722 N Keowee St #720	0.63mi	4/3.5	2,090 (+0%)	8mo	$157,000	$75	57
924-926 Webster St #924	0.70mi	4/2.0	2,088 (+0%)	13mo	$100,000	$48	56
305 Deeds Ave #303	0.41mi	4/2.0	2,168 (+4%)	22mo	$80,000	$37	56
1623 Mack Ave #1621	0.45mi	4/3.0	2,310 (+11%)	16mo	$163,000	$71	43

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: 5.7%
• Equity multiple: 1.22×
• Total profit: $9,586
• Equity at exit: $23,111

10-year hold

• IRR: 15.1%
• Equity multiple: 2.22×
• Total profit: $53,118
• Equity at exit: $13,402

Cash invested: $43,400 (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 45404

• Home prices YoY: -24.2%
• Active inventory: 66
• Price-to-rent: 12.6×

Monthly cashflow live

• Estimated rent: $2,045 high
• Mortgage (P&I): −$813
• Tax est. 1.5%: −$194 /mo · $2,325/yr
• Insurance: −$65
• HOA: −$0
• Vacancy / Maint / Mgmt: −$429
• Net cashflow: $544

Break-even live

Break-even rent $1,356

Max offer price $155,000

Occupancy floor 68%

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,046
Total (2 units)			$2,045

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: $38,750
• Closing costs: $4,650
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
531 Maryland Ave Dayton, OH	4.0	1.5	1962	$1,700	$0.87	14d	1	0.32mi
321 Deeds Ave Unit 319 Dayton, OH	4.0	2.0	1794	$1,100	$0.61	43d	1	0.39mi
2119 Bellefontaine Ave Dayton, OH	3.0	1.5	1500	$1,400	$0.93	2d	1	0.59mi
821 Herman Ave Dayton, OH	3.0	1.0	1456	$1,100	$0.76	21d	1	0.78mi
204 Sears St Dayton, OH	3.0	1.0–2.5	1124	$2,793	$2.48	2d	10	1.14mi
140 E Monument Ave Dayton, OH	3.0	1.0–2.0	1048	$2,344	$2.24	2d	11	1.39mi

Listing history 8 events

1. 2026-06-13
   statusdays on market $155,000 Pending 10 DOM
2. 2026-06-10
   days on market $155,000 Active 9 DOM
3. 2026-06-09
   days on market $155,000 Active 8 DOM
4. 2026-06-08
   days on market $155,000 Active 7 DOM
5. 2026-06-07
   days on market $155,000 Active 6 DOM
6. 2026-06-05
   status $155,000 Active 3 DOM
7. 2026-04-26
   status Pending
8. 2026-04-23
   listed $155,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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 ≥102°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: $24,540
• − Mortgage interest: −$8,682
• − Property taxes: −$2,325
• − Insurance: −$775
• − Repairs & maintenance: −$1,963
• − Management: −$1,963
• − Depreciation: −$4,509
• Taxable income: $4,322
• Est. tax owed @ 24.0%: −$1,037
• After-tax cash flow: $5,495/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This two-story duplex is in good condition with cosmetic updates needed. It's fully rented and located in a desirable neighborhood, making it a solid investment opportunity.

Repairs flagged

• Minor kitchen appliances — Appliances are present but dated.
• Minor bathroom fixtures — No specific issues visible, but could be updated for a fresh look.

Value-add opportunities

• Both Painting and updating kitchen appliances — Fresh paint and updated appliances can enhance both resale and rental value.
• Both Landscaping improvements — Landscaping can significantly improve curb appeal and property value.
• Both Bathroom updates — Updating fixtures and possibly the shower/tub area can boost both resale and rental appeal.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen appliances · Appliances are present but dated.	Minor	$500–3,000
bathroom fixtures · No specific issues visible, but could be updated for a fresh look.	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Both Painting and updating kitchen appliances — Fresh paint and updated appliances can enhance both resale and rental value. ↑
• Both Landscaping improvements — Landscaping can significantly improve curb appeal and property value. ↑
• Both Bathroom updates — Updating fixtures and possibly the shower/tub area can boost both resale and rental appeal. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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): 9,826
• Household income: $38,874
• Rent vs Own: 55.9% rent · 44.1% own
• Severe rent burden: 702.0

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 (70%)
• Race & ethnicity: White 70% Black 19% Two or more races 7% Hispanic / Latino 4% Asian 1%
• Common ancestry: Iranian 3% Slovak 2% Serbian 1%
• Foreign-born: 9% · Canada
• Languages at home: 88% English-only · Spanish 4% Arabic 4% Other Asian/Pacific 3%

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: ▼ -67.48%
• Current HPI: 210.9571
• 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

2 events — show timeline

• 2026-04-26 Pending — Dayton MLS
• 2026-04-23 Listed $155,000 Dayton MLS