2322 Theodore Ave · Dayton, OH 45405

$80,000

2 bd · 1.0 ba · 1,141 sqft · SingleFamily public records · 533 Days on market

Built 1931 4,918 sqft lot $70/sqft · 37% above area Est $58k · 37% 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 +28.2/30.0
• DSCR +10.0/10.0
• 1% rule +7.1/10.0
• Rent growth +3.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Attention investors. This 2 bedrooms, 2 bathrooms ( possible 3 bedroom or play room in attic) with full basement w/ extra room and attached garage is ready for a new owner. Property already rented and producing income. Come check it out and make it yours

Key facts

• 4,918 sq ft lot
• Garage
• Built 1931

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $80k.

Deal economics

• At list price, monthly cash flow is $253 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($967 rent vs $80k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.1% vs local median 7.3% 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 fast (+4.3%/yr); 134 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d on market — plan ~3-4 weeks tenant-placement turnaround); 45% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $553 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 + 4.3% rent growth), your $22k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 533 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 12y 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 $30k; list at $80k implies a 167% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1931 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $70,400 (12.0% below list)

Questions for the listing agent

1. It's been on market 533 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1931 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 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: 1.21% ✓
• Cap rate: 10.09%
• Cash-on-cash: 13.57%
• DSCR: 1.60
• GRM: 6.9

CMA / ARV

• ARV (median comp): $58,397
• List price: $80,000
• Delta: 36.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
250 E Parkwood Dr	0.09mi	3/1.0 (+1)	1,176 (+3%)	4mo	$120,000	$102	82
212 E Hillcrest Ave	0.25mi	3/1.0 (+1)	1,144 (+0%)	2mo	$90,000	$79	81
2624 Newport Ave	0.23mi	2/1.0	1,207 (+6%)	2mo	$92,800	$77	78
128 E Parkwood Dr	0.11mi	3/1.0 (+1)	1,228 (+8%)	1mo	$29,810	$24	76
165 Basswood Ave	0.19mi	3/1.0 (+1)	1,253 (+10%)	2mo	$107,500	$86	68
2933 Lindale Ave	0.57mi	3/2.0 (+1)	1,132 (-1%)	2mo	$208,000	$184	61
148 Valleyview Dr	0.63mi	3/1.0 (+1)	1,163 (+2%)	2mo	$125,000	$107	61
136 Niagara Ave	0.60mi	3/1.0 (+1)	1,081 (-5%)	4mo	$94,000	$87	55
332 Ashwood Ave	0.71mi	3/1.0 (+1)	1,176 (+3%)	3mo	$134,900	$115	55
126 Fernwood Ave	0.49mi	3/1.0 (+1)	1,028 (-10%)	3mo	$65,000	$63	53
202 Santa Clara Ave	0.58mi	3/1.0 (+1)	1,302 (+14%)	4mo	$125,400	$96	42
3220 Zephyr Dr	0.59mi	3/2.0 (+1)	1,292 (+13%)	4mo	$219,000	$170	38

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 · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 5.1%
• Equity multiple: 1.20×
• Total profit: $4,477
• Equity at exit: $11,928

10-year hold

• IRR: 15.6%
• Equity multiple: 2.35×
• Total profit: $30,192
• Equity at exit: $6,917

Cash invested: $22,400 (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 45405

• Rents YoY: 4.3%
• Active inventory: 134
• Price-to-rent: 6.9×

Monthly cashflow live

• Estimated rent: $967 high
• Mortgage (P&I): −$420
• Tax from tax record: −$57 /mo · $690/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$203
• Net cashflow: $253

Break-even live

Break-even rent $646

Max offer price $80,000

Occupancy floor 69%

Sensitivity live

Price	-10% $299	-5% $276	+0% $253	+5% $231	+10% $208
Rent	-10% $177	-5% $215	+0% $253	+5% $291	+10% $330
Rate	-1.0pp $294	-0.5pp $274	base $253	+0.5pp $233	+1.0pp $211

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: $20,000
• Closing costs: $2,400
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
115 E Norman Ave Unit 4 Dayton, OH	1.0	1.0	1000	$750	$0.75	25d	1	0.10mi
102 E Norman Ave Dayton, OH	2.0	1.0	800	$925	$1.16	25d	1	0.14mi
152 Laura Ave Dayton, OH	2.0	1.0	990	$895	$0.90	45d	1	0.15mi
147 Laura Ave Dayton, OH	2.0	1.0	1096	$975	$0.89	25d	1	0.17mi
31 E Norman Ave Dayton, OH	3.0	1.0	1100	$1,150	$1.05	25d	1	0.18mi
2327 N Main St Unit 2 Dayton, OH	2.0	1.0	900	$1,200	$1.33	25d	1	0.24mi
41 W Fairview Ave Unit 2 Dayton, OH	3.0	1.0	1452	$1,200	$0.83	15d	1	0.30mi
235 E Hillcrest Ave Dayton, OH	1.0	1.0	750	$775	$1.03	45d	1	0.30mi
79 W Norman Ave Unit A Dayton, OH	1.0	1.0	745	$750	$1.01	15d	1	0.37mi
65 E Maplewood Ave Dayton, OH	2.0	1.0	1064	$723	$0.68	45d	1	0.46mi
26 W Beechwood Ave Dayton, OH	3.0	1.5	1468	$1,050	$0.72	45d	1	0.46mi
220 Fernwood Ave Dayton, OH	2.0	1.0	884	$900	$1.02	4d	1	0.48mi
317 Fernwood Ave Dayton, OH	3.0	1.0	1320	$1,100	$0.83	12d	1	0.49mi
181 W Norman Ave Dayton, OH	3.0	2.0	1228	$1,150	$0.94	45d	1	0.53mi
42 Pointview Ave Unit 42 Dayton, OH	3.0	2.0	1240	$1,200	$0.97	4d	1	0.53mi
167 W Hudson Ave Dayton, OH	3.0	1.5	1344	$1,185	$0.88	45d	1	0.53mi
38 Pointview Ave Dayton, OH	2.0	1.0	1140	$900	$0.79	15d	1	0.54mi
201 W Norman Ave Dayton, OH	3.0	1.0	1424	$1,200	$0.84	45d	1	0.55mi
234 Santa Clara Ave Dayton, OH	3.0	1.0	1368	$1,125	$0.82	45d	1	0.59mi
202 E Bruce Ave Apt 2 Dayton, OH	2.0	1.0	1250	$800	$0.64	25d	1	0.64mi
412 W Parkwood Dr Unit 1 Dayton, OH	2.0	1.0	900	$875	$0.97	25d	1	0.65mi
337 Ryburn Ave Unit 2 Dayton, OH	2.0	1.0	900	$800	$0.89	45d	1	0.69mi
101 E Bruce Ave Dayton, OH	3.0	1.0	1455	$1,150	$0.79	4d	1	0.70mi
439 W Fairview Ave Dayton, OH	3.0	1.0	1500	$1,200	$0.80	45d	1	0.70mi
265 Victor Ave Dayton, OH	3.0	1.0	1204	$900	$0.75	45d	1	0.71mi
364 Delaware Ave Unit 4 Dayton, OH	1.0	1.0	700	$675	$0.96	25d	1	0.76mi
410 Delaware Ave Dayton, OH	1.0	1.0	975	$650	$0.67	4d	1	0.78mi
1004 Linda Vista Ave Unit 1 Dayton, OH	1.0	1.0	1200	$750	$0.62	15d	1	0.81mi
2333 Rustic Rd Unit 4 Dayton, OH	2.0	1.0	1000	$840	$0.84	4d	1	0.83mi
2333 Rustic Rd Dayton, OH	2.0	1.0	1000	$840	$0.84	45d	1	0.83mi
518 Delaware Ave Dayton, OH	2.0	1.0	1500	$750	$0.50	45d	1	0.83mi
244 E Siebenthaler Ave Dayton, OH	2.0	1.5	1273	$1,175	$0.92	4d	1	0.84mi
228 E Siebenthaler Ave Dayton, OH	2.0	1.0	934	$1,200	$1.28	45d	1	0.84mi
2310 Emerson Ave Unit B Dayton, OH	1.0	1.0	750	$600	$0.80	45d	1	0.86mi
628 W Norman Ave Unit 628 Dayton, OH	2.0	1.0	918	$795	$0.87	45d	1	0.87mi
433 Sandhurst Dr Unit 4 Dayton, OH	1.0	1.0	900	$750	$0.83	45d	1	0.88mi
419 Sandhurst Dr Dayton, OH	2.0	1.0	950	$975	$1.03	25d	1	0.89mi
2039 Emerson Ave Dayton, OH	1.0	1.0	725	$725	$1.00	4d	1	0.89mi
17 Maylan Dr Unit 3 Dayton, OH	1.0	1.0	800	$650	$0.81	45d	1	0.90mi
605 Forest Ave Dayton, OH	2.0	1.0	978	$650	$0.66	25d	1	0.90mi

Listing history 36 events

1. 2026-06-18
   days on market $80,000 Active 533 DOM
2. 2026-06-17
   days on market $80,000 Active 532 DOM
3. 2026-06-16
   days on market $80,000 Active 531 DOM
4. 2026-06-15
   days on market $80,000 Active 530 DOM
5. 2026-06-14
   days on market $80,000 Active 528 DOM
6. 2026-06-13
   days on market $80,000 Active 527 DOM
7. 2026-06-10
   days on market $80,000 Active 525 DOM
8. 2026-06-09
   days on market $80,000 Active 524 DOM
9. 2026-06-08
   days on market $80,000 Active 523 DOM
10. 2026-06-07
    days on market $80,000 Active 522 DOM
11. 2026-06-05
    days on market $80,000 Active 519 DOM
12. 2026-06-03
    days on market $80,000 Active 518 DOM
13. 2026-06-02
    days on market $80,000 Active 517 DOM
14. 2026-06-01
    days on market $80,000 Active 516 DOM
15. 2026-05-31
    days on market $80,000 Active 515 DOM
16. 2024-12-31
    listed $80,000 Active 254-char remark

    Show marketing remark (254 chars)

    Attention investors. This 2 bedrooms, 2 bathrooms ( possible 3 bedroom or play room in attic) with full basement w/ extra room and attached garage is ready for a new owner. Property already rented and producing income. Come check it out and make it yours

17. 2021-01-17
    historical
18. 2020-12-19
    price $68,000
19. 2020-11-03
    soldstatus $30,000
20. 2020-11-02
    listed $73,000 Active
21. 2020-07-17
    soldstatus $30,000 Sold
22. 2020-07-17
    soldstatus $30,000 Closed
23. 2020-06-27
    historical Active/Pending
24. 2020-06-04
    price $34,900
25. 2020-05-12
    status Active
26. 2020-05-06
    historical Active/Pending
27. 2020-04-08
    listed $39,900 Active
28. 2016-01-27
    soldstatus $2,260 Sold
29. 2016-01-22
    soldstatus $2,260 Closed
30. 2016-01-07
    historical Active/Pending
31. 2016-01-07
    status Active
32. 2015-07-27
    historical
33. 2015-07-21
    listed $10,000 Active
34. 2015-01-30
    historical
35. 2014-10-30
    listed $32,000
36. 1994-03-18
    soldstatus $48,500

ⓘ 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: $690 · $57/mo
• Projected year-2 tax: $969 · $81/mo
• Expected delta: +$279/yr (+$23/mo · 40.5%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $11,599
• − Mortgage interest: −$4,481
• − Property taxes: −$690
• − Insurance: −$400
• − Repairs & maintenance: −$928
• − Management: −$928
• − Depreciation: −$2,327
• Taxable income: $1,845
• Est. tax owed @ 24.0%: −$443
• After-tax cash flow: $2,597/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): 18,955
• Household income: $43,973
• Rent vs Own: 64.0% rent · 36.0% own
• Severe rent burden: 1475.0

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 (68%)
• Race & ethnicity: Black 68% White 23% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 1% Slovak 1%
• Foreign-born: 3% · Canada
• Languages at home: 95% English-only · Spanish 2% French/Haitian/Cajun 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: ▼ -125.58%
• Current HPI: 173.4962
• Rent YoY: ▲ 4.34%
• 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

+64.9% since first listed

21 events — show timeline

• 2024-12-31 Listed $80,000 Dayton MLS
• 2021-01-17 Listing Removed — Dayton MLS
• 2020-12-19 Price Changed $68,000 Dayton MLS
• 2020-11-03 Sold (Public Records) $30,000 Public Records
• 2020-11-02 Listed $73,000 Dayton MLS
• 2020-07-17 Sold (MLS) $30,000 Dayton MLS
• 2020-07-17 Sold (MLS) $30,000 Dayton MLS
• 2020-06-27 Contingent — Dayton MLS
• 2020-06-04 Price Changed $34,900 Dayton MLS
• 2020-05-12 Relisted — Dayton MLS
• 2020-05-06 Contingent — Dayton MLS
• 2020-04-08 Listed $39,900 Dayton MLS
• 2016-01-27 Sold (MLS) $2,260 Dayton MLS
• 2016-01-22 Sold (MLS) $2,260 Dayton MLS
• 2016-01-07 Contingent — Dayton MLS
• 2016-01-07 Relisted — Dayton MLS
• 2015-07-27 Listing Removed — Dayton MLS
• 2015-07-21 Listed $10,000 Dayton MLS
• 2015-01-30 Listing Removed — Dayton MLS
• 2014-10-30 Listed $32,000 Dayton MLS
• 1994-03-18 Sold (Public Records) $48,500 Public Records

Property tax history

-4.4%/yr

Latest (2025): $690 · -0.2% YoY. Source: county tax records.