17-19 Bell St · Dayton, OH 45403

$89,000

4 bd · 3.0 ba · 2,496 sqft · MultiFamily public records · 37 Days on market

Built 1890 6,599 sqft lot $36/sqft · 12% below area Est $102k · 12% under

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Why this score? — see what drove the B 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 +30.0/30.0
• ARV discount +13.1/15.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.4/5.0
• Livability +3.2/5.0
• Condition / age +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

This brick 2 unit building will require 100% rehab top to bottom. It is located in the Huffman Historic District and within the boundaries of a Community Reinvestment Area (CRA), making it exempt from real property tax that will be added due to remodeling of the structure for a period of ten (10) years (see CRA document in attachments). Included with the purchase is a full set of engineer-stamped blueprints to redevelop this building, each unit proposed as being 2 BR, 1 1/2 baths with first floor laundry rooms. After renovated rents projected at $1,500+/unit with all gas and electric seperate plus seperate water (2 water services exist now), sanitary sewer, storm sewer, trash and recycling

Key facts

• Sanitary sewer
• Storm sewer
• 6,599 sq ft lot

Tags

• HUFFMAN HISTORIC DISTRICT
• ENGINEER-STAMPED BLUEPRINTS
• FIRST FLOOR LAUNDRY ROOMS
• SEPERATE WATER SERVICES
• SANITARY SEWER
• STORM SEWER

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: No garage
• Utilities: Bus service about 1 block away
• Home design: Brick construction; 2-story building; Cellar foundation
• Construction: Brick exterior; Cellar foundation; 2 stories
• Exterior features: Residential zoning; Lot approximately 0.15 acres (44 x 130)

Interior

• Bedrooms: Two-bedroom units
• Bathrooms: Two full bathrooms (total across property)
• Interior features: Two-unit dwelling (multi-family)

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $89k.

Deal economics

• At list price, monthly cash flow is $955 ($11k/yr) — positive. Per door: $477/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $89k).
• Recommended offer: $86k (3.0% below list) — sets the bar for market timing.
• Cap rate 19.2% 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: amenities C-, crime F, commute 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.
• Zoned schools: Kiser Elementary School (math 11% / reading 15%, grade F, #1,429 of 1,584 statewide, top 90%, 552 students, 0% FRL); Belmont High School (math 5% / reading 20%, grade F, #720 of 781 statewide, top 93%, 1,100 students, 0% FRL) — zoned schools average 0% FRL vs 74% district-wide (74 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising (+3.7%/yr); 77 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $1,967/mo this rent would consume 62% of the median local household income ($38k/yr) (locally 1071% 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 $615 of loan paydown is wiped out by about $3k 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 + 3.7% rent growth), your $25k cash investment doubles in ~3 years — after that, you're playing with house money.

Negotiation context

• It's been on market 37 days — a 3% lower offer ($86k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1890 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $86,330 (3.0% below list)

Questions for the listing agent

1. It's been on market 37 days. Have you received any prior offers? Is the seller open to a 3% 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 1890 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 2.21% ✓
• Cap rate: 19.17%
• Cash-on-cash: 45.97%
• DSCR: 3.05
• GRM: 3.8

CMA / ARV

• ARV (median comp): $101,684
• List price: $89,000
• Delta: -12.47%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2225 E 5th St	0.23mi	3/2.0 (-1)	2,466 (-1%)	15mo	$50,000	$20	66
127-129 E Linden Ave	0.16mi	5/2.0 (+1)	2,392 (-4%)	13mo	$137,500	$57	66
76-78 Huffman Ave Unit 76, 76 1/2, 78	0.18mi	5/3.0 (+1)	2,815 (+13%)	2mo	$280,000	$99	63
24-26 S Philadelphia St	0.48mi	4/2.0	2,340 (-6%)	12mo	$176,500	$75	54
27 Huffman Ave #29	0.18mi	4/2.0	2,143 (-14%)	16mo	$109,000	$51	50
26 N Philadelphia St #24	0.48mi	4/2.0	2,340 (-6%)	18mo	$173,500	$74	48
2728 E Fourth St	0.61mi	4/2.5	2,412 (-3%)	21mo	$182,000	$75	46
1617-21 E 5th St #1617	0.49mi	3/2.5 (-1)	2,690 (+8%)	16mo	$275,000	$102	44
2628 E 2nd St #2626	0.47mi	5/2.0 (+1)	2,720 (+9%)	13mo	$186,500	$69	44
311 Huffman Ave #309	0.28mi	4/2.0	2,184 (-12%)	23mo	$55,000	$25	43
2821 E 5th St #2819	0.56mi	4/2.0	2,128 (-15%)	7mo	$157,000	$74	40

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 · 3.71% rent growth · sell at horizon

5-year hold

• IRR: 44.0%
• Equity multiple: 2.92×
• Total profit: $47,819
• Equity at exit: $13,270

10-year hold

• IRR: 50.3%
• Equity multiple: 6.05×
• Total profit: $125,909
• Equity at exit: $7,695

Cash invested: $24,920 (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 45403

• Home prices YoY: -3.7%
• Rents YoY: 3.7%
• Active inventory: 77
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $1,967 high
• Mortgage (P&I): −$467
• Tax from tax record: −$95 /mo · $1,145/yr
• Insurance: −$37
• HOA: −$0
• Vacancy / Maint / Mgmt: −$413
• Net cashflow: $955

Break-even live

Break-even rent $759

Max offer price $89,000

Occupancy floor 46%

Sensitivity live

Price	-10% $1,005	-5% $980	+0% $955	+5% $930	+10% $904
Rent	-10% $799	-5% $877	+0% $955	+5% $1,032	+10% $1,110
Rate	-1.0pp $1,000	-0.5pp $977	base $955	+0.5pp $932	+1.0pp $908

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$1,966
Total (2 units)			$1,967

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: $22,250
• Closing costs: $2,670
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
511 Parrot St Dayton, OH	3.0	1.5	1618	$1,100	$0.68	15d	1	0.78mi
438 Clover St Dayton, OH	3.0	2.0	2156	$1,025	$0.48	45d	1	0.86mi
115 Livingston Ave Dayton, OH	3.0	1.0	1624	$1,450	$0.89	46d	1	0.92mi
244 Quitman St Unit A Dayton, OH	3.0	1.0	1987	$1,325	$0.67	25d	1	0.96mi
204 Sears St Dayton, OH	3.0	1.0–2.5	1124	$2,793	$2.48	4d	10	1.04mi
321 Deeds Ave Unit 319 Dayton, OH	4.0	2.0	1794	$1,100	$0.61	45d	1	1.11mi
228 James St Dayton, OH	3.0	1.0	1700	$1,200	$0.71	45d	1	1.12mi
227 James St Unit 1 Dayton, OH	3.0	1.0	1700	$1,200	$0.71	4d	1	1.14mi
229 James St Unit 228 Dayton, OH	3.0	1.0	1700	$1,200	$0.71	25d	1	1.15mi
320 Park Dr Dayton, OH	4.0	3.0	2100	$2,400	$1.14	15d	1	1.20mi
531 Maryland Ave Dayton, OH	4.0	1.5	1962	$1,700	$0.87	15d	1	1.21mi
218 Brown St Unit 218 Dayton, OH	3.0	2.5	1789	$2,200	$1.23	45d	1	1.26mi
218 Brown St Dayton, OH	3.0	2.5	1800	$3,200	$1.78	45d	1	1.26mi
1603 Manette Pl Dayton, OH	4.0	2.0	2000	$1,695	$0.85	15d	1	1.28mi
32 Gebhart St Dayton, OH	4.0	1.0	1800	$1,400	$0.78	15d	1	1.30mi
836 Wellmeier Ave Dayton, OH	4.0	1.0	2148	$1,500	$0.70	4d	1	1.31mi
319 Wyoming St Dayton, OH	4.0	2.5	2064	$2,000	$0.97	4d	1	1.46mi
2114 Wayne Ave Dayton, OH	4.0	2.0	1723	$1,595	$0.93	45d	1	1.50mi

Listing history 19 events

1. 2026-06-18
   days on market $89,000 Active 37 DOM
2. 2026-06-17
   days on market $89,000 Active 36 DOM
3. 2026-06-16
   days on market $89,000 Active 35 DOM
4. 2026-06-15
   days on market $89,000 Active 34 DOM
5. 2026-06-14
   days on market $89,000 Active 32 DOM
6. 2026-06-13
   days on market $89,000 Active 31 DOM
7. 2026-06-10
   days on market $89,000 Active 29 DOM
8. 2026-06-09
   days on market $89,000 Active 28 DOM
9. 2026-06-08
   days on market $89,000 Active 27 DOM
10. 2026-06-07
    days on market $89,000 Active 26 DOM
11. 2026-06-05
    days on market $89,000 Active 23 DOM
12. 2026-06-03
    days on market $89,000 Active 22 DOM
13. 2026-06-02
    days on market $89,000 Active 21 DOM
14. 2026-06-01
    days on market $89,000 Active 20 DOM
15. 2026-05-31
    days on market $89,000 Active 19 DOM
16. 2026-05-12
    listed $99,000 Active 808-char remark
17. 2005-06-13
    soldstatus $103,000
18. 1997-04-04
    soldstatus $37,000
19. 1997-04-03
    soldstatus $37,000

ⓘ 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: $1,145 · $95/mo
• Projected year-2 tax: $1,267 · $106/mo
• Expected delta: +$122/yr (+$10/mo · 10.6%)

ⓘ 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 4/10 Moderate 7 d/yr ≥101°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 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,604
• − Mortgage interest: −$4,985
• − Property taxes: −$1,145
• − Insurance: −$445
• − Repairs & maintenance: −$1,888
• − Management: −$1,888
• − Depreciation: −$2,589
• Taxable income: $10,663
• Est. tax owed @ 24.0%: −$2,559
• After-tax cash flow: $8,897/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): 13,608
• Household income: $38,323
• Rent vs Own: 60.0% rent · 40.0% own
• Severe rent burden: 1071.0

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 (66%)
• Race & ethnicity: White 66% Hispanic / Latino 15% Black 14% Two or more races 8% Native American 1%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Lithuanian 2% Slovak 1% Italian 1%
• Foreign-born: 9% · Canada
• Languages at home: 84% English-only · Spanish 13% Other Asian/Pacific 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: ▼ -17.40%
• Current HPI: 447.4034
• Rent YoY: ▲ 3.71%
• 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

+140.5% since first listed

5 events — show timeline

• 2026-05-23 Price Changed $89,000 Dayton MLS
• 2026-05-12 Listed $99,000 Dayton MLS
• 2005-06-13 Sold (Public Records) $103,000 Public Records
• 1997-04-04 Sold (Public Records) $37,000 Public Records
• 1997-04-03 Sold (Public Records) $37,000 Public Records

Property tax history

-3.8%/yr

Latest (2025): $1,145 · -23.4% YoY. Source: county tax records.