1835-1837 Hillsdale Ave · Dayton, OH 45414

$190,000

4 bd · 2.5 ba · 2,170 sqft · MultiFamily public records · 8 Days on market

Built 1925 5,528 sqft lot

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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 +24.9/30.0
• DSCR +8.1/10.0
• ARV discount +7.5/15.0
• 1% rule +6.3/10.0
• Schools +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.2/5.0
• 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: 2 units. confirmed

Listing remarks

Don't miss this fully occupied duplex offering immediate positive cash flow from day one. Both units are currently rented with tenants in place, providing steady rental income. A professional property management company is already handling day-to-day operations, making this a truly hands-off investment for both new and seasoned investors. This income-producing property offers the ideal combination of stable cash flow, tenant occupancy, and professional management. Whether you're looking to expand your portfolio or secure your first multifamily investment, this duplex is positioned to deliver consistent returns with minimal owner involvement. Highlights: Positive cash flow Fully occupied &n

Key facts

• 5,528 sq ft lot
• Parking
• Built 1925

Property features AI

Finance

• Financial info: For sale; Gross income reported: $1,925; Tenant pays electricity, gas, sewer, trash collection and water

Exterior

• Parking: Driveway; No garage
• Utilities: Public water available; Sewer available
• Home design: 2-story building; Vinyl siding; Residential zoning
• Construction: Vinyl siding construction
• Exterior features: Partial fencing; Fence

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two-bedroom unit(s)
• Bathrooms: 2 full bathrooms; 2 half bathrooms
• Heating & cooling: Forced air heating (natural gas); Central air conditioning
• Interior features: Unfinished basement

What this means for you Summary

Snapshot

• This is a 2 × 2-bed/1.5-bath units multifamily listed at $190k.

Deal economics

• At list price, monthly cash flow is $409 ($5k/yr) — positive. Per door: $204/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $190k).
• Cap rate 8.9% vs local median 7.4% in Dayton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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.
• Market conditions: Rents rising fast (+7.4%/yr); 51 active listings in the ZIP; 5 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $2,154/mo this rent would consume 47% of the median local household income ($54k/yr) (locally 801% 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 $6k 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 + 7.4% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• Only 8 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts 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 $118k; list at $190k implies a 61% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1925 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $190,000

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 1925 — 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: 1.13% ✓
• Cap rate: 8.87%
• Cash-on-cash: 9.22%
• DSCR: 1.41
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.41% rent growth · sell at horizon

5-year hold

• IRR: 2.4%
• Equity multiple: 1.10×
• Total profit: $5,234
• Equity at exit: $28,330

10-year hold

• IRR: 15.9%
• Equity multiple: 2.56×
• Total profit: $83,015
• Equity at exit: $16,428

Cash invested: $53,200 (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 45414

• Rents YoY: 7.4%
• Active inventory: 51
• Price-to-rent: 14.7×

Monthly cashflow live

• Estimated rent: $2,154 high
• Mortgage (P&I): −$996
• Tax from tax record: −$218 /mo · $2,611/yr
• Insurance: −$79
• HOA: −$0
• Vacancy / Maint / Mgmt: −$452
• Net cashflow: $409

Break-even live

Break-even rent $1,637

Max offer price $190,000

Occupancy floor 76%

Sensitivity live

Price	-10% $516	-5% $462	+0% $409	+5% $355	+10% $301
Rent	-10% $238	-5% $323	+0% $409	+5% $494	+10% $579
Rate	-1.0pp $504	-0.5pp $457	base $409	+0.5pp $359	+1.0pp $309

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1.5	$2,154
Total (2 units)			$2,154

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
253 E Hillcrest Ave Dayton, OH	3.0	2.5	2569	$1,800	$0.70	3d	1	1.07mi
101 E Bruce Ave Dayton, OH	3.0	1.0	1455	$1,150	$0.79	3d	1	1.11mi
39 E Maplewood Ave Dayton, OH	4.0	1.5	1560	$1,050	$0.67	4d	1	1.24mi
5208 Brookmill Ct Dayton, OH	3.0	2.0	1800	$2,000	$1.11	3d	1	1.40mi
26 W Beechwood Ave Dayton, OH	3.0	1.5	1468	$1,050	$0.72	44d	1	1.40mi

Listing history 7 events

1. 2026-06-18
   days on market $190,000 Active 8 DOM
2. 2026-06-17
   days on market $190,000 Active 7 DOM
3. 2026-06-16
   days on market $190,000 Active 6 DOM
4. 2026-06-15
   days on market $190,000 Active 5 DOM
5. 2026-06-14
   days on market $190,000 Active 3 DOM
6. 2026-06-13
   remarks 699-char remark
7. 2026-06-13
   listed $190,000 Active 2 DOM

ⓘ 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: $2,611 · $218/mo
• Projected year-2 tax: $2,787 · $232/mo
• Expected delta: +$177/yr (+$15/mo · 6.8%)

ⓘ 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 ≥104°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% 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: $25,848
• − Mortgage interest: −$10,643
• − Property taxes: −$2,611
• − Insurance: −$950
• − Repairs & maintenance: −$2,068
• − Management: −$2,068
• − Depreciation: −$5,527
• Taxable income: $1,981
• Est. tax owed @ 24.0%: −$475
• After-tax cash flow: $4,427/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)

No district data.

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

• County: Montgomery County · 459,541 people
• City population: 164,387
• Metro: Dayton-Kettering, OH
• Population (ZIP): 21,167
• Household income: $54,485
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 801.0

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 (75%)
• Race & ethnicity: White 75% Black 15% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% Arabic 1% Tagalog/Filipino 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: ▼ -142.46%
• Current HPI: 183.1124
• Rent YoY: ▲ 7.41%
• 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

+61.0% since first listed

5 events — show timeline

• 2026-06-10 Listed $190,000 Dayton MLS
• 2026-05-12 Rental Removed $975 DAYTONMLS
• 2025-09-16 Price Changed $975 DAYTONMLS
• 2025-07-26 Listed for Rent $1,025 DAYTONMLS
• 1988-02-16 Sold (Public Records) $118,000 Public Records

Property tax history

+9.2%/yr

Latest (2025): $2,611 · -2.3% YoY. Source: county tax records.