205 W Greene St · Piqua, OH 45356

$239,900

5 bd · 3.0 ba · 3,237 sqft · MultiFamily public records · 6 Days on market

Built 1920 2,178 sqft lot Est $204k · 18% 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 +28.3/30.0
• DSCR +10.0/10.0
• 1% rule +7.6/10.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Terrific Triple...known as The Biltmore House located in Historic Caldwell District on corner lot within walking distance to downtown shopping & amenities, Y's, bike path & parks. Impeccably maintained retaining original character & charm showcasing stunning woodwork, pocket doors, open stairway & hardwood floors. Beautiful foyer provides shared entry area to the 3 units. Two one bedrooms on the 1st floor and large 2-bedroom occupies the second fl. Each unit has utility hook ups in the full walk-out basement with additional storage. Tenants pay gas, electric & trash, owner pays water/sewer. Completely turnkey, Roof replaced '24, new GFA furnaces '21, unit A kitchen & bath remodel '22, electric service & panels updated. One of a kind investment opportunity.

Key facts

• Pocket doors
• Open stairway
• Stunning woodwork

Tags

• HISTORIC CALDWELL DISTRICT
• CORNER LOT
• WALKING DISTANCE TO DOWNTOWN
• STUNNING WOODWORK
• POCKET DOORS
• OPEN STAIRWAY

What this means for you Summary

Snapshot

• This is a 5-bed/3.0-bath multifamily listed at $240k.

Deal economics

• At list price, monthly cash flow is $772 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $240k).
• Cap rate 10.2% 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; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• At $3,023/mo this rent would consume 52% of the median local household income ($69k/yr) (locally 748% 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 $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $67k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• Only 6 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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 $115k; list at $240k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $239,900

Questions for the listing agent

1. Built in 1920 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. 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?
4. 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.
5. 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.
6. 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: 1.26% ✓
• Cap rate: 10.16%
• Cash-on-cash: 13.80%
• DSCR: 1.61
• GRM: 6.6

CMA / ARV

• ARV (on-the-fly): $203,931
• Comps found: 4

Show comp detail 4 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
205 W Greene St	0.00mi	4/3.0 (-1)	3,237 (0%)	1mo	$235,000	$73	94
601 W Ash St	0.32mi	6/3.0 (+1)	2,992 (-8%)	22mo	$170,000	$57	50
620 W Ash St	0.36mi	6/4.5 (+1)	3,077 (-5%)	20mo	$165,000	$54	48
401 South St	0.72mi	6/3.0 (+1)	3,012 (-7%)	22mo	$189,900	$63	32

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: 4.0%
• Equity multiple: 1.15×
• Total profit: $10,332
• Equity at exit: $35,770

10-year hold

• IRR: 13.5%
• Equity multiple: 2.08×
• Total profit: $72,413
• Equity at exit: $20,742

Cash invested: $67,172 (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: 20.5×

Monthly cashflow live

• Estimated rent: $3,023 high
• Mortgage (P&I): −$1,258
• Tax from tax record: −$258 /mo · $3,094/yr
• Insurance: −$100
• HOA: −$0
• Vacancy / Maint / Mgmt: −$635
• Net cashflow: $772

Break-even live

Break-even rent $2,045

Max offer price $239,900

Occupancy floor 69%

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

Units	Beds	Baths	Est. rent
▸ 2× units	1	1	$1,946
1× unit	2	1	$1,076
Total (3 units)			$3,023

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: $59,975
• Closing costs: $7,197
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-04-21
   status Pending

   Show marketing remark (800 chars)

   Terrific Triple...known as The Biltmore House located in Historic Caldwell District on corner lot within walking distance to downtown shopping & amenities, Y's, bike path & parks. Impeccably maintained retaining original character & charm showcasing stunning woodwork, pocket doors, open stairway & hardwood floors. Beautiful foyer provides shared entry area to the 3 units. Two one bedrooms on the 1st floor and large 2-bedroom occupies the second fl. Each unit has utility hook ups in the full walk-out basement with additional storage. Tenants pay gas, electric & trash, owner pays water/sewer. Completely turnkey, Roof replaced '24, new GFA furnaces '21, unit A kitchen & bath remodel '22, electric service & panels updated. One of a kind investment opportunity.

2. 2026-04-21
   historical Contingency - Finance and Inspections 800-char remark

   Show marketing remark (800 chars)

   Terrific Triple...known as The Biltmore House located in Historic Caldwell District on corner lot within walking distance to downtown shopping & amenities, Y's, bike path & parks. Impeccably maintained retaining original character & charm showcasing stunning woodwork, pocket doors, open stairway & hardwood floors. Beautiful foyer provides shared entry area to the 3 units. Two one bedrooms on the 1st floor and large 2-bedroom occupies the second fl. Each unit has utility hook ups in the full walk-out basement with additional storage. Tenants pay gas, electric & trash, owner pays water/sewer. Completely turnkey, Roof replaced '24, new GFA furnaces '21, unit A kitchen & bath remodel '22, electric service & panels updated. One of a kind investment opportunity.

3. 2026-04-13
   listed $239,900 Active

   Show marketing remark (800 chars)

   Terrific Triple...known as The Biltmore House located in Historic Caldwell District on corner lot within walking distance to downtown shopping & amenities, Y's, bike path & parks. Impeccably maintained retaining original character & charm showcasing stunning woodwork, pocket doors, open stairway & hardwood floors. Beautiful foyer provides shared entry area to the 3 units. Two one bedrooms on the 1st floor and large 2-bedroom occupies the second fl. Each unit has utility hook ups in the full walk-out basement with additional storage. Tenants pay gas, electric & trash, owner pays water/sewer. Completely turnkey, Roof replaced '24, new GFA furnaces '21, unit A kitchen & bath remodel '22, electric service & panels updated. One of a kind investment opportunity.

4. 2026-04-13
   listed $239,900 Active 800-char remark

   Show marketing remark (800 chars)

   Terrific Triple...known as The Biltmore House located in Historic Caldwell District on corner lot within walking distance to downtown shopping & amenities, Y's, bike path & parks. Impeccably maintained retaining original character & charm showcasing stunning woodwork, pocket doors, open stairway & hardwood floors. Beautiful foyer provides shared entry area to the 3 units. Two one bedrooms on the 1st floor and large 2-bedroom occupies the second fl. Each unit has utility hook ups in the full walk-out basement with additional storage. Tenants pay gas, electric & trash, owner pays water/sewer. Completely turnkey, Roof replaced '24, new GFA furnaces '21, unit A kitchen & bath remodel '22, electric service & panels updated. One of a kind investment opportunity.

5. 2016-04-08
   soldstatus $114,900
6. 2016-04-01
   soldstatus $114,900 Sold
7. 2016-04-01
   soldstatus $114,900 Closed
8. 2016-04-01
   soldstatus $114,900
9. 2016-03-21
   status Pending
10. 2016-03-21
    listed $114,900 Active
11. 2016-03-18
    listed $114,900
12. 1982-12-28
    soldstatus $32,500

ⓘ 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: $3,094 · $258/mo
• Projected year-2 tax: $3,418 · $285/mo
• Expected delta: +$324/yr (+$27/mo · 10.5%)

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone X (unshaded) · 70% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥100°F today · 19 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: $36,276
• − Mortgage interest: −$13,438
• − Property taxes: −$3,094
• − Insurance: −$1,200
• − Repairs & maintenance: −$2,902
• − Management: −$2,902
• − Depreciation: −$6,979
• Taxable income: $5,761
• Est. tax owed @ 24.0%: −$1,383
• After-tax cash flow: $7,885/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

+638.2% since first listed

12 events — show timeline

• 2026-04-21 Pending — Dayton MLS
• 2026-04-21 Contingent — WRIST
• 2026-04-13 Listed $239,900 WRIST
• 2026-04-13 Listed $239,900 Dayton MLS
• 2016-04-08 Sold (Public Records) $114,900 Public Records
• 2016-04-01 Sold (MLS) $114,900 Dayton MLS
• 2016-04-01 Sold (MLS) $114,900 WRIST
• 2016-04-01 Sold (MLS) $114,900 Dayton MLS
• 2016-03-21 Pending — Dayton MLS
• 2016-03-21 Listed $114,900 Dayton MLS
• 2016-03-18 Listed $114,900 WRIST
• 1982-12-28 Sold (Public Records) $32,500 Public Records

Property tax history

+5.9%/yr

Latest (2025): $3,094 · +23.2% YoY. Source: county tax records.