2805 N Main St · Dayton, OH 45405

$168,000

6 bd · 2.0 ba · 3,024 sqft · MultiFamily public records · 133 Days on market

Built 1915 5,998 sqft lot $56/sqft · at area comps Est $162k · at est.

---

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 +28.7/30.0
• DSCR +10.0/10.0
• 1% rule +7.5/10.0
• ARV discount +5.8/15.0
• Rent growth +3.6/5.0
• 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: 1 unit. estimate disagrees with records

Listing remarks MLS

Spacious two-story property on North Main Street with flexible living layout and added income potential. Features a main residence plus additional apartment-style living area — ideal for extended family, guests, or rental opportunity. Convenient location close to shopping, dining, and commuter routes. Generous interior space with multiple living areas and strong value-add potential. Great option for investors or buyers seeking extra living flexibility. Property being sold as-is.

Key facts

• Two-story property
• 5,998 sq ft lot
• 2 garage spots

Tags

• TWO-STORY PROPERTY
• MULTIPLE LIVING AREAS
• STRONG VALUE-ADD POTENTIAL

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $168k.

Deal economics

• At list price, monthly cash flow is $561 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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: Rents rising fast (+4.3%/yr); 134 active listings in the ZIP; lower-income renter base — watch delinquency; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $2,102/mo this rent would consume 57% of the median local household income ($44k/yr) (locally 1475% 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 + 4.3% rent growth), your $47k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 133 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: built in 1915 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 133 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 1915 — 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 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: 1.25% ✓
• Cap rate: 10.30%
• Cash-on-cash: 14.32%
• DSCR: 1.64
• GRM: 6.7

CMA / ARV

• ARV (median comp): $161,753
• List price: $168,000
• Delta: 3.86%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Show comp detail 11 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
19 W Beechwood Ave #21	0.02mi	6/2.0	2,880 (-5%)	9mo	$167,250	$58	83
80-82 Pinehurst Ave	0.26mi	6/2.0	3,036 (+0%)	7mo	$135,000	$44	82
48 Pinehurst Ave #46	0.22mi	6/2.0	2,888 (-4%)	3mo	$126,000	$44	80
125 W Parkwood Dr #121	0.25mi	6/2.0	2,878 (-5%)	18mo	$80,000	$28	65
2411 N Main St Unit 2409 & 2411	0.33mi	6/2.5	2,658 (-12%)	3mo	$171,000	$64	60
29 Ernst Ave #29	0.34mi	6/—	2,600 (-14%)	6mo	$23,210	$9	55
117 W Parkwood Dr #113	0.25mi	6/2.0	2,617 (-14%)	18mo	$174,900	$67	51
36-38 E Norman Ave	0.53mi	6/2.0	2,700 (-11%)	15mo	$179,000	$66	45
428 W Parkwood Dr	0.41mi	6/2.0	2,704 (-11%)	23mo	$145,000	$54	44
2059 Catalpa Dr #2057	0.71mi	6/2.0	2,628 (-13%)	10mo	$179,900	$68	37
35-37 E Hudson Ave #35	0.58mi	6/2.0	2,660 (-12%)	22mo	$135,000	$51	34

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: 6.1%
• Equity multiple: 1.24×
• Total profit: $11,386
• Equity at exit: $25,049

10-year hold

• IRR: 16.6%
• Equity multiple: 2.45×
• Total profit: $68,025
• Equity at exit: $14,526

Cash invested: $47,040 (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: 13.3×

Monthly cashflow live

• Estimated rent: $2,102 high
• Mortgage (P&I): −$881
• Tax from tax record: −$148 /mo · $1,780/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$441
• Net cashflow: $561

Break-even live

Break-even rent $1,392

Max offer price $168,000

Occupancy floor 68%

Sensitivity live

Price	-10% $656	-5% $609	+0% $561	+5% $514	+10% $466
Rent	-10% $395	-5% $478	+0% $561	+5% $644	+10% $727
Rate	-1.0pp $646	-0.5pp $604	base $561	+0.5pp $518	+1.0pp $473

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

Units	Beds	Baths	Est. rent
▸ 2× units	2	1	$2,102
Total (2 units)			$2,102

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Listing history 18 events

1. 2026-06-18
   days on market $168,000 Active 133 DOM
2. 2026-06-17
   days on market $168,000 Active 132 DOM
3. 2026-06-16
   days on market $168,000 Active 131 DOM
4. 2026-06-15
   days on market $168,000 Active 130 DOM
5. 2026-06-14
   days on market $168,000 Active 128 DOM
6. 2026-06-13
   days on market $168,000 Active 127 DOM
7. 2026-06-10
   days on market $168,000 Active 125 DOM
8. 2026-06-09
   days on market $168,000 Active 124 DOM
9. 2026-06-08
   days on market $168,000 Active 123 DOM
10. 2026-06-07
    days on market $168,000 Active 122 DOM
11. 2026-06-05
    days on market $168,000 Active 119 DOM
12. 2026-06-03
    days on market $168,000 Active 118 DOM
13. 2026-06-02
    days on market $168,000 Active 117 DOM
14. 2026-06-01
    days on market $168,000 Active 116 DOM
15. 2026-05-31
    days on market $168,000 Active 115 DOM
16. 2026-02-05
    listed $168,000 Active 489-char remark

    Show marketing remark (489 chars)

    Spacious two-story property on North Main Street with flexible living layout and added income potential. Features a main residence plus additional apartment-style living area — ideal for extended family, guests, or rental opportunity. Convenient location close to shopping, dining, and commuter routes. Generous interior space with multiple living areas and strong value-add potential. Great option for investors or buyers seeking extra living flexibility. Property being sold as-is.

17. 2023-12-01
    soldstatus $155,000
18. 2020-06-01
    soldstatus $40,000

ⓘ 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: $1,780 · $148/mo
• Projected year-2 tax: $2,201 · $183/mo
• Expected delta: +$420/yr (+$35/mo · 23.6%)

ⓘ 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) · 68% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 3/10 Moderate 7 d/yr ≥104°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: $25,224
• − Mortgage interest: −$9,411
• − Property taxes: −$1,780
• − Insurance: −$840
• − Repairs & maintenance: −$2,018
• − Management: −$2,018
• − Depreciation: −$4,887
• Taxable income: $4,270
• Est. tax owed @ 24.0%: −$1,025
• After-tax cash flow: $5,710/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

+320.0% since first listed

3 events — show timeline

• 2026-02-05 Listed $168,000 Dayton MLS
• 2023-12-01 Sold (Public Records) $155,000 Public Records
• 2020-06-01 Sold (Public Records) $40,000 Public Records

Property tax history

+2.8%/yr

Latest (2025): $1,780 · +124.3% YoY. Source: county tax records.