1435 Covington Ave · Piqua, OH 45356

$50,000

3 bd · 2.5 ba · 1,846 sqft · SingleFamily public records · 1 Days on market

Built 1947 10,018 sqft lot ↓ 40% since listing

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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
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +4.0/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

Key facts

• 0.23 acre lot
• Pool
• Built 1947

What this means for you Summary

Snapshot

• This is a 3-bed/2.5-bath single-family listed at $50k.

Deal economics

• At list price, monthly cash flow is $669 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($1k rent vs $50k).
• Cap rate 22.4% 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; 2 comparable units currently listed for rent nearby; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $346 of loan paydown is wiped out by about $2k of value loss. Plan a longer hold.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 1 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts since 6y 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 $42k; 19% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1947 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $50,000

Questions for the listing agent

1. Built in 1947 — 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 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: 2.54% ✓
• Cap rate: 22.35%
• Cash-on-cash: 57.36%
• DSCR: 3.55
• GRM: 3.3

CMA / ARV

• ARV (on-the-fly): $228,904
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
1245 Severs	0.33mi	4/2.0 (+1)	1,736 (-6%)	5mo	$239,900	$138	64
1111 Marwood Dr	0.58mi	3/2.0	1,980 (+7%)	6mo	$308,000	$156	54
1200 W High St	0.65mi	3/1.5	1,764 (-4%)	7mo	$239,900	$136	52
806 Candlewood Blvd	0.62mi	4/1.5 (+1)	1,970 (+7%)	4mo	$207,500	$105	48
1231 Marwood Dr	0.52mi	3/2.5	1,612 (-13%)	12mo	$230,000	$143	45
215 Levering Dr	0.48mi	2/1.5 (-1)	1,641 (-11%)	8mo	$179,000	$109	44
904 Mckinley Ave	0.65mi	4/1.0 (+1)	1,972 (+7%)	10mo	$190,000	$96	39
1605 Margene Dr	0.36mi	4/2.0 (+1)	1,578 (-14%)	16mo	$169,500	$107	38
1306 Maplewood Dr	0.65mi	2/2.0 (-1)	1,724 (-7%)	16mo	$259,000	$150	38
834 Young St	0.72mi	3/2.0	2,016 (+9%)	13mo	$250,000	$124	38
1800 New Haven Rd	0.73mi	4/2.0 (+1)	1,648 (-11%)	11mo	$180,000	$109	31
605 Brice Ave	0.65mi	3/1.0	1,632 (-12%)	19mo	$185,000	$113	28

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: 55.9%
• Equity multiple: 3.47×
• Total profit: $34,533
• Equity at exit: $7,455

10-year hold

• IRR: 60.9%
• Equity multiple: 7.07×
• Total profit: $85,005
• Equity at exit: $4,323

Cash invested: $14,000 (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: 3.3×

Monthly cashflow live

• Estimated rent: $1,271 medium
• Mortgage (P&I): −$262
• Tax from tax record: −$52 /mo · $620/yr
• Insurance: −$21
• HOA: −$0
• Vacancy / Maint / Mgmt: −$267
• Net cashflow: $669

Break-even live

Break-even rent $424

Max offer price $50,000

Occupancy floor 42%

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: $12,500
• Closing costs: $1,500
• Reserves months: —
• Total cash needed: —

Rent comps 2 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
918 W Greene St Piqua, OH	2.0	1.5	1270	$900	$0.71	14d	1	0.89mi
519 Ann St Piqua, OH	3.0	1.0	1388	$1,300	$0.94	2d	1	1.32mi

Listing history 9 events

1. 2021-04-05
   soldstatus $42,000 Closed 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

2. 2021-04-05
   soldstatus $42,000 Sold 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

3. 2021-03-09
   historical Active/Pending 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

4. 2021-03-09
   historical

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

5. 2021-02-03
   status Active 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

6. 2021-01-01
   historical Active/Pending 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

7. 2020-12-18
   price $50,000 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

8. 2020-09-25
   listed $70,000 Active 366-char remark

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

9. 2020-09-25
   listed $50,000

   Show marketing remark (366 chars)

   Buyer financing fell through and there is another shot at this one! Fantastic investment opportunity in the heart of Piqua! Can be used as a business/residence, a single family home or as a rental investment. 3 beds, 2.5 baths with a wrap around porch. HUGE kitchen addition. With a little TLC, this will become a dream property, no matter how you choose to use it!

ⓘ 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: $620 · $52/mo
• Projected year-2 tax: $700 · $58/mo
• Expected delta: +$80/yr (+$7/mo · 13.0%)

ⓘ 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 3/10 Moderate 7 d/yr ≥100°F today · 18 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: $15,249
• − Mortgage interest: −$2,801
• − Property taxes: −$620
• − Insurance: −$250
• − Repairs & maintenance: −$1,220
• − Management: −$1,220
• − Depreciation: −$1,455
• Taxable income: $7,684
• Est. tax owed @ 24.0%: −$1,844
• After-tax cash flow: $6,186/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

-40.0% since first listed

9 events — show timeline

• 2021-04-05 Sold (MLS) $42,000 Dayton MLS
• 2021-04-05 Sold (MLS) $42,000 Dayton MLS
• 2021-03-09 Contingent — Dayton MLS
• 2021-03-09 Listing Removed — WRIST
• 2021-02-03 Relisted — Dayton MLS
• 2021-01-01 Contingent — Dayton MLS
• 2020-12-18 Price Changed $50,000 Dayton MLS
• 2020-09-25 Listed $50,000 WRIST
• 2020-09-25 Listed $70,000 Dayton MLS

Property tax history

-4.7%/yr

Latest (2025): $620 · -14.1% YoY. Source: county tax records.