132 Central Ave · Dayton, OH 45406

$299,000

9 bd · 3.9 ba · 8,132 sqft · MultiFamily public records · 107 Days on market

Built 1928 0.28 ac lot $37/sqft · 14% above area Est $262k · 14% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +1.2/15.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 3 units. estimate disagrees with records

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks MLS

Introducing an exceptional investment opportunity in the desirable Grafton Hill area of Dayton, OH which is made up of historical large mansions. Currently many of these mansions are undergoing full renovations. This 8,132 SF property, built in 1928 and recently renovated in 2025, offers four 2-bedroom, 1-bath units with a reliable 100% occupancy rate. There is room to add in an additional studio apartment in the rear of the second floor with an additional $475 rent per month, and also an opportunity to add an additional 2 bedrooms in one of the second floor apartments, or making the studio into another two bedroom apartment, thus adding an additional $299 per month rent revenue. Don't miss the chance to add this meticulously-maintained property to your portfolio in the thriving Dayton market.

Key facts

• Full renovations
• Grafton hill area
• 0.28 acre lot

Tags

• GRAFTON HILL AREA
• HISTORICAL LARGE MANSIONS
• FULL RENOVATIONS
• ADDITIONAL STUDIO APARTMENT
• THRIVING DAYTON MARKET

What this means for you Summary

Snapshot

• This is a 3 × 3-bed/?-bath units multifamily listed at $299k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive. Per door: $764/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $299k).
• Recommended offer: $272k (9.0% below list) — sets the bar for market timing.
• Cap rate 15.5% 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 (+3.0%/yr); 156 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 $5,213/mo this rent would consume 150% of the median local household income ($42k/yr) (locally 1504% 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 $9k 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 + 3.0% rent growth), your $84k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 107 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 13y 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 $22k; list at $299k implies a 1265% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1928 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $272,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 107 days. Have you received any prior offers? Is the seller open to a 9% 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 1928 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.74% ✓
• Cap rate: 15.50%
• Cash-on-cash: 32.87%
• DSCR: 2.46
• GRM: 4.8

CMA / ARV

• ARV (median comp): $262,264
• List price: $299,000
• Delta: 14.01%
• Verdict: OVERPRICED
• Comps: 7 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.03% rent growth · sell at horizon

5-year hold

• IRR: 28.0%
• Equity multiple: 2.17×
• Total profit: $97,676
• Equity at exit: $44,582

10-year hold

• IRR: 35.5%
• Equity multiple: 4.27×
• Total profit: $273,467
• Equity at exit: $25,852

Cash invested: $83,720 (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 45406

• Rents YoY: 3.0%
• Active inventory: 156
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $5,213 medium
• Mortgage (P&I): −$1,568
• Tax from tax record: −$133 /mo · $1,593/yr
• Insurance: −$125
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,095
• Net cashflow: $2,293

Break-even live

Break-even rent $2,311

Max offer price $299,000

Occupancy floor 51%

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

Units	Beds	Baths	Est. rent
▸ 3× units	3	—	$5,214
Total (3 units)			$5,213

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Listing history 25 events

1. 2026-06-18
   days on market $299,000 Active 107 DOM
2. 2026-06-17
   days on market $299,000 Active 106 DOM
3. 2026-06-16
   days on market $299,000 Active 105 DOM
4. 2026-06-15
   days on market $299,000 Active 104 DOM
5. 2026-06-14
   days on market $299,000 Active 102 DOM
6. 2026-06-13
   days on market $299,000 Active 101 DOM
7. 2026-06-10
   days on market $299,000 Active 99 DOM
8. 2026-06-09
   days on market $299,000 Active 98 DOM
9. 2026-06-08
   days on market $299,000 Active 97 DOM
10. 2026-06-07
    days on market $299,000 Active 96 DOM
11. 2026-06-05
    days on market $299,000 Active 93 DOM
12. 2026-06-03
    days on market $299,000 Active 92 DOM
13. 2026-06-02
    days on market $299,000 Active 91 DOM
14. 2026-06-01
    days on market $299,000 Active 90 DOM
15. 2026-05-31
    days on market $299,000 Active 89 DOM
16. 2026-03-03
    listed $299,000 Active 808-char remark

    Show marketing remark (808 chars)

    Introducing an exceptional investment opportunity in the desirable Grafton Hill area of Dayton, OH which is made up of historical large mansions. Currently many of these mansions are undergoing full renovations. This 8,132 SF property, built in 1928 and recently renovated in 2025, offers four 2-bedroom, 1-bath units with a reliable 100% occupancy rate. There is room to add in an additional studio apartment in the rear of the second floor with an additional $475 rent per month, and also an opportunity to add an additional 2 bedrooms in one of the second floor apartments, or making the studio into another two bedroom apartment, thus adding an additional $299 per month rent revenue. Don't miss the chance to add this meticulously-maintained property to your portfolio in the thriving Dayton market.

17. 2016-08-31
    historical
18. 2016-06-28
    status Active
19. 2016-05-18
    historical Active/Pending
20. 2016-04-15
    listed $70,000 Active
21. 2014-03-05
    soldstatus $21,900 Closed
22. 2014-03-05
    soldstatus $21,900
23. 2014-02-09
    historical
24. 2013-12-14
    listed $22,900
25. 1999-09-24
    soldstatus $6,000

ⓘ 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: $1,593 · $133/mo
• Projected year-2 tax: $3,129 · $261/mo
• Expected delta: +$1,536/yr (+$128/mo · 96.4%)

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

Taxation est. · year 1

• Rental income: $62,556
• − Mortgage interest: −$16,749
• − Property taxes: −$1,593
• − Insurance: −$1,495
• − Repairs & maintenance: −$5,004
• − Management: −$5,004
• − Depreciation: −$8,698
• Taxable income: $24,012
• Est. tax owed @ 24.0%: −$5,763
• After-tax cash flow: $21,752/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): 19,991
• Household income: $41,796
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1504.0

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 (75%)
• Race & ethnicity: Black 75% White 16% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -113.75%
• Current HPI: 197.1302
• Rent YoY: ▲ 3.03%
• 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

+4883.3% since first listed

10 events — show timeline

• 2026-03-03 Listed $299,000 Dayton MLS
• 2016-08-31 Listing Removed — Dayton MLS
• 2016-06-28 Relisted — Dayton MLS
• 2016-05-18 Contingent — Dayton MLS
• 2016-04-15 Listed $70,000 Dayton MLS
• 2014-03-05 Sold (MLS) $21,900 Dayton MLS
• 2014-03-05 Sold (MLS) $21,900 Dayton MLS
• 2014-02-09 Listing Removed — Dayton MLS
• 2013-12-14 Listed $22,900 Dayton MLS
• 1999-09-24 Sold (Public Records) $6,000 Public Records

Property tax history

+0.5%/yr

Latest (2025): $1,593 · -1.0% YoY. Source: county tax records.