400 Fountain Ave · Dayton, OH 45405

$79,000

8 bd · 1.0 ba · 6,864 sqft · MultiFamily public records · 149 Days on market

Built 1929 5,663 sqft lot $12/sqft · 70% below area

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Why this score? — see what drove the D 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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 (5+ Unit). Listing-text estimate: 4 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

Great opportunity to rehab a 4 unit for an investment. Property is sold AS-IS — cash or hard money. Large rooms and plenty of potential!

Key facts

• 5,663 sq ft lot
• Built 1929
• Listed 149 days

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $79k.

Deal economics

• At list price, monthly cash flow is $3k ($32k/yr) — positive. Per door: $659/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $79k).
• Recommended offer: $70k (12.0% below list) — sets the bar for market timing.
• Cap rate 46.3% 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 $4,108/mo this rent would consume 112% 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 $546 of loan paydown is wiped out by about $2k 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 $22k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 149 days — a 12% lower offer ($70k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 5y ago; this cycle's ask has dropped $20k (20%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1929 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $69,520 (12.0% below list)

Questions for the listing agent

1. It's been on market 149 days. Have you received any prior offers? Is the seller open to a 12% 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 1929 — 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. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 5.20% ✓
• Cap rate: 46.31%
• Cash-on-cash: 142.92%
• DSCR: 7.36
• GRM: 1.6

CMA / ARV

• ARV (median comp): $262,302
• List price: $79,000
• Delta: -69.88%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 3 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
501 W Norman Ave	0.50mi	8/4.0	6,720 (-2%)	9mo	$250,000	$37	54
149 Santa Clara Ave	0.30mi	8/4.0	6,208 (-10%)	22mo	$295,000	$48	39
312 Cambridge Ave #314	0.60mi	8/4.0	6,226 (-9%)	18mo	$355,000	$57	30

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: —
• Equity multiple: 8.27×
• Total profit: $160,710
• Equity at exit: $11,779

10-year hold

• IRR: —
• Equity multiple: 18.18×
• Total profit: $380,092
• Equity at exit: $6,830

Cash invested: $22,120 (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: 6.4×

Monthly cashflow live

• Estimated rent: $4,108 high
• Mortgage (P&I): −$414
• Tax from tax record: −$164 /mo · $1,962/yr
• Insurance: −$33
• HOA: −$0
• Vacancy / Maint / Mgmt: −$863
• Net cashflow: $2,635

Break-even live

Break-even rent $773

Max offer price $79,000

Occupancy floor 31%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,108
Total (4 units)			$4,108

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: $19,750
• Closing costs: $2,370
• Reserves months: —
• Total cash needed: —

Listing history 30 events

1. 2026-06-18
   days on market $79,000 Active 149 DOM
2. 2026-06-17
   days on market $79,000 Active 148 DOM
3. 2026-06-16
   days on market $79,000 Active 147 DOM
4. 2026-06-13
   days on market $79,000 Active 146 DOM
5. 2026-06-10
   days on market $79,000 Active 144 DOM
6. 2026-06-09
   days on market $79,000 Active 143 DOM
7. 2026-06-08
   days on market $79,000 Active 142 DOM
8. 2026-06-07
   days on market $79,000 Active 141 DOM
9. 2026-06-05
   days on market $79,000 Active 138 DOM
10. 2026-06-03
    days on market $79,000 Active 137 DOM
11. 2026-06-02
    days on market $79,000 Active 136 DOM
12. 2026-06-01
    days on market $79,000 Active 135 DOM
13. 2026-05-31
    days on market $79,000 Active 134 DOM
14. 2026-05-13
    price $79,000 142-char remark

    Show marketing remark (142 chars)

    Great opportunity to rehab a 4 unit for an investment. Property is sold AS-IS — cash or hard money. Large rooms and plenty of potential!

15. 2026-05-08
    price $7,900,000 142-char remark

    Show marketing remark (142 chars)

    Great opportunity to rehab a 4 unit for an investment. Property is sold AS-IS — cash or hard money. Large rooms and plenty of potential!

16. 2026-03-11
    status Active 142-char remark

    Show marketing remark (142 chars)

    Great opportunity to rehab a 4 unit for an investment. Property is sold AS-IS — cash or hard money. Large rooms and plenty of potential!

17. 2026-03-10
    status Pending 142-char remark

    Show marketing remark (142 chars)

    Great opportunity to rehab a 4 unit for an investment. Property is sold AS-IS — cash or hard money. Large rooms and plenty of potential!

18. 2026-01-16
    listed $99,000 Active 142-char remark

    Show marketing remark (142 chars)

    Great opportunity to rehab a 4 unit for an investment. Property is sold AS-IS — cash or hard money. Large rooms and plenty of potential!

19. 2024-05-29
    price $129,000
20. 2021-08-03
    historical
21. 2021-07-01
    price $59,900
22. 2021-06-23
    price $62,000
23. 2021-06-10
    status Active
24. 2021-05-30
    historical Active/Pending
25. 2021-05-21
    status Active
26. 2021-05-18
    historical Active/Pending
27. 2021-05-17
    listed $65,000 Active
28. 1998-08-17
    soldstatus $77,000
29. 1993-10-01
    soldstatus $72,000
30. 1988-12-21
    soldstatus $52,500

ⓘ 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: $1,962 · $164/mo
• Projected year-2 tax: $1,962 · $164/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ 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 ≥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: $49,296
• − Mortgage interest: −$4,425
• − Property taxes: −$1,962
• − Insurance: −$395
• − Repairs & maintenance: −$3,944
• − Management: −$3,944
• − Depreciation: −$2,298
• Taxable income: $32,328
• Est. tax owed @ 24.0%: −$7,759
• After-tax cash flow: $23,856/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

+50.5% since first listed

17 events — show timeline

• 2026-05-13 Price Changed $79,000 Dayton MLS
• 2026-05-08 Price Changed $7,900,000 Dayton MLS
• 2026-03-11 Relisted — Dayton MLS
• 2026-03-10 Pending — Dayton MLS
• 2026-01-16 Listed $99,000 Dayton MLS
• 2024-05-29 Price Changed $129,000 Dayton MLS
• 2021-08-03 Listing Removed — Dayton MLS
• 2021-07-01 Price Changed $59,900 Dayton MLS
• 2021-06-23 Price Changed $62,000 Dayton MLS
• 2021-06-10 Relisted — Dayton MLS
• 2021-05-30 Contingent — Dayton MLS
• 2021-05-21 Relisted — Dayton MLS
• 2021-05-18 Contingent — Dayton MLS
• 2021-05-17 Listed $65,000 Dayton MLS
• 1998-08-17 Sold (Public Records) $77,000 Public Records
• 1993-10-01 Sold (Public Records) $72,000 Public Records
• 1988-12-21 Sold (Public Records) $52,500 Public Records

Property tax history

-1.8%/yr

Latest (2025): $1,962 · -2.5% YoY. Source: county tax records.