115 E Norman Ave · Dayton, OH 45405

$290,000

16 bd · 1.0 ba · 4,176 sqft · MultiFamily public records · 83 Days on market

Built 1950 6,970 sqft lot $69/sqft · 26% above area Est $230k · 26% 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 +26.9/30.0
• DSCR +9.3/10.0
• 1% rule +6.9/10.0
• Rent growth +3.6/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• ARV discount +0.0/15.0
• 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

This four-unit multifamily property offers a fantastic investment opportunity with immediate income potential. Each of the four units features a comfortable 1-bedroom, 1-bathroom layout, appealing to a wide range of tenants. All units are currently tenant-occupied, providing stable, consistent cash flow from day one. Ideally located just minutes from downtown, residents enjoy convenient access to a variety of dining, shopping, and entertainment options. The property is also situated near a major hospital and the University of Dayton. Whether you're looking to expand your portfolio or secure a turnkey investment, this property combines strong rental demand with a prime setting.

Key facts

• Tenant occupied
• Stable cash flow
• Near major hospital

Tags

• INVESTMENT OPPORTUNITY
• IMMEDIATE INCOME POTENTIAL
• TENANT OCCUPIED
• STABLE CASH FLOW
• CONVENIENT ACCESS
• NEAR MAJOR HOSPITAL

What this means for you Summary

Snapshot

• This is a 4 × 1-bed/1-bath units multifamily listed at $290k.

Deal economics

• At list price, monthly cash flow is $805 ($10k/yr) — positive. Per door: $201/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $290k).
• Recommended offer: $273k (6.0% below list) — sets the bar for market timing.
• Cap rate 9.6% 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 $3,448/mo this rent would consume 94% 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 $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 + 4.3% rent growth), your $81k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($273k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 16y 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 $190k; list at $290k implies a 53% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $272,600 (6.0% below list)

Questions for the listing agent

1. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 6% 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 1950 — 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: 1.19% ✓
• Cap rate: 9.62%
• Cash-on-cash: 11.89%
• DSCR: 1.53
• GRM: 7.0

CMA / ARV

• ARV (median comp): $230,180
• List price: $290,000
• Delta: 25.99%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 4.34% rent growth · sell at horizon

5-year hold

• IRR: 2.8%
• Equity multiple: 1.11×
• Total profit: $8,965
• Equity at exit: $43,240

10-year hold

• IRR: 13.6%
• Equity multiple: 2.15×
• Total profit: $93,661
• Equity at exit: $25,074

Cash invested: $81,200 (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: 28.0×

Monthly cashflow live

• Estimated rent: $3,448 high
• Mortgage (P&I): −$1,521
• Tax from tax record: −$278 /mo · $3,332/yr
• Insurance: −$121
• HOA: −$0
• Vacancy / Maint / Mgmt: −$724
• Net cashflow: $805

Break-even live

Break-even rent $2,429

Max offer price $290,000

Occupancy floor 72%

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

Units	Beds	Baths	Est. rent
▸ 4× units	1	1	$3,448
Total (4 units)			$3,448

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: $72,500
• Closing costs: $8,700
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-18
   days on market $290,000 Active 83 DOM
2. 2026-06-17
   days on market $290,000 Active 82 DOM
3. 2026-06-16
   days on market $290,000 Active 81 DOM
4. 2026-06-15
   days on market $290,000 Active 80 DOM
5. 2026-06-14
   days on market $290,000 Active 78 DOM
6. 2026-06-13
   days on market $290,000 Active 77 DOM
7. 2026-06-10
   days on market $290,000 Active 75 DOM
8. 2026-06-09
   days on market $290,000 Active 74 DOM
9. 2026-06-08
   days on market $290,000 Active 73 DOM
10. 2026-06-07
    days on market $290,000 Active 72 DOM
11. 2026-06-05
    days on market $290,000 Active 69 DOM
12. 2026-06-03
    days on market $290,000 Active 68 DOM
13. 2026-06-02
    days on market $290,000 Active 67 DOM
14. 2026-06-01
    days on market $290,000 Active 66 DOM
15. 2026-05-31
    days on market $290,000 Active 65 DOM
16. 2026-03-27
    listed $290,000 Active 685-char remark

    Show marketing remark (685 chars)

    This four-unit multifamily property offers a fantastic investment opportunity with immediate income potential. Each of the four units features a comfortable 1-bedroom, 1-bathroom layout, appealing to a wide range of tenants. All units are currently tenant-occupied, providing stable, consistent cash flow from day one. Ideally located just minutes from downtown, residents enjoy convenient access to a variety of dining, shopping, and entertainment options. The property is also situated near a major hospital and the University of Dayton. Whether you're looking to expand your portfolio or secure a turnkey investment, this property combines strong rental demand with a prime setting.

17. 2025-09-23
    soldstatus $190,000
18. 2025-09-02
    soldstatus $190,000 Closed 739-char remark

    Show marketing remark (739 chars)

    Brick 4-unit multi-family offers the perfect mix of immediate income and future upside. Each unit features 1 bedroom and 1 full bathroom, ideal for long-term tenants or short-term rental potential. Two units are currently rented, while the other two are vacant and in need of cosmetic updates to be rent-ready — allowing the new owner to quickly increase cash flow. Brand new roof in 2024. Water heaters 2017. Rent of $2700+/mo easily obtainable here. Currently professionally managed. Ample off-street parking and separate utilities, this property is a prime investment for both seasoned investors and first-time multifamily buyers. Don’t miss this chance to own a durable, income-producing property with room to build equity.

19. 2025-08-19
    historical ActiveUnderContract 739-char remark

    Show marketing remark (739 chars)

    Brick 4-unit multi-family offers the perfect mix of immediate income and future upside. Each unit features 1 bedroom and 1 full bathroom, ideal for long-term tenants or short-term rental potential. Two units are currently rented, while the other two are vacant and in need of cosmetic updates to be rent-ready — allowing the new owner to quickly increase cash flow. Brand new roof in 2024. Water heaters 2017. Rent of $2700+/mo easily obtainable here. Currently professionally managed. Ample off-street parking and separate utilities, this property is a prime investment for both seasoned investors and first-time multifamily buyers. Don’t miss this chance to own a durable, income-producing property with room to build equity.

20. 2025-08-01
    listed $205,490 Active 739-char remark

    Show marketing remark (739 chars)

    Brick 4-unit multi-family offers the perfect mix of immediate income and future upside. Each unit features 1 bedroom and 1 full bathroom, ideal for long-term tenants or short-term rental potential. Two units are currently rented, while the other two are vacant and in need of cosmetic updates to be rent-ready — allowing the new owner to quickly increase cash flow. Brand new roof in 2024. Water heaters 2017. Rent of $2700+/mo easily obtainable here. Currently professionally managed. Ample off-street parking and separate utilities, this property is a prime investment for both seasoned investors and first-time multifamily buyers. Don’t miss this chance to own a durable, income-producing property with room to build equity.

21. 2025-01-14
    soldstatus $210,000
22. 2024-12-11
    historical
23. 2024-12-10
    soldstatus $210,000 Closed
24. 2024-12-09
    status Pending
25. 2024-10-23
    status Pending
26. 2024-08-07
    price $228,000
27. 2024-05-21
    listed $229,000 Active
28. 2024-03-15
    historical
29. 2024-01-11
    price $224,995
30. 2023-08-15
    status Active
31. 2023-08-08
    status Pending
32. 2023-05-08
    price $214,995
33. 2023-03-14
    price $204,000
34. 2022-10-25
    listed $209,000 Active
35. 2022-06-05
    price $575
36. 2021-05-21
    soldstatus $110,000 Closed
37. 2021-05-21
    soldstatus $110,000 Sold
38. 2021-05-10
    status Pending
39. 2021-05-06
    listed $110,000 Active
40. 2018-03-16
    soldstatus $67,795 Sold
41. 2018-03-16
    soldstatus $67,795 Closed
42. 2018-03-12
    soldstatus $67,495
43. 2018-01-02
    historical Active/Pending
44. 2017-12-11
    listed $67,495 Active
45. 2017-07-22
    historical
46. 2017-06-19
    price $18,000
47. 2017-05-25
    listed $20,000 Active
48. 2010-07-16
    historical
49. 2010-03-01
    listed $14,000
50. 2003-09-02
    soldstatus $80,000

ⓘ 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: $3,332 · $278/mo
• Projected year-2 tax: $3,928 · $327/mo
• Expected delta: +$596/yr (+$50/mo · 17.9%)

ⓘ 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: $41,376
• − Mortgage interest: −$16,245
• − Property taxes: −$3,332
• − Insurance: −$1,450
• − Repairs & maintenance: −$3,310
• − Management: −$3,310
• − Depreciation: −$8,436
• Taxable income: $5,293
• Est. tax owed @ 24.0%: −$1,270
• After-tax cash flow: $8,385/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

+491.8% since first listed

39 events — show timeline

• 2026-03-27 Listed $290,000 Dayton MLS
• 2025-09-23 Sold (Public Records) $190,000 Public Records
• 2025-09-02 Sold (MLS) $190,000 Dayton MLS
• 2025-08-19 Contingent — Dayton MLS
• 2025-08-01 Listed $205,490 Dayton MLS
• 2025-01-14 Sold (Public Records) $210,000 Public Records
• 2024-12-11 Listing Removed — Dayton MLS
• 2024-12-10 Sold (MLS) $210,000 Dayton MLS
• 2024-12-09 Pending — Dayton MLS
• 2024-10-23 Pending — Dayton MLS
• 2024-08-07 Price Changed $228,000 Dayton MLS
• 2024-05-21 Listed $229,000 Dayton MLS
• 2024-03-15 Listing Removed — Dayton MLS
• 2024-01-11 Price Changed $224,995 Dayton MLS
• 2023-08-15 Relisted — Dayton MLS
• 2023-08-08 Pending — Dayton MLS
• 2023-05-08 Price Changed $214,995 Dayton MLS
• 2023-03-14 Price Changed $204,000 Dayton MLS
• 2022-10-25 Listed $209,000 Dayton MLS
• 2022-06-05 Price Changed $575 RENT.
• 2021-05-21 Sold (MLS) $110,000 Dayton MLS
• 2021-05-21 Sold (MLS) $110,000 Dayton MLS
• 2021-05-10 Pending — Dayton MLS
• 2021-05-06 Listed $110,000 Dayton MLS
• 2018-03-16 Sold (MLS) $67,795 Dayton MLS
• 2018-03-16 Sold (MLS) $67,795 Dayton MLS
• 2018-03-12 Sold (Public Records) $67,495 Public Records
• 2018-01-02 Contingent — Dayton MLS
• 2017-12-11 Listed $67,495 Dayton MLS
• 2017-07-22 Listing Removed — Dayton MLS
• 2017-06-19 Price Changed $18,000 Dayton MLS
• 2017-05-25 Listed $20,000 Dayton MLS
• 2010-07-16 Listing Removed — Dayton MLS
• 2010-03-01 Listed $14,000 Dayton MLS
• 2003-09-02 Sold (Public Records) $80,000 Public Records
• 2000-05-05 Sold (Public Records) $55,000 Public Records
• 1998-02-13 Sold (Public Records) $55,000 Public Records
• 1993-08-17 Sold (Public Records) $58,900 Public Records
• 1987-12-29 Sold (Public Records) $49,000 Public Records

Property tax history

+10.4%/yr

Latest (2025): $3,332 · -1.0% YoY. Source: county tax records.