409 Wilson · Piqua, OH 45356

$104,900

2 bd · 1.0 ba · 741 sqft · SingleFamily public records · 7 Days on market

Built 1920 6,351 sqft lot Est $137k · 23% under

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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 +18.1/30.0
• ARV discount +15.0/15.0
• DSCR +5.7/10.0
• 1% rule +4.6/10.0
• 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

Why rent? Affordable low maintenance home offers great opportunity to own less than rent or for the investment-minded. Welcoming covered front porch opens to large living room, eat-in kitchen and 2 beds accessible to full bath. Extra storage provided in the utility/mudroom with walk-out to rear yard, 1-car detached garage with alley access & additional off-street parking.

Key facts

• Covered front porch
• Utility mudroom
• Rear yard

Tags

• COVERED FRONT PORCH
• LARGE LIVING ROOM
• EAT-IN KITCHEN
• UTILITY MUDROOM
• REAR YARD
• DETACHED GARAGE

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: Detached one-car garage
• Utilities: Natural gas available; Sewer available; Storm sewer
• Home design: One-story home; Vinyl siding; Residential zoning; Lot approximately +/-50 x 127
• Construction: Vinyl siding construction
• Exterior features: Front porch

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two main-level bedrooms (10 x 9; 11 x 10)
• Bathrooms: One full bathroom on the main level
• Heating & cooling: Forced air heating; Natural gas heating
• Interior features: Crawl space basement; Eat-in kitchen
• Laundry & utility: Main-level utility room (11 x 5)

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $105k.

Deal economics

• At list price, monthly cash flow is $93 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $100k (4.5% below list).
• Recommended offer: $100k (4.5% below list) — sets the bar for 1% rule.
• Cap rate 7.4% 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; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 3d on market — plan ~1-2 weeks tenant-placement turnaround); 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• This rent is only 17% of the median local income ($69k/yr) — well below the 30% rent-burden line; pricing power to push rent on renewal without tenant pushback.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $725 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 10y 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 $46k; list at $105k implies a 126% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: built in 1920 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $100,202 (4.5% below list)

Questions for the listing agent

1. Built in 1920 — 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: 0.96% ✗
• Cap rate: 7.35%
• Cash-on-cash: 3.78%
• DSCR: 1.17
• GRM: 8.7

CMA / ARV

• ARV (on-the-fly): $137,085
• Comps found: 12

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
279 Linden Ave	0.20mi	2/1.0	750 (+1%)	6mo	$120,000	$160	84
1407 Garfield St	0.15mi	2/1.0	729 (-2%)	9mo	$153,000	$210	83
719 South St	0.40mi	2/1.0	768 (+4%)	0mo	$142,000	$185	75
1420 Plum St	0.20mi	2/1.0	783 (+6%)	12mo	$164,900	$211	71
825 Clark Ave	0.58mi	2/1.0	725 (-2%)	6mo	$159,000	$219	64
716 Brook St	0.68mi	2/1.0	720 (-3%)	2mo	$95,000	$132	61
904 W High St	0.69mi	2/1.0	739 (-0%)	11mo	$114,900	$155	58
801 Manier Ave	0.70mi	3/1.0 (+1)	725 (-2%)	8mo	$170,000	$234	53
910 Brice Ave	0.43mi	2/1.0	672 (-9%)	16mo	$147,500	$219	51
932 Brook St	0.56mi	2/1.0	838 (+13%)	1mo	$140,000	$167	51
518 Garnsey St	0.62mi	3/1.0 (+1)	800 (+8%)	8mo	$56,000	$70	46
817 W Water St	0.63mi	3/1.0 (+1)	830 (+12%)	14mo	$99,500	$120	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 · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -10.4%
• Equity multiple: 0.62×
• Total profit: $-11,106
• Equity at exit: $15,641

10-year hold

• IRR: -1.0%
• Equity multiple: 0.93×
• Total profit: $-2,085
• Equity at exit: $9,070

Cash invested: $29,372 (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: 8.7×

Monthly cashflow live

• Estimated rent: $1,002 high
• Mortgage (P&I): −$550
• Tax from tax record: −$105 /mo · $1,263/yr
• Insurance: −$44
• HOA: −$0
• Vacancy / Maint / Mgmt: −$210
• Net cashflow: $93

Break-even live

Break-even rent $885

Max offer price $104,900

Occupancy floor 86%

Sensitivity live

Price	-10% $152	-5% $122	+0% $93	+5% $63	+10% $33
Rent	-10% $13	-5% $53	+0% $93	+5% $132	+10% $172
Rate	-1.0pp $145	-0.5pp $119	base $93	+0.5pp $65	+1.0pp $38

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: $26,225
• Closing costs: $3,147
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
436 Wood St Unit 3 Piqua, OH	2.0	1.0	720	$1,050	$1.46	44d	1	0.73mi
316 N College St Piqua, OH	2.0	1.0	782	$1,075	$1.37	3d	3	0.75mi
619 S Wayne St Piqua, OH	2.0	1.0	750	$1,050	$1.40	3d	1	0.93mi
519 1/2 Ann St Piqua, OH	1.0	1.0	555	$825	$1.49	3d	1	1.21mi
1103 Nicklin Ave Piqua, OH	1.0	1.0	504	$650	$1.29	3d	1	1.25mi
701 N Wayne St Piqua, OH	1.0	1.0	600	$695	$1.16	3d	1	1.27mi
638 N Main St Piqua, OH	1.0	1.0	600	$850	$1.42	12d	1	1.30mi

Listing history 6 events

1. 2026-06-13
   statusdays on market $104,900 Pending 7 DOM
2. 2026-06-10
   days on market $104,900 Active 5 DOM
3. 2026-06-09
   days on market $104,900 Active 4 DOM
4. 2026-06-08
   days on market $104,900 Active 3 DOM
5. 2026-06-07
   remarks 376-char remark
6. 2026-06-07
   listed $104,900 Active 2 DOM

ⓘ 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: $1,263 · $105/mo
• Projected year-2 tax: $1,450 · $121/mo
• Expected delta: +$187/yr (+$16/mo · 14.8%)

ⓘ 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: $12,024
• − Mortgage interest: −$5,876
• − Property taxes: −$1,263
• − Insurance: −$524
• − Repairs & maintenance: −$962
• − Management: −$962
• − Depreciation: −$3,052
• Taxable loss: −$615
• Est. tax savings @ 24.0%: +$148
• After-tax cash flow: $1,258/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

+1134.1% since first listed

10 events — show timeline

• 2026-06-05 Listed $104,900 Dayton MLS
• 2026-06-05 Listed $104,900 WRIST
• 2016-08-04 Sold (Public Records) $46,500 Public Records
• 2016-07-29 Sold (MLS) $46,500 Dayton MLS
• 2016-07-29 Sold (MLS) $46,500 WRIST
• 2016-07-29 Sold (MLS) $46,500 Dayton MLS
• 2016-07-18 Contingent — Dayton MLS
• 2016-07-06 Listed $52,900 Dayton MLS
• 2016-07-01 Listed $52,900 WRIST
• 1986-07-24 Sold (Public Records) $8,500 Public Records

Property tax history

+3.7%/yr

Latest (2025): $1,263 · +19.3% YoY. Source: county tax records.