488 N Jay St · West Milton, OH 45383

$425,000

8 bd · None ba · 1,854 sqft · MultiFamily public records · 350 Days on market

Built 1963 0.29 ac lot $229/sqft · 98% above area

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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 +19.3/30.0
• ARV discount +7.5/15.0
• DSCR +6.1/10.0
• 1% rule +5.1/10.0
• Schools +4.9/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 1 unit. 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 low-maintenance, income-generating 4-unit building features four spacious 2-bedroom apartments, each with in-unit washer/dryer hookups. Currently fully occupied with mostly long-term tenants, the property brings in $3,500/month gross in total rental income. Tenants are responsible for all utilities except trash. Recent upgrades include three brand-new electric panels and full electrical updates brought to code as of April 2023. One Fully Renovated unit in 2025. The building also had a recent a full roof tear-off and replacement, along with newer gutters installed on the rear side. A new concrete parking pad was poured in 2022. Additional improvements over time include updated windows, sliding glass doors, and blown-in attic insulation for improved energy efficiency. Property is being sold in as-is condition—an excellent opportunity for investors looking to add a solid asset to their portfolio.

Key facts

• Full roof tear off
• Fully renovated unit
• Built 1963

Tags

• IN UNIT WASHER DRYER HOOKUPS
• BRAND NEW ELECTRIC PANELS
• FULL ELECTRICAL UPDATES
• FULLY RENOVATED UNIT
• FULL ROOF TEAR OFF
• NEW CONCRETE PARKING PAD

What this means for you Summary

Snapshot

• This is a 8-bed/?-bath multifamily listed at $425k.

Deal economics

• At list price, monthly cash flow is $463 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $425k).
• Recommended offer: $374k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.6% vs local median 4.2% in West Milton — 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 64/100 on livability (#777 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A-, crime B+; Watch: employment D+, amenities F, commute F.
• Milton-Union Exempted Village (rural): math 54% / reading 61% proficiency, ranked #324 of 656 in OH (top 49%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; 62% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Milton-Union Elementary School (math 61% / reading 61%, grade B, #652 of 1,584 statewide, top 41%, 609 students, 0% FRL); Milton-Union Middle School (math 56% / reading 58%, grade B, #305 of 654 statewide, top 48%, 349 students, 0% FRL); Milton-Union High School (math 27% / reading 72%, grade D, #390 of 781 statewide, top 54%, 383 students, 99% FRL) — zoned schools average 33% FRL vs 62% district-wide (29 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: 22 active listings in the ZIP; 326 units permitted in Miami County in 2024 (0 in 5+ unit buildings).
• At $4,304/mo this rent would consume 81% of the median local household income ($64k/yr) — 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 $3k of loan paydown is wiped out by about $13k of value loss. Plan a longer hold.

Negotiation context

• It's been on market 350 days — a 12% lower offer ($374k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 3y 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 $227k; list at $425k implies a 87% gain — meaningful room to come down on a strong offer.

Recommended offer $374,000 (12.0% below list)

Questions for the listing agent

1. It's been on market 350 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1963 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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.
7. 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.
8. 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: 1.01% ✓
• Cap rate: 7.60%
• Cash-on-cash: 4.67%
• DSCR: 1.21
• GRM: 8.2

CMA / ARV

• ARV (median comp): $214,190
• List price: $425,000
• Delta: 98.42%
• Verdict: OVERPRICED
• Comps: 11 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -9.0%
• Equity multiple: 0.67×
• Total profit: $-39,309
• Equity at exit: $63,369

10-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $4,012
• Equity at exit: $36,746

Cash invested: $119,000 (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 45383

• Home prices YoY: -27.8%
• Active inventory: 22
• Price-to-rent: 32.9×

Monthly cashflow live

• Estimated rent: $4,304 medium
• Mortgage (P&I): −$2,229
• Tax est. 1.5%: −$531 /mo · $6,375/yr
• Insurance: −$177
• HOA: −$0
• Vacancy / Maint / Mgmt: −$904
• Net cashflow: $463

Break-even live

Break-even rent $3,718

Max offer price $425,000

Occupancy floor 84%

Sensitivity live

Price	-10% $757	-5% $610	+0% $463	+5% $316	+10% $169
Rent	-10% $123	-5% $293	+0% $463	+5% $633	+10% $803
Rate	-1.0pp $677	-0.5pp $571	base $463	+0.5pp $353	+1.0pp $241

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,304
Total (4 units)			$4,304

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: $106,250
• Closing costs: $12,750
• Reserves months: —
• Total cash needed: —

Listing history 12 events

1. 2026-06-03
   days on market $425,000 Active 350 DOM
2. 2026-06-02
   days on market $425,000 Active 349 DOM
3. 2026-06-01
   days on market $425,000 Active 348 DOM
4. 2026-05-31
   days on market $425,000 Active 347 DOM
5. 2025-10-23
   price $425,000 921-char remark

   Show marketing remark (921 chars)

   This low-maintenance, income-generating 4-unit building features four spacious 2-bedroom apartments, each with in-unit washer/dryer hookups. Currently fully occupied with mostly long-term tenants, the property brings in $3,500/month gross in total rental income. Tenants are responsible for all utilities except trash. Recent upgrades include three brand-new electric panels and full electrical updates brought to code as of April 2023. One Fully Renovated unit in 2025. The building also had a recent a full roof tear-off and replacement, along with newer gutters installed on the rear side. A new concrete parking pad was poured in 2022. Additional improvements over time include updated windows, sliding glass doors, and blown-in attic insulation for improved energy efficiency. Property is being sold in as-is condition—an excellent opportunity for investors looking to add a solid asset to their portfolio.

6. 2025-06-18
   listed $445,000 Active 921-char remark

   Show marketing remark (921 chars)

   This low-maintenance, income-generating 4-unit building features four spacious 2-bedroom apartments, each with in-unit washer/dryer hookups. Currently fully occupied with mostly long-term tenants, the property brings in $3,500/month gross in total rental income. Tenants are responsible for all utilities except trash. Recent upgrades include three brand-new electric panels and full electrical updates brought to code as of April 2023. One Fully Renovated unit in 2025. The building also had a recent a full roof tear-off and replacement, along with newer gutters installed on the rear side. A new concrete parking pad was poured in 2022. Additional improvements over time include updated windows, sliding glass doors, and blown-in attic insulation for improved energy efficiency. Property is being sold in as-is condition—an excellent opportunity for investors looking to add a solid asset to their portfolio.

7. 2023-05-24
   soldstatus $227,000
8. 2023-05-18
   soldstatus $227,000 Closed 579-char remark

   Show marketing remark (579 chars)

   Money Maker! Low maintenance exterior on this 4-unit building. 4- 2 bedroom units with washer/dryer hookup. Fully occupied, most long-term tenants. Rent collected for all 4 units is $2125/month. Tenants pay all utilities except trash. Updates include Brand new electric boxes (3 of 4), electric brought up to code April 2023. New roof, complete tear off 2 years ago. Newer gutters on rear of building. New concrete parking pad 2022. Over the years, windows and sliding glass doors have been replaced. Also insulation was blow in the attic. Selling in "as is" condition.

9. 2023-05-18
   soldstatus $227,000 Sold 579-char remark

   Show marketing remark (579 chars)

   Money Maker! Low maintenance exterior on this 4-unit building. 4- 2 bedroom units with washer/dryer hookup. Fully occupied, most long-term tenants. Rent collected for all 4 units is $2125/month. Tenants pay all utilities except trash. Updates include Brand new electric boxes (3 of 4), electric brought up to code April 2023. New roof, complete tear off 2 years ago. Newer gutters on rear of building. New concrete parking pad 2022. Over the years, windows and sliding glass doors have been replaced. Also insulation was blow in the attic. Selling in "as is" condition.

10. 2023-05-02
    status Pending 579-char remark

    Show marketing remark (579 chars)

    Money Maker! Low maintenance exterior on this 4-unit building. 4- 2 bedroom units with washer/dryer hookup. Fully occupied, most long-term tenants. Rent collected for all 4 units is $2125/month. Tenants pay all utilities except trash. Updates include Brand new electric boxes (3 of 4), electric brought up to code April 2023. New roof, complete tear off 2 years ago. Newer gutters on rear of building. New concrete parking pad 2022. Over the years, windows and sliding glass doors have been replaced. Also insulation was blow in the attic. Selling in "as is" condition.

11. 2023-04-30
    listed $180,000 Active 579-char remark

    Show marketing remark (579 chars)

    Money Maker! Low maintenance exterior on this 4-unit building. 4- 2 bedroom units with washer/dryer hookup. Fully occupied, most long-term tenants. Rent collected for all 4 units is $2125/month. Tenants pay all utilities except trash. Updates include Brand new electric boxes (3 of 4), electric brought up to code April 2023. New roof, complete tear off 2 years ago. Newer gutters on rear of building. New concrete parking pad 2022. Over the years, windows and sliding glass doors have been replaced. Also insulation was blow in the attic. Selling in "as is" condition.

12. 1978-02-01
    soldstatus $116,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $51,648
• − Mortgage interest: −$23,807
• − Property taxes: −$6,375
• − Insurance: −$2,125
• − Repairs & maintenance: −$4,132
• − Management: −$4,132
• − Depreciation: −$12,364
• Taxable loss: −$1,286
• Est. tax savings @ 24.0%: +$309
• After-tax cash flow: $5,866/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: Milton-Union Exempted Village
• NCES district ID: 3904551
• Math proficiency: 54% ▼ -14.00%
• Reading proficiency: 61% ▼ -8.00%
• Median HH income: $51,479
• Composite: 49.12/100
• National rank: #2048
• State rank: #324 of 656 in OH

Livability — West Milton

• Score: 64/100
• State rank: #777
• US rank: #14077

Category grades

Amenities F Commute F Cost of living A+ Crime B+ Employment D+ Housing A- Health & safety F User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: West Milton, OH
• County: Miami · 104,562 people
• Metro: Dayton-Kettering-Beavercreek, OH
• Population (ZIP): 6,883
• Household income: $63,795
• Rent vs Own: 23.9% rent · 76.1% own
• Severe rent burden: 3.5

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 (95%)
• Race & ethnicity: White 95% Two or more races 3%
• Common ancestry: Lithuanian 5% Slovak 2% Romanian 2%
• Foreign-born: 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: ▼ -89.93%
• Current HPI: 233.9432
• Rent YoY: —
• Metro: —
• 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

+266.4% since first listed

8 events — show timeline

• 2025-10-23 Price Changed $425,000 CBRMLS
• 2025-06-18 Listed $445,000 CBRMLS
• 2023-05-24 Sold (Public Records) $227,000 Public Records
• 2023-05-18 Sold (MLS) $227,000 Dayton MLS
• 2023-05-18 Sold (MLS) $227,000 Dayton MLS
• 2023-05-02 Pending — Dayton MLS
• 2023-04-30 Listed $180,000 Dayton MLS
• 1978-02-01 Sold (Public Records) $116,000 Public Records

Property tax history

-8.2%/yr

Latest (2025): $749 · -45.9% YoY. Source: county tax records.