408 N Conover St · Dayton, OH 45420

$99,900

8 bd · 4.0 ba · 3,264 sqft · Townhouse · 429 Days on market

Built 1900

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Why this score? — see what drove the B- 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
• ARV discount +7.5/15.0
• Rent growth +3.7/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Schools +1.3/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Come check out this piece of Dayton history. 408 Conover is an old Hungarian Catholic schoolhouse. This has a lot of potential.

Key facts

• Built 1900
• Listed 429 days

What this means for you Summary

Snapshot

• This is a 8-bed/4.0-bath townhouse listed at $100k.

Deal economics

• At list price, monthly cash flow is $873 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $100k).
• Recommended offer: $88k (12.0% below list) — sets the bar for market timing.
• Cap rate 16.8% vs local median 7.3% 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: amenities C-, crime F, commute 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.
• Zoned schools: River'S Edge Montessori Elementary School (math 22% / reading 32%, grade F, #1,193 of 1,584 statewide, top 76%, 494 students, 0% FRL); Wogaman Middle School (math 8% / reading 12%, grade F, #645 of 654 statewide, top 99%, 364 students, 0% FRL); Belmont High School (math 5% / reading 20%, grade F, #720 of 781 statewide, top 93%, 1,100 students, 0% FRL) — zoned schools average 0% FRL vs 74% district-wide (74 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+4.8%/yr); 106 active listings in the ZIP; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• This rent runs 38% of the median local income ($61k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $691 of loan paydown is wiped out by about $3k 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 + 4.8% rent growth), your $28k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 429 days — a 12% lower offer ($88k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 6y ago; this cycle's ask has dropped $80k (44%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1900 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $87,912 (12.0% below list)

Questions for the listing agent

1. It's been on market 429 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 1900 — 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. 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?
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 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: 1.92% ✓
• Cap rate: 16.78%
• Cash-on-cash: 37.44%
• DSCR: 2.67
• GRM: 4.3

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 4.82% rent growth · sell at horizon

5-year hold

• IRR: 35.4%
• Equity multiple: 2.54×
• Total profit: $42,984
• Equity at exit: $14,895

10-year hold

• IRR: 43.1%
• Equity multiple: 5.44×
• Total profit: $124,262
• Equity at exit: $8,638

Cash invested: $27,972 (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 45420

• Rents YoY: 4.8%
• Active inventory: 106
• Price-to-rent: 4.3×

Monthly cashflow live

• Estimated rent: $1,920 medium
• Mortgage (P&I): −$524
• Tax from tax record: −$79 /mo · $944/yr
• Insurance: −$42
• HOA: −$0
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $873

Break-even live

Break-even rent $815

Max offer price $99,900

Occupancy floor 50%

Sensitivity live

Price	-10% $929	-5% $901	+0% $873	+5% $845	+10% $816
Rent	-10% $721	-5% $797	+0% $873	+5% $949	+10% $1,025
Rate	-1.0pp $923	-0.5pp $898	base $873	+0.5pp $847	+1.0pp $821

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: $24,975
• Closing costs: $2,997
• Reserves months: —
• Total cash needed: —

Listing history 26 events

1. 2026-06-22
   days on market $99,900 Active 429 DOM
2. 2026-06-18
   days on market $99,900 Active 426 DOM
3. 2026-06-17
   days on market $99,900 Active 425 DOM
4. 2026-06-16
   days on market $99,900 Active 424 DOM
5. 2026-06-15
   days on market $99,900 Active 423 DOM
6. 2026-06-14
   days on market $99,900 Active 421 DOM
7. 2026-06-13
   days on market $99,900 Active 420 DOM
8. 2026-06-10
   days on market $99,900 Active 418 DOM
9. 2026-06-09
   days on market $99,900 Active 417 DOM
10. 2026-06-08
    days on market $99,900 Active 416 DOM
11. 2026-06-07
    days on market $99,900 Active 415 DOM
12. 2026-06-05
    days on market $99,900 Active 412 DOM
13. 2026-06-03
    days on market $99,900 Active 411 DOM
14. 2026-06-02
    days on market $99,900 Active 410 DOM
15. 2026-06-01
    days on market $99,900 Active 409 DOM
16. 2026-05-31
    days on market $99,900 Active 408 DOM
17. 2026-04-16
    status Active 127-char remark

    Show marketing remark (127 chars)

    Come check out this piece of Dayton history. 408 Conover is an old Hungarian Catholic schoolhouse. This has a lot of potential.

18. 2026-02-18
    price $99,900 127-char remark

    Show marketing remark (127 chars)

    Come check out this piece of Dayton history. 408 Conover is an old Hungarian Catholic schoolhouse. This has a lot of potential.

19. 2025-06-19
    price $159,900 127-char remark

    Show marketing remark (127 chars)

    Come check out this piece of Dayton history. 408 Conover is an old Hungarian Catholic schoolhouse. This has a lot of potential.

20. 2025-04-30
    price $169,900 127-char remark

    Show marketing remark (127 chars)

    Come check out this piece of Dayton history. 408 Conover is an old Hungarian Catholic schoolhouse. This has a lot of potential.

21. 2025-03-05
    listed $179,900 Active 127-char remark

    Show marketing remark (127 chars)

    Come check out this piece of Dayton history. 408 Conover is an old Hungarian Catholic schoolhouse. This has a lot of potential.

22. 2024-01-08
    historical
23. 2023-10-20
    listed $185,000 Active
24. 2020-11-21
    historical
25. 2020-11-21
    status Pending
26. 2020-10-20
    listed $90,000 Active

ⓘ 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: $944 · $79/mo
• Projected year-2 tax: $1,251 · $104/mo
• Expected delta: +$307/yr (+$26/mo · 32.5%)

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

Taxation est. · year 1

• Rental income: $23,043
• − Mortgage interest: −$5,596
• − Property taxes: −$944
• − Insurance: −$500
• − Repairs & maintenance: −$1,843
• − Management: −$1,843
• − Depreciation: −$2,906
• Taxable income: $9,411
• Est. tax owed @ 24.0%: −$2,259
• After-tax cash flow: $8,215/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): 24,411
• Household income: $60,588
• Rent vs Own: 37.6% rent · 62.4% own
• Severe rent burden: 856.0

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 White (83%)
• Race & ethnicity: White 83% Black 7% Two or more races 6% Hispanic / Latino 3% Asian 3%
• Common ancestry: Lithuanian 3% Slovak 2% Italian 2%
• Foreign-born: 7% · Canada, China
• Languages at home: 93% English-only · Other Indo-European 2% Spanish 2% Chinese 0%

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: ▼ -192.56%
• Current HPI: 241.6543
• Rent YoY: ▲ 4.82%
• 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

+11.0% since first listed

10 events — show timeline

• 2026-04-16 Relisted — WCARE
• 2026-02-18 Price Changed $99,900 WCARE
• 2025-06-19 Price Changed $159,900 WCARE
• 2025-04-30 Price Changed $169,900 WCARE
• 2025-03-05 Listed $179,900 WCARE
• 2024-01-08 Listing Removed — WRIST
• 2023-10-20 Listed $185,000 WRIST
• 2020-11-21 Listing Removed — Dayton MLS
• 2020-11-21 Pending — Dayton MLS
• 2020-10-20 Listed $90,000 Dayton MLS