117 Elizabeth St · Dayton, OH 45405

$269,900

8 bd · 1.0 ba · 5,808 sqft · MultiFamily public records · 38 Days on market

Built 1948 6,098 sqft lot Est $279k · at est.

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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 +8.9/15.0
• 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

Turnkey 4-unit brick multifamily opportunity in Dayton with immediate cash flow and upside potential. This well-maintained property features four spacious 2-bedroom, 1-bath units with strong rental demand and current occupancy in place. Ideal for investors seeking a stabilized asset with room to increase rents over time. Property offers classic brick construction, separate unit layouts, and convenient access to downtown Dayton, major highways, shopping, and public transportation. Strong addition to any rental portfolio or great option for an owner-occupant looking to offset living expenses. Opportunities for occupied 4-units with this unit mix are limited. Schedule your showing today.

Key facts

• 6,098 sq ft lot
• Built 1948
• Listed 38 days

Tags

• MULTIFAMILY OPPORTUNITY
• WELL-MAINTAINED PROPERTY
• CLASSIC BRICK CONSTRUCTION
• SEPARATE UNIT LAYOUTS
• CONVENIENT ACCESS TO DOWNTOWN
• ACCESS TO MAJOR HIGHWAYS

Property features AI

Finance

• Financial info: Gross income reported: $35,507

Exterior

• Parking: No garage; on-street parking
• Utilities: Natural gas available; Electric service available
• Home design: Two-story building; Brick construction
• Construction: Brick exterior
• Exterior features: Residential zoning; Lot approximately 0.14 acres

Interior

• Kitchen: Range; Refrigerator
• Bedrooms: Two-bedroom unit types (property contains multiple two-bedroom units)
• Bathrooms: Four full bathrooms (total in property)
• Heating & cooling: Natural gas heating; Central air conditioning
• Interior features: Unfinished basement
• Laundry & utility: Tenants pay electricity and gas

What this means for you Summary

Snapshot

• This is a 4 × 2-bed/1.0-bath units multifamily listed at $270k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive. Per door: $373/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $270k).
• Recommended offer: $262k (3.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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 $4,141/mo this rent would consume 113% 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 $8k 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 $76k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 3 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 $200k; 35% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1948 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $261,803 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% 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 1948 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.53% ✓
• Cap rate: 12.93%
• Cash-on-cash: 23.71%
• DSCR: 2.06
• GRM: 5.4

CMA / ARV

• ARV (on-the-fly): $278,784
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
149 Santa Clara Ave	0.46mi	8/4.0	6,208 (+7%)	22mo	$295,000	$48	36
1039 Salem Ave	0.56mi	8/4.0	5,103 (-12%)	23mo	$239,900	$47	23

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: 18.3%
• Equity multiple: 1.75×
• Total profit: $57,050
• Equity at exit: $40,243

10-year hold

• IRR: 27.6%
• Equity multiple: 3.59×
• Total profit: $196,054
• Equity at exit: $23,336

Cash invested: $75,572 (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: 21.7×

Monthly cashflow live

• Estimated rent: $4,141 high
• Mortgage (P&I): −$1,415
• Tax from tax record: −$250 /mo · $3,001/yr
• Insurance: −$112
• HOA: −$0
• Vacancy / Maint / Mgmt: −$870
• Net cashflow: $1,493

Break-even live

Break-even rent $2,251

Max offer price $269,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$4,140
Total (4 units)			$4,141

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: $67,475
• Closing costs: $8,097
• Reserves months: —
• Total cash needed: —

Listing history 28 events

1. 2026-06-18
   days on market $269,900 Active 38 DOM
2. 2026-06-17
   days on market $269,900 Active 37 DOM
3. 2026-06-16
   days on market $269,900 Active 36 DOM
4. 2026-06-15
   days on market $269,900 Active 35 DOM
5. 2026-06-14
   days on market $269,900 Active 33 DOM
6. 2026-06-13
   days on market $269,900 Active 32 DOM
7. 2026-06-10
   days on market $269,900 Active 30 DOM
8. 2026-06-09
   days on market $269,900 Active 29 DOM
9. 2026-06-08
   days on market $269,900 Active 28 DOM
10. 2026-06-07
    days on market $269,900 Active 27 DOM
11. 2026-06-05
    days on market $269,900 Active 24 DOM
12. 2026-06-03
    days on market $269,900 Active 23 DOM
13. 2026-06-03
    status $269,900 Active 22 DOM
14. 2026-05-21
    status Pending
15. 2026-05-19
    status Active
16. 2026-05-01
    historical ActiveUnderContract
17. 2026-04-27
    listed $269,900 Active
18. 2025-09-17
    price $250,000
19. 2025-08-26
    price $269,000
20. 2025-04-03
    price $305,500
21. 2024-02-03
    historical $799
22. 2023-10-28
    price $799
23. 2023-10-14
    listed $850
24. 2022-09-27
    soldstatus $200,000
25. 1996-05-22
    soldstatus $76,000
26. 1994-01-24
    soldstatus $94,000
27. 1989-08-01
    soldstatus $140,800
28. 1987-12-28
    soldstatus $68,000

ⓘ 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: $3,001 · $250/mo
• Projected year-2 tax: $3,606 · $300/mo
• Expected delta: +$605/yr (+$50/mo · 20.1%)

ⓘ 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: $49,692
• − Mortgage interest: −$15,119
• − Property taxes: −$3,001
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,975
• − Management: −$3,975
• − Depreciation: −$7,852
• Taxable income: $14,421
• Est. tax owed @ 24.0%: −$3,461
• After-tax cash flow: $14,461/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

+296.9% since first listed

15 events — show timeline

• 2026-05-21 Pending — Dayton MLS
• 2026-05-19 Relisted — Dayton MLS
• 2026-05-01 Contingent — Dayton MLS
• 2026-04-27 Listed $269,900 Dayton MLS
• 2025-09-17 Price Changed $250,000 Dayton MLS
• 2025-08-26 Price Changed $269,000 Dayton MLS
• 2025-04-03 Price Changed $305,500 Dayton MLS
• 2024-02-03 Rental Removed $799 APPFOLIO
• 2023-10-28 Price Changed $799 APPFOLIO
• 2023-10-14 Listed for Rent $850 APPFOLIO
• 2022-09-27 Sold (Public Records) $200,000 Public Records
• 1996-05-22 Sold (Public Records) $76,000 Public Records
• 1994-01-24 Sold (Public Records) $94,000 Public Records
• 1989-08-01 Sold (Public Records) $140,800 Public Records
• 1987-12-28 Sold (Public Records) $68,000 Public Records

Property tax history

+3.2%/yr

Latest (2025): $3,001 · -1.0% YoY. Source: county tax records.