412 Forest Ave · Dayton, OH 45405

$165,000

6 bd · 2.0 ba · 3,224 sqft · MultiFamily public records · 19 Days on market

Built 1919 4,217 sqft lot $51/sqft · at area comps Est $163k · 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
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• ARV discount +6.8/15.0
• 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 (2-4 Unit). Listing-text estimate: 1 unit. estimate disagrees with records

Listing remarks MLS

Discover an exceptional investment opportunity at 412 & 414 Forest Ave, a distinguished multi-family residence nestled in the heart of Dayton. This two-story property, designed for comfortable living and robust income potential, offers a rare chance to own a versatile asset in a thriving community. Its prime location provides convenient access to local amenities and the vibrant pulse of city life, making it highly attractive to prospective tenants seeking both convenience and a sense of belonging. The property's thoughtful layout caters to various living arrangements, promising enduring appeal. New roof 2022, new soffit and facia boards 2022, new flooring 2022, and new furnaces and hot water heaters 2022. Boasting a total of six well-proportioned bedrooms and 3 bathrooms, this residence spans an impressive 3,224 square feet of living space, ensuring ample room for all occupants. The generous interiors are complemented by a substantial lot size of 0.1 acres, providing a welcoming outdoor environment. This multi-unit dwelling is meticulously maintained, presenting a turn-key solution for investors or owner-occupants looking to generate rental income. Its unique configuration as a 2-unit property underscores its flexibility and potential for diverse occupancy, positioning it as a cornerstone investment within the Dayton real estate landscape.

Key facts

• New flooring
• New furnaces
• New soffit

Tags

• MULTI-FAMILY RESIDENCE
• PRIME LOCATION
• NEW ROOF
• NEW SOFFIT
• NEW FLOORING
• NEW FURNACES

What this means for you Summary

Snapshot

• This is a 6-bed/2.0-bath multifamily listed at $165k.

Deal economics

• At list price, monthly cash flow is $928 ($11k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $165k).
• Recommended offer: $163k (1.5% below list) — sets the bar for market timing.
• Cap rate 13.0% 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 $2,434/mo this rent would consume 66% 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 $1k of loan paydown is wiped out by about $5k 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 $46k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y ago; this cycle's ask has dropped $10k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1919 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $162,525 (1.5% below list)

Questions for the listing agent

1. Built in 1919 — 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 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: 1.48% ✓
• Cap rate: 13.05%
• Cash-on-cash: 24.11%
• DSCR: 2.07
• GRM: 5.6

CMA / ARV

• ARV (median comp): $162,643
• List price: $165,000
• Delta: 1.45%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Show comp detail 9 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
18-20 Cambridge Ave	0.65mi	6/2.0	3,196 (-1%)	3mo	$130,000	$41	66
929 Harvard Blvd	0.60mi	6/2.0	3,349 (+4%)	1mo	$80,000	$24	65
49-51 Cambridge Ave	0.72mi	6/2.0	3,224 (0%)	7mo	$65,000	$20	61
36 Delaware Ave	0.60mi	6/—	3,432 (+6%)	4mo	$92,510	$27	58
804 Harvard Blvd	0.50mi	6/2.0	2,796 (-13%)	0mo	$65,000	$23	54
64/62 Fountain Ave #2	0.66mi	6/2.0	2,954 (-8%)	8mo	$65,000	$22	48
47 W Riverview Ave #43	0.48mi	6/4.0	3,600 (+12%)	3mo	$285,000	$79	47
802 Ferndale Ave #800	0.54mi	6/2.0	3,611 (+12%)	17mo	$159,000	$44	40
950 Harvard Blvd #946	0.64mi	6/2.0	2,820 (-12%)	19mo	$154,500	$55	33

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: 18.7%
• Equity multiple: 1.77×
• Total profit: $35,666
• Equity at exit: $24,602

10-year hold

• IRR: 27.9%
• Equity multiple: 3.62×
• Total profit: $121,007
• Equity at exit: $14,266

Cash invested: $46,200 (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: 11.3×

Monthly cashflow live

• Estimated rent: $2,434 high
• Mortgage (P&I): −$865
• Tax from tax record: −$60 /mo · $725/yr
• Insurance: −$69
• HOA: −$0
• Vacancy / Maint / Mgmt: −$511
• Net cashflow: $928

Break-even live

Break-even rent $1,259

Max offer price $165,000

Occupancy floor 57%

Sensitivity live

Price	-10% $1,022	-5% $975	+0% $928	+5% $882	+10% $835
Rent	-10% $736	-5% $832	+0% $928	+5% $1,025	+10% $1,121
Rate	-1.0pp $1,012	-0.5pp $970	base $928	+0.5pp $886	+1.0pp $842

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

Units	Beds	Baths	Est. rent
▸ 2× units	3	1.5	$2,434
Total (2 units)			$2,434

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: $41,250
• Closing costs: $4,950
• Reserves months: —
• Total cash needed: —

Listing history 9 events

1. 2026-05-11
   status Pending 1368-char remark

   Show marketing remark (1368 chars)

   Discover an exceptional investment opportunity at 412 & 414 Forest Ave, a distinguished multi-family residence nestled in the heart of Dayton. This two-story property, designed for comfortable living and robust income potential, offers a rare chance to own a versatile asset in a thriving community. Its prime location provides convenient access to local amenities and the vibrant pulse of city life, making it highly attractive to prospective tenants seeking both convenience and a sense of belonging. The property's thoughtful layout caters to various living arrangements, promising enduring appeal. New roof 2022, new soffit and facia boards 2022, new flooring 2022, and new furnaces and hot water heaters 2022. Boasting a total of six well-proportioned bedrooms and 3 bathrooms, this residence spans an impressive 3,224 square feet of living space, ensuring ample room for all occupants. The generous interiors are complemented by a substantial lot size of 0.1 acres, providing a welcoming outdoor environment. This multi-unit dwelling is meticulously maintained, presenting a turn-key solution for investors or owner-occupants looking to generate rental income. Its unique configuration as a 2-unit property underscores its flexibility and potential for diverse occupancy, positioning it as a cornerstone investment within the Dayton real estate landscape.

2. 2026-05-04
   price $165,000 1368-char remark

   Show marketing remark (1368 chars)

   Discover an exceptional investment opportunity at 412 & 414 Forest Ave, a distinguished multi-family residence nestled in the heart of Dayton. This two-story property, designed for comfortable living and robust income potential, offers a rare chance to own a versatile asset in a thriving community. Its prime location provides convenient access to local amenities and the vibrant pulse of city life, making it highly attractive to prospective tenants seeking both convenience and a sense of belonging. The property's thoughtful layout caters to various living arrangements, promising enduring appeal. New roof 2022, new soffit and facia boards 2022, new flooring 2022, and new furnaces and hot water heaters 2022. Boasting a total of six well-proportioned bedrooms and 3 bathrooms, this residence spans an impressive 3,224 square feet of living space, ensuring ample room for all occupants. The generous interiors are complemented by a substantial lot size of 0.1 acres, providing a welcoming outdoor environment. This multi-unit dwelling is meticulously maintained, presenting a turn-key solution for investors or owner-occupants looking to generate rental income. Its unique configuration as a 2-unit property underscores its flexibility and potential for diverse occupancy, positioning it as a cornerstone investment within the Dayton real estate landscape.

3. 2026-04-22
   listed $175,000 Active 1368-char remark

   Show marketing remark (1368 chars)

   Discover an exceptional investment opportunity at 412 & 414 Forest Ave, a distinguished multi-family residence nestled in the heart of Dayton. This two-story property, designed for comfortable living and robust income potential, offers a rare chance to own a versatile asset in a thriving community. Its prime location provides convenient access to local amenities and the vibrant pulse of city life, making it highly attractive to prospective tenants seeking both convenience and a sense of belonging. The property's thoughtful layout caters to various living arrangements, promising enduring appeal. New roof 2022, new soffit and facia boards 2022, new flooring 2022, and new furnaces and hot water heaters 2022. Boasting a total of six well-proportioned bedrooms and 3 bathrooms, this residence spans an impressive 3,224 square feet of living space, ensuring ample room for all occupants. The generous interiors are complemented by a substantial lot size of 0.1 acres, providing a welcoming outdoor environment. This multi-unit dwelling is meticulously maintained, presenting a turn-key solution for investors or owner-occupants looking to generate rental income. Its unique configuration as a 2-unit property underscores its flexibility and potential for diverse occupancy, positioning it as a cornerstone investment within the Dayton real estate landscape.

4. 2021-12-28
   historical
5. 2021-12-27
   listed $55,000 Active
6. 2012-11-01
   historical
7. 2012-09-11
   listed $6,500
8. 2012-09-11
   historical
9. 2012-08-10
   listed $15,750

ⓘ 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: $725 · $60/mo
• Projected year-2 tax: $1,650 · $137/mo
• Expected delta: +$924/yr (+$77/mo · 127.5%)

ⓘ 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 4/10 Moderate 7 d/yr ≥102°F today · 18 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 0% chance of damaging wind over 30 yrs
• 🫁 Air quality 3/10 Moderate 2 unhealthy d/yr today · 4 by 30 yrs out

Taxation est. · year 1

• Rental income: $29,208
• − Mortgage interest: −$9,243
• − Property taxes: −$725
• − Insurance: −$825
• − Repairs & maintenance: −$2,337
• − Management: −$2,337
• − Depreciation: −$4,800
• Taxable income: $8,942
• Est. tax owed @ 24.0%: −$2,146
• After-tax cash flow: $8,995/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

+947.6% since first listed

9 events — show timeline

• 2026-05-11 Pending — Dayton MLS
• 2026-05-04 Price Changed $165,000 Dayton MLS
• 2026-04-22 Listed $175,000 Dayton MLS
• 2021-12-28 Listing Removed — Dayton MLS
• 2021-12-27 Listed $55,000 Dayton MLS
• 2012-11-01 Listing Removed — Dayton MLS
• 2012-09-11 Listing Removed — Dayton MLS
• 2012-09-11 Listed $6,500 Dayton MLS
• 2012-08-10 Listed $15,750 Dayton MLS

Property tax history

-2.8%/yr

Latest (2025): $725 · +94.4% YoY. Source: county tax records.