2039 Emerson Ave · Dayton, OH 45406

$499,000

64 bd · 1.0 ba · 6,796 sqft · MultiFamily public records · 85 Days on market

Built 1940 0.25 ac lot $73/sqft · 104% 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 +28.6/30.0
• DSCR +10.0/10.0
• 1% rule +8.0/10.0
• ARV discount +7.5/15.0
• Rent growth +3.3/5.0
• 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: 8 units. confirmed

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

Solid opportunity for any investor! This 8-unit building features well-maintained 1-bedroom, 1-bathroom units. Each unit is separately metered with tenants paying their own gas and electric, while the owner covers water and trash services. 6 units are currently occupied leaving one that is ready for immediate lease up and one needing repairs. Private parking is available at the rear of the building, adding convenience for tenants. With strong occupancy and a clear value-add opportunity through rent increases over time and immediate lease up, this property offers steady cash flow and room for growth, making it a great addition to any portfolio. Can be sold with 333 E Bruce Ave and 345 E Bruce Ave

Key facts

• 8 unit building
• Private parking
• Separately metered

Tags

• 8 UNIT BUILDING
• SEPARATELY METERED
• PRIVATE PARKING
• STRONG OCCUPANCY
• VALUE ADD OPPORTUNITY

What this means for you Summary

Snapshot

• This is a 8 × 1-bed/1-bath units multifamily listed at $499k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive. Per door: $206/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $499k).
• Recommended offer: $469k (6.0% below list) — sets the bar for market timing.
• Cap rate 10.3% 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 (+3.0%/yr); 156 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 $6,496/mo this rent would consume 187% of the median local household income ($42k/yr) (locally 1504% 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 $3k of loan paydown is wiped out by about $15k 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 + 3.0% rent growth), your $140k cash investment doubles in ~9 years — after that, you're playing with house money.

Negotiation context

• It's been on market 85 days — a 6% lower offer ($469k) is reasonable based on typical stale-listing flexibility.
• 21 sale attempts since 16y 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 $395k; 26% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: built in 1940 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $469,060 (6.0% below list)

Questions for the listing agent

1. It's been on market 85 days. Have you received any prior offers? Is the seller open to a 6% 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 1940 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.30% ✓
• Cap rate: 10.26%
• Cash-on-cash: 14.16%
• DSCR: 1.63
• GRM: 6.4

CMA / ARV

• ARV (median comp): $244,931
• List price: $499,000
• Delta: 103.73%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.03% rent growth · sell at horizon

5-year hold

• IRR: 4.5%
• Equity multiple: 1.18×
• Total profit: $24,467
• Equity at exit: $74,403

10-year hold

• IRR: 14.0%
• Equity multiple: 2.13×
• Total profit: $157,813
• Equity at exit: $43,144

Cash invested: $139,720 (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 45406

• Rents YoY: 3.0%
• Active inventory: 156
• Price-to-rent: 51.2×

Monthly cashflow live

• Estimated rent: $6,496 high
• Mortgage (P&I): −$2,617
• Tax from tax record: −$658 /mo · $7,900/yr
• Insurance: −$208
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,364
• Net cashflow: $1,649

Break-even live

Break-even rent $4,409

Max offer price $499,000

Occupancy floor 70%

Sensitivity live

Price	-10% $1,931	-5% $1,790	+0% $1,649	+5% $1,508	+10% $1,366
Rent	-10% $1,136	-5% $1,392	+0% $1,649	+5% $1,905	+10% $2,162
Rate	-1.0pp $1,900	-0.5pp $1,776	base $1,649	+0.5pp $1,519	+1.0pp $1,388

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

Units	Beds	Baths	Est. rent
▸ 8× units	1	1	$6,496
Total (8 units)			$6,496

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: $124,750
• Closing costs: $14,970
• Reserves months: —
• Total cash needed: —

Listing history 50 events

1. 2026-06-10
   days on market $499,000 Active 85 DOM
2. 2026-06-09
   days on market $499,000 Active 84 DOM
3. 2026-06-08
   days on market $499,000 Active 83 DOM
4. 2026-06-07
   days on market $499,000 Active 82 DOM
5. 2026-06-05
   days on market $499,000 Active 79 DOM
6. 2026-06-03
   days on market $499,000 Active 78 DOM
7. 2026-06-02
   days on market $499,000 Active 77 DOM
8. 2026-06-01
   days on market $499,000 Active 76 DOM
9. 2026-05-31
   days on market $499,000 Active 75 DOM
10. 2026-03-17
    listed $499,000 Active 704-char remark

    Show marketing remark (704 chars)

    Solid opportunity for any investor! This 8-unit building features well-maintained 1-bedroom, 1-bathroom units. Each unit is separately metered with tenants paying their own gas and electric, while the owner covers water and trash services. 6 units are currently occupied leaving one that is ready for immediate lease up and one needing repairs. Private parking is available at the rear of the building, adding convenience for tenants. With strong occupancy and a clear value-add opportunity through rent increases over time and immediate lease up, this property offers steady cash flow and room for growth, making it a great addition to any portfolio. Can be sold with 333 E Bruce Ave and 345 E Bruce Ave

11. 2026-01-08
    listed $675
12. 2025-06-14
    historical $675
13. 2025-05-21
    price $675
14. 2025-01-15
    historical $725
15. 2025-01-09
    listed $725
16. 2024-12-08
    historical $725
17. 2024-12-08
    listed $725
18. 2024-11-09
    listed $675
19. 2024-11-09
    historical $675
20. 2024-11-07
    historical $675
21. 2024-11-02
    historical $675
22. 2024-10-31
    listed $675
23. 2024-10-28
    listed $725
24. 2024-10-24
    listed $675
25. 2024-10-17
    historical $675
26. 2024-10-05
    listed $675
27. 2024-10-02
    historical $675
28. 2024-10-02
    historical $675
29. 2024-10-02
    historical $675
30. 2024-09-22
    listed $675
31. 2024-09-17
    historical $675
32. 2024-09-13
    listed $675
33. 2024-09-08
    listed $675
34. 2024-09-05
    listed $675
35. 2024-09-05
    historical $675
36. 2024-08-21
    historical $675
37. 2024-08-21
    listed $675
38. 2024-08-14
    price $675
39. 2024-08-14
    price $625
40. 2024-07-24
    listed $725
41. 2023-06-21
    soldstatus $395,000 Sold 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

42. 2023-06-21
    soldstatus $395,000 Closed 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

43. 2023-05-30
    status Pending 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

44. 2023-04-13
    price $420,000 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

45. 2023-02-17
    status Active 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

46. 2023-02-10
    status Pending 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

47. 2022-12-20
    historical
48. 2022-10-24
    listed $425,000 Active 326-char remark

    Show marketing remark (326 chars)

    Tenants pay heat and electric. This beautiful Tudor style apartment building can be a terrific investment opportunity. It is nicely maintained and has great curb appeal. There are eight one-bedroom apartments. The roof is only 3 or 4 years old. There is convenient private parking in the back and street parking is permitted.

49. 2019-03-22
    soldstatus $1,300,000
50. 2015-07-20
    soldstatus $135,000

ⓘ 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: $7,900 · $658/mo
• Projected year-2 tax: $7,900 · $658/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

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

Taxation est. · year 1

• Rental income: $77,952
• − Mortgage interest: −$27,952
• − Property taxes: −$7,900
• − Insurance: −$2,495
• − Repairs & maintenance: −$6,236
• − Management: −$6,236
• − Depreciation: −$14,516
• Taxable income: $12,616
• Est. tax owed @ 24.0%: −$3,028
• After-tax cash flow: $16,757/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): 19,991
• Household income: $41,796
• Rent vs Own: 52.9% rent · 47.1% own
• Severe rent burden: 1504.0

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 (75%)
• Race & ethnicity: Black 75% White 16% Two or more races 7% Hispanic / Latino 3%
• Common ancestry: Italian 2% Lithuanian 1% Slovak 1%
• Foreign-born: 2% · Canada
• Languages at home: 97% English-only · Spanish 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: ▼ -113.75%
• Current HPI: 197.1302
• Rent YoY: ▲ 3.03%
• 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

+939.6% since first listed

63 events — show timeline

• 2026-03-17 Listed $499,000 Dayton MLS
• 2026-01-08 Listed for Rent $675 RENTALBEAST
• 2025-06-14 Rental Removed $675 LEASESTAR
• 2025-05-21 Price Changed $675 LEASESTAR
• 2025-01-15 Rental Removed $725 RENTALBEAST
• 2025-01-09 Listed for Rent $725 RENTALBEAST
• 2024-12-08 Rental Removed $725 RENTALBEAST
• 2024-12-08 Listed for Rent $725 RENTALBEAST
• 2024-11-09 Listed for Rent $675 LEASESTAR
• 2024-11-09 Rental Removed $675 LEASESTAR
• 2024-11-07 Rental Removed $675 RENTALBEAST
• 2024-11-02 Rental Removed $675 LEASESTAR
• 2024-10-31 Listed for Rent $675 LEASESTAR
• 2024-10-28 Listed for Rent $725 LEASESTAR
• 2024-10-24 Listed for Rent $675 RENTALBEAST
• 2024-10-17 Rental Removed $675 RENTALBEAST
• 2024-10-05 Listed for Rent $675 RENTALBEAST
• 2024-10-02 Rental Removed $675 RENTALBEAST
• 2024-10-02 Rental Removed $675 RENTALBEAST
• 2024-10-02 Rental Removed $675 RENTALBEAST
• 2024-09-22 Listed for Rent $675 RENTALBEAST
• 2024-09-17 Rental Removed $675 RENTALBEAST
• 2024-09-13 Listed for Rent $675 RENTALBEAST
• 2024-09-08 Listed for Rent $675 RENTALBEAST
• 2024-09-05 Listed for Rent $675 RENTALBEAST
• 2024-09-05 Rental Removed $675 LEASESTAR
• 2024-08-21 Rental Removed $675 LEASESTAR
• 2024-08-21 Listed for Rent $675 LEASESTAR
• 2024-08-14 Price Changed $675 LEASESTAR
• 2024-08-14 Price Changed $625 LEASESTAR
• 2024-07-24 Listed for Rent $725 LEASESTAR
• 2023-06-21 Sold (MLS) $395,000 Dayton MLS
• 2023-06-21 Sold (MLS) $395,000 Dayton MLS
• 2023-05-30 Pending — Dayton MLS
• 2023-04-13 Price Changed $420,000 Dayton MLS
• 2023-02-17 Relisted — Dayton MLS
• 2023-02-10 Pending — Dayton MLS
• 2022-12-20 Rental Removed — RENT.
• 2022-10-24 Listed $425,000 Dayton MLS
• 2019-03-22 Sold (Public Records) $1,300,000 Public Records
• 2015-07-20 Sold (Public Records) $148,000 Public Records
• 2015-07-20 Sold (Public Records) $135,000 Public Records
• 2014-02-19 Sold (Public Records) $135,000 Public Records
• 2014-02-03 Sold (MLS) $135,000 Dayton MLS
• 2014-02-03 Sold (MLS) $135,000 Dayton MLS
• 2014-01-31 Listing Removed — Dayton MLS
• 2013-06-26 Listed $148,000 Dayton MLS
• 2012-07-10 Sold (Public Records) $145,000 Public Records
• 2012-04-02 Sold (MLS) $145,000 Dayton MLS
• 2012-04-02 Sold (MLS) $145,000 Dayton MLS
• 2012-03-09 Listing Removed — Dayton MLS
• 2011-07-29 Listed $156,000 Dayton MLS
• 2011-06-30 Listing Removed — Dayton MLS
• 2011-02-02 Listed $174,000 Dayton MLS
• 2010-09-09 Listing Removed — Dayton MLS
• 2010-03-22 Listed $174,000 Dayton MLS
• 2006-07-20 Sold (Public Records) $180,000 Public Records
• 2004-12-20 Sold (Public Records) $159,000 Public Records
• 2003-02-24 Sold (Public Records) $2,000 Public Records
• 2003-02-24 Sold (Public Records) $80,000 Public Records
• 1995-12-05 Sold (Public Records) $146,000 Public Records
• 1993-09-02 Sold (Public Records) $199,900 Public Records
• 1988-11-29 Sold (Public Records) $48,000 Public Records

Property tax history

+1.9%/yr

Latest (2025): $7,900 · -1.0% YoY. Source: county tax records.