4908 Northcutt Pl · Dayton, OH 45414

$329,900

10 bd · 1.0 ba · 4,312 sqft · MultiFamily public records · 230 Days on market

Built 1969 0.31 ac lot

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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
• Schools +5.0/10.0
• Rent growth +4.4/5.0
• Livability +3.2/5.0
• 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: 5 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

Great opportunity to own a well kept, fully residential 5 unit with all units offering two bedrooms each. Including one spacious townhouse unit. Tenants cover their own electric while the Owner is responsible for water and sewage, trash. Washer/Dryer Hookups in the hall. .

Key facts

• Washer dryer hookups
• 0.31 acre lot
• Built 1969

Tags

• SPACIOUS TOWNHOUSE UNIT
• WASHER DRYER HOOKUPS

Property features AI

Finance

• Financial info: Offered for sale

Exterior

• Parking: No garage
• Utilities: Natural gas heating; Window unit cooling
• Home design: Brick construction; Two-story building; Single building on property
• Construction: Brick construction
• Exterior features: Commercially zoned lot

Interior

• Bedrooms: Two-bedroom unit type (multi-unit property with 5 units)
• Bathrooms: Five full bathrooms (total)
• Heating & cooling: Forced air heating (natural gas); Window unit cooling
• Interior features: Basement: Other

What this means for you Summary

Snapshot

• This is a 5 × 2-bed/1.0-bath units multifamily listed at $330k.

Deal economics

• At list price, monthly cash flow is $2k ($22k/yr) — positive. Per door: $362/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $330k).
• Recommended offer: $290k (12.0% 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.
• Market conditions: Rents rising fast (+7.4%/yr); 51 active listings in the ZIP; 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• At $5,053/mo this rent would consume 111% of the median local household income ($54k/yr) (locally 801% 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 $10k 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 + 7.4% rent growth), your $92k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 230 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 11 sale attempts since 18y ago; this cycle's ask is 37603% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $85k; list at $330k implies a 288% gain — meaningful room to come down on a strong offer.

Recommended offer $290,312 (12.0% below list)

Questions for the listing agent

1. It's been on market 230 days. Have you received any prior offers? Is the seller open to a 12% 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 1969 — 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: 1.53% ✓
• Cap rate: 12.88%
• Cash-on-cash: 23.51%
• DSCR: 2.05
• GRM: 5.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 7.41% rent growth · sell at horizon

5-year hold

• IRR: 21.4%
• Equity multiple: 1.92×
• Total profit: $85,234
• Equity at exit: $49,189

10-year hold

• IRR: 32.2%
• Equity multiple: 4.55×
• Total profit: $327,961
• Equity at exit: $28,524

Cash invested: $92,372 (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 45414

• Rents YoY: 7.4%
• Active inventory: 51
• Price-to-rent: 27.2×

Monthly cashflow live

• Estimated rent: $5,053 high
• Mortgage (P&I): −$1,730
• Tax from tax record: −$315 /mo · $3,776/yr
• Insurance: −$137
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,061
• Net cashflow: $1,810

Break-even live

Break-even rent $2,762

Max offer price $329,900

Occupancy floor 59%

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

Units	Beds	Baths	Est. rent
▸ 5× units	2	1	$5,055
Total (5 units)			$5,053

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: $82,475
• Closing costs: $9,897
• Reserves months: —
• Total cash needed: —

Listing history 39 events

1. 2026-06-18
   days on market $329,900 Active 230 DOM
2. 2026-06-17
   days on market $329,900 Active 229 DOM
3. 2026-06-16
   days on market $329,900 Active 228 DOM
4. 2026-06-15
   days on market $329,900 Active 227 DOM
5. 2026-06-14
   days on market $329,900 Active 225 DOM
6. 2026-06-13
   days on market $329,900 Active 224 DOM
7. 2026-06-10
   days on market $329,900 Active 222 DOM
8. 2026-06-09
   days on market $329,900 Active 221 DOM
9. 2026-06-08
   days on market $329,900 Active 220 DOM
10. 2026-06-07
    days on market $329,900 Active 219 DOM
11. 2026-06-03
    days on market $329,900 Active 215 DOM
12. 2026-06-02
    days on market $329,900 Active 214 DOM
13. 2026-06-01
    days on market $329,900 Active 213 DOM
14. 2026-05-31
    days on market $329,900 Active 212 DOM
15. 2026-04-09
    listed $875
16. 2026-03-11
    status Active
17. 2026-01-06
    historical ActiveUnderContract
18. 2026-01-05
    status Active
19. 2025-11-24
    historical ActiveUnderContract
20. 2025-10-31
    listed $329,900 Active
21. 2025-09-30
    historical
22. 2025-07-09
    listed $329,900 Active
23. 2019-11-25
    soldstatus $85,000
24. 2016-11-04
    historical
25. 2013-10-18
    historical
26. 2013-04-13
    listed $119,900
27. 2012-08-23
    historical
28. 2012-05-02
    historical
29. 2012-04-23
    listed $99,900
30. 2011-12-03
    listed $99,900
31. 2011-12-03
    listed $99,900
32. 2010-12-31
    historical
33. 2010-01-01
    listed $129,900
34. 2010-01-01
    historical
35. 2008-11-20
    listed $139,000
36. 2001-06-22
    soldstatus $110,000
37. 1997-07-18
    soldstatus $123,000
38. 1989-10-23
    soldstatus $92,000
39. 1989-10-23
    soldstatus $78,000

ⓘ 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: $3,776 · $315/mo
• Projected year-2 tax: $4,461 · $372/mo
• Expected delta: +$685/yr (+$57/mo · 18.1%)

ⓘ 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 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: $60,636
• − Mortgage interest: −$18,480
• − Property taxes: −$3,776
• − Insurance: −$1,650
• − Repairs & maintenance: −$4,851
• − Management: −$4,851
• − Depreciation: −$9,597
• Taxable income: $17,432
• Est. tax owed @ 24.0%: −$4,184
• After-tax cash flow: $17,533/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)

No district data.

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): 21,167
• Household income: $54,485
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 801.0

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 (75%)
• Race & ethnicity: White 75% Black 15% Two or more races 6% Hispanic / Latino 4% Asian 1%
• Common ancestry: Slovak 2% Romanian 2% Italian 2%
• Foreign-born: 4% · Canada
• Languages at home: 94% English-only · Spanish 2% Arabic 1% Tagalog/Filipino 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: ▼ -142.46%
• Current HPI: 183.1124
• Rent YoY: ▲ 7.41%
• 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

+258.6% since first listed

25 events — show timeline

• 2026-04-09 Listed for Rent $875 SHOWMOJO
• 2026-03-11 Relisted — Dayton MLS
• 2026-01-06 Contingent — Dayton MLS
• 2026-01-05 Relisted — Dayton MLS
• 2025-11-24 Contingent — Dayton MLS
• 2025-10-31 Listed $329,900 Dayton MLS
• 2025-09-30 Listing Removed — Dayton MLS
• 2025-07-09 Listed $329,900 Dayton MLS
• 2019-11-25 Sold (Public Records) $85,000 Public Records
• 2016-11-04 Listing Removed — WRIST
• 2013-10-18 Listing Removed — Dayton MLS
• 2013-04-13 Listed $119,900 Dayton MLS
• 2012-08-23 Listing Removed — Dayton MLS
• 2012-05-02 Listing Removed — Dayton MLS
• 2012-04-23 Listed $99,900 Dayton MLS
• 2011-12-03 Listed $99,900 Dayton MLS
• 2011-12-03 Listed $99,900 WRIST
• 2010-12-31 Listing Removed — Dayton MLS
• 2010-01-01 Listing Removed — Dayton MLS
• 2010-01-01 Listed $129,900 Dayton MLS
• 2008-11-20 Listed $139,000 Dayton MLS
• 2001-06-22 Sold (Public Records) $110,000 Public Records
• 1997-07-18 Sold (Public Records) $123,000 Public Records
• 1989-10-23 Sold (Public Records) $78,000 Public Records
• 1989-10-23 Sold (Public Records) $92,000 Public Records

Property tax history

-1.0%/yr

Latest (2025): $3,776 · -2.7% YoY. Source: county tax records.