In Dayton a duplex is usually called a double, and the city has thousands of them: side-by-side frame houses in Belmont and Old North Dayton, up-down units near the University of Dayton, and brick fourplexes along the boulevards of Dayton View.
In short: LendingStreet finances Dayton 2-4 unit rentals with DSCR loans that qualify on the combined rent of every unit, with no W-2s or tax returns and LLC borrowers welcome. Loans start at $150,000, purchases go up to 80% LTV and cash-out to 75% LTV, with a 1.0x standard minimum DSCR. The practical Dayton issue is price: many doubles sell for less than our minimum loan supports, so the best fits are renovated doubles, triplexes, fourplexes and suburban duplexes, or a portfolio of smaller buildings.
Side-by-side doubles dominate Belmont, Walnut Hills and Old North Dayton, many built in the early 1900s for factory workers. Up-down duplexes are common in South Park and the streets around the University of Dayton, where they lease to students and young professionals. Dayton View and Five Oaks have brick fourplexes and small apartment houses from the 1920s, and Kettering and Huber Heights have purpose-built duplexes from the 1960s onward.
Each stock type behaves differently: older frame doubles have lower prices and higher upkeep, brick fourplexes carry more units per roof, and suburban duplexes trade at higher prices with lower turnover.
| Area | Common stock | Typical tenant |
|---|---|---|
| Belmont, Walnut Hills, Old North Dayton | Frame side-by-side doubles | Working families |
| South Park, near UD | Up-down duplexes, converted houses | Students, young professionals |
| Dayton View, Five Oaks | Brick fourplexes, small apartment houses | Mixed long-term renters |
| Kettering, Huber Heights | Purpose-built duplexes | Families, base and hospital staff |
Our DSCR loans start at $150,000. At 75% LTV that means a purchase price around $200,000 or higher. Plenty of Dayton doubles sell below that, especially before renovation. Options include buying a renovated building, choosing a triplex or fourplex, buying in Kettering or Huber Heights where duplexes carry higher values, or combining five or more rentals in a blanket portfolio loan.
If a building needs work first, a fix and flip or bridge loan can fund the purchase and renovation, then a DSCR loan replaces it once units are leased at market rent.
Dayton's zoning code sets where two-family and multi-family uses are allowed, and many older buildings exist as nonconforming uses from before current zoning. If a nonconforming double sits vacant too long or is substantially damaged, rebuilding it as a double can become complicated. Ask the zoning office about the parcel's status.
Make sure the county auditor's record and the zoning status match the units you are paying for. An attic unit added without permits will not count toward rent or value.
This example is illustrative and not a quote. A purpose-built Kettering duplex sells for $238,000, with units renting for $950 and $925. At 75% LTV the loan is $178,500, estimated principal and interest is about $1,218, and taxes plus insurance add $490. Total payment is about $1,708 and DSCR about 1.10x.
A renovated brick fourplex in Dayton View sells for $285,000, with four units at $760. The loan at 75% LTV is $213,750, principal and interest is about $1,458, and taxes and insurance add $680. Total payment is about $2,138 and DSCR about 1.42x.
| Item | Kettering duplex | Dayton View fourplex |
|---|---|---|
| Price | $238,000 | $285,000 |
| Loan at 75% LTV | $178,500 | $213,750 |
| Combined rent | $1,875 | $3,040 |
| Estimated principal and interest | $1,218 | $1,458 |
| Taxes and insurance | $490 | $680 |
| DSCR | About 1.10x | About 1.42x |
Montgomery County reappraises on a six-year cycle with a three-year update, and recent updates pushed many values up. Investors do not get owner-occupancy credits, so check the auditor's current bill and expect it to rise at the next update.
Many older doubles share a water meter, and in some cases a single furnace. Utilities are not part of the DSCR formula, but landlord-paid water or heat affects your real cash flow. Ohio requires residential rental owners to register with the county auditor, so have that registration current.
Doubles near campus lease reliably to students, often a year ahead, but expect heavier wear and annual turnover. Leases signed for the whole unit, rather than by the bedroom, keep the file simple. Confirm occupancy limits with the city, since zoning can cap the number of unrelated occupants per unit.
Many Belmont and Old North Dayton doubles are more than a century old. Insurers ask about roof age, wiring, plumbing and heating, and some will not write a policy on a building with knob-and-tube wiring or an aging boiler without updates. Get a quote during your inspection period so the premium in the DSCR math is real.
The 2019 Memorial Day tornadoes hit Old North Dayton especially hard, and many buildings there were repaired or rebuilt afterward. Ask for repair records and permits on any building in the affected areas; a fully repaired roof and siding can be a plus at appraisal.
Lead-safe practices also matter in pre-1978 buildings. Federal lead disclosure rules apply when you lease, and renovation work on older doubles should follow lead-safe work practices.
Some Dayton View and South Park buildings have five to eight apartments. They are still residential on our programs, though max LTV can be lower and varies by program. Our Dayton 5-8 unit page covers that size. Nine or more units is commercial.
Send the address, unit count, current leases or market rents, the auditor tax bill and the price. Use the form below or call (877) 298-1001.
If you already own several Dayton doubles on separate loans, tell us that too. We can compare refinancing them one at a time with combining five or more into a blanket loan, and show which structure leaves more cash flow.
Yes, if the loan amount meets the $150,000 minimum and the combined rent covers the payment at 1.0x or better on standard programs.
At typical leverage the loan may fall below our minimum. Consider a renovated building, a triplex or fourplex, or combining five or more rentals in a blanket loan.
Often, but ask the zoning office about the parcel. Appraisers note legal status, and rebuild rules after damage can affect value.
Utilities are not part of the DSCR formula, but landlord-paid utilities reduce your actual cash flow, so budget for them.
Purchases go up to 80% LTV and cash-out up to 75% LTV, as long as the rent supports the payment.
Yes. A cash-out refinance can return capital at up to 75% LTV. Seasoning varies by program.
Ohio requires residential rental owners to file contact information with the county auditor. Check with the city for any local rental rules as well.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so every unit is rented.
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