Dayton offers some of the lowest entry prices of any Ohio metro, with steady tenants tied to Wright-Patterson Air Force Base and the area's hospitals. Investors renovate here on short-term money, then refinance once the rent is in place.
In short: LendingStreet refinances Dayton-area rentals out of hard money, bridge and existing loans with 30-year DSCR loans that qualify on rent. Loans start at $150,000, rate-and-term reaches 80% LTV on some programs and the standard minimum DSCR is 1.0x. Because many Dayton homes are worth less than the loan minimum on their own, the strongest refinances tend to be suburban ranches, doubles and small multi-unit buildings.
In the city, the Oregon District, St. Anne's Hill and South Park have restored older homes, while Belmont, Walnut Hills, Old North Dayton and Dayton View offer lower prices. Near the University of Dayton, investors rent houses to students.
Kettering, Huber Heights, Beavercreek, Fairborn, Riverside, Centerville, Miamisburg and Vandalia have ranches and split-levels that rent to families and civilian and military workers at Wright-Patterson. The 2019 Memorial Day tornadoes damaged homes in Trotwood, Harrison Township, Old North Dayton and Beavercreek, and many were rebuilt or repaired.
| Area | Typical rental stock | What to check before you refinance |
|---|---|---|
| Kettering, Centerville, Miamisburg | Ranches and split-levels | School levies on the tax bill |
| Beavercreek, Fairborn, Huber Heights | Newer and mid-century homes near the base | Military lease turnover, Greene County taxes |
| Belmont, Walnut Hills, Old North Dayton | Older single-family and doubles | Loan size, lead-safe condition |
| Near the University of Dayton | Student houses | Occupancy limits and lease timing |
The usual sequence is simple: finish the work, get a tenant in place, order the appraisal and pay off the short-term lender with a long-term DSCR loan. Underwriting looks at the lease, the appraised value and the full monthly payment including taxes and insurance, with 1.0x as the standard minimum ratio.
If a Dayton-area property was repaired after storm damage, bring the permits and repair invoices. Appraisers and insurers will want to see that the roof, framing and systems were replaced or inspected.
Short-term lenders in the Dayton area often finance both purchase and rehab, and the refinance needs the appraised value to cover the full payoff within the program's LTV limit. Bring the rehab budget and invoices so the appraiser can see what was done.
This example is illustrative and not a quote. An investor renovated a three-bedroom ranch in Kettering with a hard money loan. It leases to a civilian employee at Wright-Patterson for $1,700 a month and appraises at $220,000. The payoff is $152,000.
The new loan of $158,000 covers the $152,000 payoff plus $6,000 in closing costs, about 72% of the $220,000 value. Estimated principal and interest on a 30-year term is about $1,091. With taxes of $330 and insurance of $115 a month, the full payment is about $1,536 and DSCR is about 1.11x on $1,700 of rent.
A suburban ranch like this clears both the loan minimum and the ratio, which is why Kettering and Beavercreek see so many refinances.
Underwriting divides the rent by the full monthly payment, including taxes and insurance, to get the ratio. Use your actual tax bill and a current insurance quote, not estimates from the listing, so the figure you see is close to the one the underwriter sees.
| Item | Before: hard money note | After: DSCR rate-and-term |
|---|---|---|
| Loan balance | $152,000 | $158,000 |
| Monthly principal and interest | $1,457 (interest only) | $1,091 |
| Taxes, insurance | $445 | $445 |
| Total monthly payment | $1,902 | $1,536 |
| DSCR at $1,700 rent | About 0.89x | About 1.11x |
| Term | Short-term, due soon | 30 years |
Ohio counties reappraise property on a six-year cycle with a midpoint update. Montgomery County bills include school, city and township levies that differ between Dayton, Kettering, Trotwood and the townships, so pull the bill for the exact parcel.
Greene County, which includes Beavercreek and Fairborn, and Miami County, which includes Troy and Tipp City, set their own levies. Ohio's conveyance fee applies to sales, not refinances.
A Dayton-area rental with a lower purchase price can still carry a sizable bill if it sits in a district with recent school levies, so always compare the actual bill with the rent.
Several Montgomery County communities run rental registration or inspection programs, so check with your city before refinancing. Older housing in Dayton was largely built before 1978, which brings lead-safe work practices and disclosures.
Insurance in the Dayton area is moderate, but tornado and wind risk is real. A newer roof and documented repairs help.
Doubles and small multi-unit buildings in Dayton View, South Park and near the University of Dayton qualify on combined rent and usually clear the $150,000 minimum. Investors with five or more lower-priced homes can combine them in a blanket portfolio loan.
Student houses near the University of Dayton often lease by the academic year, with leases signed months ahead. If you refinance in the spring, signed leases for the coming year can help show the rent, and occupancy limits set how many tenants a house can hold.
Many investors start by asking for cash-out and end up with rate-and-term once they see the payment. A smaller balance means a higher DSCR, which can open more programs. Cash-out tops out at 75% LTV and its seasoning varies by program, while rate-and-term can reach 80% LTV on some programs.
Low prices mean many Dayton investors have room for cash-out after a renovation, but rate-and-term keeps the payment light while leases turn over with base assignments.
Have these ready when you request a quote. A complete package gets a faster answer.
Use the form below with the address, payoff amount, lease rent and an estimate of value. LendingStreet refinances investor rentals in Montgomery, Greene and Miami counties, and we will run the DSCR on your actual tax and insurance numbers before quoting. Our investor loans are business-purpose loans on non-owner-occupied property. Statewide details are on our Ohio rate-and-term refinance page, or call (877) 298-1001.
Not on its own. Consider a double, a small multi-unit building or a blanket portfolio loan for five or more properties.
Yes. Leases to military and civilian base employees count like any other lease.
It can draw questions. Bring permits and repair invoices.
Yes. We refinance 1-8 unit rentals in Montgomery, Greene and Miami counties.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so the home must be a rental, not your residence.
DSCR loans start at $150,000 with no stated maximum. Larger balances get more review and can carry lower leverage.
If you own five or more investment properties, a blanket portfolio loan can combine them under one loan with one closing and one payment, qualified on portfolio cash flow.
Yes. 30-year terms are available on our DSCR programs, which is what lowers the monthly payment compared with an interest-only short-term note.
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