7229 Grandpoint Dr #23

Mason, OH 45040

$388,000D-

3 bd · 2.5 ba · 1,548 sqft · Built 2026 · Townhouse · Active · 4 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,299/mo
• Mortgage (P&I): −$2,035
• Tax + insurance: −$647
• HOA: −$228
• Vac / Maint / Mgmt: −$693
• Net cashflow: $-303/mo
• Annual: $-3,640/yr
• Cap rate: 5.35%
• Cash-on-cash: -3.35%
• DSCR: 0.85
• 1% rule: 0.85%
• Cash to close: $108,640

Investor read

• This is a 3-bed/2.5-bath townhouse listed at $388k. Condition is rated excellent.
• At list price, monthly cash flow is $-303 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $344k (11.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $330k (15.0% below list).
• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• Recommended offer: $330k (15.0% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Location reads 85/100 on livability (#43 in OH, #590 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, housing A+; Watch: health & safety C-, commute F.
• Mason City (suburban): math 81% / reading 81% proficiency, ranked #33 of 656 in OH (top 5%) — strong family-tenant draw, lease renewals of 3-5y typical; only 6% free/reduced lunch — higher-income household profile.
• Zoned schools: Mason Early Childhood Center Elementary School (2,085 students, 10% FRL); Mason Middle School (math 77% / reading 80%, grade A+, #58 of 654 statewide, top 9%, 1,662 students, 8% FRL); William Mason High School (math 74% / reading 86%, grade A, #31 of 781 statewide, top 4%, 3,414 students, 8% FRL) — zoned schools at 8% FRL track the district average.
• Market conditions: Rents rising (+3.5%/yr); 136 active listings in the ZIP; 6 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Cap rate 5.4% vs local median 3.2% in Mason — 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.

Questions for listing agent

• What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
• The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.