8796 Balboa Dr

Finneytown, OH 45231

$154,900C+

3 bd · 2.0 ba · 1,159 sqft · Built 1954 · SingleFamily · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,691/mo
• Mortgage (P&I): −$812
• Tax + insurance: −$230
• HOA: −$0
• Vac / Maint / Mgmt: −$355
• Net cashflow: $294/mo
• Annual: $3,527/yr
• Cap rate: 8.57%
• Cash-on-cash: 8.13%
• DSCR: 1.36
• 1% rule: 1.09%
• Cash to close: $43,372

Investor read

• This is a 3-bed/2.0-bath single-family listed at $155k.
• At list price, monthly cash flow is $294 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $155k).
• It's been on market 51 days — a 3% lower offer ($150k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $150k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 82/100 on livability (#70 in OH, #1,092 nationally) — a professional / high-income tenant draw. Strengths: commute A+, cost of living A+, housing A+; Watch: amenities C-.
• Mt Healthy City (suburban): math 12% / reading 24% proficiency, ranked #636 of 656 in OH (top 97%) — low school quality limits family demand, transient renter base, plan for 1-2y turnover; 75% free/reduced lunch — lower-income household profile, screen leases tightly.
• Zoned schools: Mt. Healthy South Elementary School (math 12% / reading 20%, grade F, #1,371 of 1,584 statewide, top 87%, 651 students, 0% FRL); Mt Healthy Junior High School (math 13% / reading 26%, grade F, #610 of 654 statewide, top 94%, 457 students, 0% FRL); Mt Healthy High School (math 5% / reading 25%, grade F, #704 of 781 statewide, top 90%, 828 students, 0% FRL) — zoned schools average 0% FRL vs 75% district-wide (75 pts lower); this property's tenant base skews higher-income than the district average.
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising fast (+6.9%/yr); 79 active listings in the ZIP; 13 comparable units currently listed for rent nearby; rentals at typical pace (median 26d on market — plan ~3-4 weeks tenant-placement turnaround); 801 units permitted in Hamilton County in 2024 (190 in 5+ unit buildings).
• 3 sale attempts since 19y ago; this cycle's ask has dropped $15k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (-3.0% appreciation + 6.9% rent growth), your $43k cash investment doubles in ~9 years — after that, you're playing with house money.
• Cap rate 8.6% vs local median 5.3% in Finneytown — 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

• It's been on market 51 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.