1792 Cherokee Dr Unit F

West Carrollton, OH 45449

$83,500D

2 bd · 1.5 ba · 943 sqft · Built 1974 · Condo · Active · 209 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,267/mo
• Mortgage (P&I): −$438
• Tax + insurance: −$117
• HOA: −$477
• Vac / Maint / Mgmt: −$266
• Net cashflow: $-31/mo
• Annual: $-371/yr
• Cap rate: 5.85%
• Cash-on-cash: -1.59%
• DSCR: 0.93
• 1% rule: 1.52%
• Cash to close: $23,380

Investor read

• This is a 2-bed/1.5-bath condo listed at $84k.
• At list price, monthly cash flow is $-31 ($-371/yr) — negative.
• To cash-flow at today's rent, offer at most $78k (6.5% below list).
• Meets the 1% rule at list price ($1k rent vs $84k).
• It's been on market 209 days — a 12% lower offer ($73k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $73k (12.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $577 of loan paydown is wiped out by about $3k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#712 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: crime C-, amenities F, commute F.
• West Carrollton City (suburban): math 34% / reading 46% proficiency, ranked #540 of 656 in OH (top 82%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: West Carrollton Early Childhood Center (656 students, 45% FRL); West Carrollton Middle School (math 27% / reading 43%, grade F, #546 of 654 statewide, top 83%, 508 students, 62% FRL); West Carrollton High School (math 17% / reading 57%, grade F, #564 of 781 statewide, top 74%, 951 students, 55% FRL) — zoned schools at 54% FRL track the district average.
• Watch-outs: HOA is 38% of rent.
• Market conditions: 81 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals leasing fast (median 5d on market — plan ~1-2 weeks tenant-placement turnaround); 907 units permitted in Montgomery County in 2024 (416 in 5+ unit buildings).
• Montgomery County population projected at -10% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• 4 sale attempts since 3y ago; this cycle's ask has dropped $6k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 5.8% vs local median 4.7% in West Carrollton — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

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?
• It's been on market 209 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?