4009 Williams Dr

Withamsville, OH 45255

$229,000D

3 bd · 2.0 ba · 2,480 sqft · Built 1954 · SingleFamily · Active · 81 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,996/mo
• Mortgage (P&I): −$1,201
• Tax + insurance: −$384
• HOA: −$0
• Vac / Maint / Mgmt: −$419
• Net cashflow: $-8/mo
• Annual: $-97/yr
• Cap rate: 6.25%
• Cash-on-cash: -0.15%
• DSCR: 0.99
• 1% rule: 0.87%
• Cash to close: $64,120

Investor read

• This is a 3-bed/2.0-bath single-family listed at $229k.
• At list price, monthly cash flow is $-8 ($-97/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (0.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $200k (12.8% below list).
• It's been on market 81 days — a 6% lower offer ($215k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $200k (12.8% below list) — sets the bar for 1% rule.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k of value loss. Plan a longer hold.
• Location reads 76/100 on livability (#223 in OH, #3,495 nationally) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+, crime B; Watch: amenities F, commute F.
• West Clermont Local (suburban): math 51% / reading 57% proficiency, ranked #373 of 656 in OH (top 57%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease.
• Zoned schools: Withamsville-Tobasco Elementary School (math 54% / reading 57%, grade C, #772 of 1,584 statewide, top 49%, 518 students, 49% FRL); West Clermont Middle School (math 45% / reading 51%, grade C-, #441 of 654 statewide, top 68%, 1,789 students, 41% FRL); West Clermont High School (math 41% / reading 65%, grade C-, #338 of 781 statewide, top 43%, 2,211 students, 36% FRL).
• Watch-outs: built in 1954 — expect roof / HVAC / electrical / plumbing capex.
• Market conditions: Rents rising (+3.4%/yr); 43 active listings in the ZIP; 2 comparable units currently listed for rent nearby; solid renter incomes; 996 units permitted in Clermont County in 2024 (210 in 5+ unit buildings).
• Current owner paid $54k; list at $229k implies a 324% gain — meaningful room to come down on a strong offer.
• Cap rate 6.3% vs local median 3.7% in Withamsville — 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?
• It's been on market 81 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
• Built in 1954 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• 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?
• 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.