3232 Grand Falls Blvd · Mason, OH 45039

$224,000

2 bd · 2.0 ba · 1,341 sqft · Condo public records · 156 Days on market

Built 2006 $167/sqft · 8% below area Est $243k · 8% under $450/mo HOA · 23% of rent

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Why this score? — see what drove the D+ grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• ARV discount +11.1/15.0
• Appreciation +10.0/10.0
• Schools +6.7/10.0
• Cash flow +6.1/30.0
• Rent growth +4.4/5.0
• Livability +4.2/5.0
• 1% rule +3.8/10.0
• Condition / age +2.5/5.0
• DSCR +0.5/10.0

Listing remarks MLS

Move in ready second-floor condo in the highly sought-after Falls of Landen community near Mason. This 2-bedroom, 2-bath condo offers the perfect blend of style, comfort, and low-maintenance living. Enjoy newer flooring, a spacious open layout filled with natural light, and a dedicated home office ideal for remote work. The kitchen features 42-inch cabinets, stainless-steel appliances, and plenty of space for entertaining. Unwind on your private covered balcony while taking in nightly Kings Island fireworks views. Residents enjoy resort-style amenities including a clubhouse, fitness center, pool with cabana bar, tennis and pickleball courts, playground, and scenic walking trails. Minutes from I-71, shopping, dining, and Deerfield Towne Center, this exceptional condo offers convenience, community, and carefree living in one of Warren County's most desirable locations.

Key facts

• Fitness center
• Clubhouse
• Pool with cabana bar

Tags

• DEDICATED OFFICE
• PRIVATE COVERED BALCONY
• RESORT-STYLE AMENITIES
• CLUBHOUSE
• FITNESS CENTER
• POOL WITH CABANA BAR

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $224k.

Deal economics

• At list price, monthly cash flow is $-415 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $151k (32.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $198k (11.8% below list).
• Recommended offer: $151k (32.7% below list) — sets the bar for cash-flow.
• Cap rate 4.1% vs local median 3.1% in Mason — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 85/100 on livability (#43 in OH, #590 nationally) — a professional / high-income tenant draw. Strengths: schools A+, crime A+, employment A+; Watch: health & safety C-, commute F.
• Kings Local (suburban): math 76% / reading 78% proficiency, ranked #61 of 656 in OH (top 9%) — strong family-tenant draw, lease renewals of 3-5y typical; only 16% free/reduced lunch — higher-income household profile.
• Market conditions: Rents rising fast (+7.4%/yr); 126 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals leasing fast (median 4d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,224 units permitted in Warren County in 2024 (474 in 5+ unit buildings).

Forward outlook

• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 156 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y ago; this cycle's ask has dropped $21k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $22k; list at $224k implies a 918% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 23% of rent.

Recommended offer $150,777 (32.7% below list)

Questions for the listing agent

1. 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?
2. It's been on market 156 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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?
9. 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.
10. 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.
11. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 0.88% ✗
• Cap rate: 4.07%
• Cash-on-cash: -7.93%
• DSCR: 0.65
• GRM: 9.4

CMA / ARV

• ARV (median comp): $243,429
• List price: $224,000
• Delta: -7.98%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 7.42% rent growth · sell at horizon

5-year hold

• IRR: 20.3%
• Equity multiple: 2.68×
• Total profit: $105,065
• Equity at exit: $201,797

10-year hold

• IRR: 19.8%
• Equity multiple: 6.63×
• Total profit: $352,964
• Equity at exit: $435,183

Cash invested: $62,720 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 73 Landlord-Friendly
• State Ohio: 73 Landlord-Friendly · R+6
• County: — inherits STATE
• City: — inherits STATE

3-day notice; Cleveland / Columbus have some habitability code enforcement; otherwise landlord-leaning.

Methodology + full state rankings →

ZIP-level market 45039

• Home prices YoY: 7.3%
• Rents YoY: 7.4%
• Active inventory: 126
• Price-to-rent: 9.4×

Monthly cashflow live

• Estimated rent: $1,975 high
• Mortgage (P&I): −$1,175
• Tax from tax record: −$257 /mo · $3,084/yr
• Insurance: −$93
• HOA: −$450
• Vacancy / Maint / Mgmt: −$415
• Net cashflow: $-415

Break-even live

Break-even rent $2,500

Max offer price $150,777

Occupancy floor —

Sensitivity live

Price	-10% $-288	-5% $-351	+0% $-415	+5% $-478	+10% $-541
Rent	-10% $-571	-5% $-493	+0% $-415	+5% $-336	+10% $-258
Rate	-1.0pp $-302	-0.5pp $-358	base $-415	+0.5pp $-473	+1.0pp $-532

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $56,000
• Closing costs: $6,720
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
7401 Landen Falls Dr Maineville, OH	1.0–3.0	1.0–2.0	1125	$2,036	$1.81	2d	15	0.15mi
7411 Clubhouse Dr Maineville, OH	2.0	2.0	1000	$1,638	$1.64	2d	15	0.18mi
8224 Rollinghitch Ct Maineville, OH	3.0	1.5	1261	$1,900	$1.51	17d	1	0.95mi
8390 Old Orchard Ln Maineville, OH	1.0–3.0	1.0–2.0	975	$1,822	$1.87	2d	20	1.03mi
8507 Island Pines Pl Apt 8 Maineville, OH	2.0	2.0	1100	$1,575	$1.43	24d	1	1.16mi
8632 High Trail Ct Mason, OH	3.0	2.5	1860	$2,450	$1.32	3d	1	1.18mi
2930 Millbank Row Maineville, OH	2.0	3.0	1020	$2,000	$1.96	24d	1	1.36mi

HOA detail condo

• Monthly dues: $450 · $5,400/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $224,000 Active 156 DOM
2. 2026-06-17
   days on market $224,000 Active 155 DOM
3. 2026-06-16
   pricedays on market $224,000 Active 154 DOM
4. 2026-06-15
   days on market $225,000 Active 153 DOM
5. 2026-06-13
   days on market $225,000 Active 151 DOM
6. 2026-06-13
   days on market $225,000 Active 150 DOM
7. 2026-06-09
   days on market $225,000 Active 147 DOM
8. 2026-06-08
   days on market $225,000 Active 146 DOM
9. 2026-06-07
   days on market $225,000 Active 145 DOM
10. 2026-06-03
    pricedays on market $225,000 Active 141 DOM
11. 2026-06-02
    days on market $226,000 Active 140 DOM
12. 2026-06-01
    days on market $226,000 Active 139 DOM
13. 2026-05-31
    days on market $226,000 Active 138 DOM
14. 2026-05-20
    price $227,000 880-char remark

    Show marketing remark (880 chars)

    Move in ready second-floor condo in the highly sought-after Falls of Landen community near Mason. This 2-bedroom, 2-bath condo offers the perfect blend of style, comfort, and low-maintenance living. Enjoy newer flooring, a spacious open layout filled with natural light, and a dedicated home office ideal for remote work. The kitchen features 42-inch cabinets, stainless-steel appliances, and plenty of space for entertaining. Unwind on your private covered balcony while taking in nightly Kings Island fireworks views. Residents enjoy resort-style amenities including a clubhouse, fitness center, pool with cabana bar, tennis and pickleball courts, playground, and scenic walking trails. Minutes from I-71, shopping, dining, and Deerfield Towne Center, this exceptional condo offers convenience, community, and carefree living in one of Warren County's most desirable locations.

15. 2026-05-16
    price $228,000 880-char remark

    Show marketing remark (880 chars)

    Move in ready second-floor condo in the highly sought-after Falls of Landen community near Mason. This 2-bedroom, 2-bath condo offers the perfect blend of style, comfort, and low-maintenance living. Enjoy newer flooring, a spacious open layout filled with natural light, and a dedicated home office ideal for remote work. The kitchen features 42-inch cabinets, stainless-steel appliances, and plenty of space for entertaining. Unwind on your private covered balcony while taking in nightly Kings Island fireworks views. Residents enjoy resort-style amenities including a clubhouse, fitness center, pool with cabana bar, tennis and pickleball courts, playground, and scenic walking trails. Minutes from I-71, shopping, dining, and Deerfield Towne Center, this exceptional condo offers convenience, community, and carefree living in one of Warren County's most desirable locations.

16. 2026-04-13
    price $229,000 880-char remark

    Show marketing remark (880 chars)

    Move in ready second-floor condo in the highly sought-after Falls of Landen community near Mason. This 2-bedroom, 2-bath condo offers the perfect blend of style, comfort, and low-maintenance living. Enjoy newer flooring, a spacious open layout filled with natural light, and a dedicated home office ideal for remote work. The kitchen features 42-inch cabinets, stainless-steel appliances, and plenty of space for entertaining. Unwind on your private covered balcony while taking in nightly Kings Island fireworks views. Residents enjoy resort-style amenities including a clubhouse, fitness center, pool with cabana bar, tennis and pickleball courts, playground, and scenic walking trails. Minutes from I-71, shopping, dining, and Deerfield Towne Center, this exceptional condo offers convenience, community, and carefree living in one of Warren County's most desirable locations.

17. 2026-01-30
    price $239,000 880-char remark

    Show marketing remark (880 chars)

    Move in ready second-floor condo in the highly sought-after Falls of Landen community near Mason. This 2-bedroom, 2-bath condo offers the perfect blend of style, comfort, and low-maintenance living. Enjoy newer flooring, a spacious open layout filled with natural light, and a dedicated home office ideal for remote work. The kitchen features 42-inch cabinets, stainless-steel appliances, and plenty of space for entertaining. Unwind on your private covered balcony while taking in nightly Kings Island fireworks views. Residents enjoy resort-style amenities including a clubhouse, fitness center, pool with cabana bar, tennis and pickleball courts, playground, and scenic walking trails. Minutes from I-71, shopping, dining, and Deerfield Towne Center, this exceptional condo offers convenience, community, and carefree living in one of Warren County's most desirable locations.

18. 2026-01-13
    listed $245,000 Active 880-char remark

    Show marketing remark (880 chars)

    Move in ready second-floor condo in the highly sought-after Falls of Landen community near Mason. This 2-bedroom, 2-bath condo offers the perfect blend of style, comfort, and low-maintenance living. Enjoy newer flooring, a spacious open layout filled with natural light, and a dedicated home office ideal for remote work. The kitchen features 42-inch cabinets, stainless-steel appliances, and plenty of space for entertaining. Unwind on your private covered balcony while taking in nightly Kings Island fireworks views. Residents enjoy resort-style amenities including a clubhouse, fitness center, pool with cabana bar, tennis and pickleball courts, playground, and scenic walking trails. Minutes from I-71, shopping, dining, and Deerfield Towne Center, this exceptional condo offers convenience, community, and carefree living in one of Warren County's most desirable locations.

19. 2023-12-29
    soldstatus $22,000
20. 2023-12-28
    soldstatus $220,000 Closed 435-char remark

    Show marketing remark (435 chars)

    Beautiful 2nd floor well cared for 2 bed, 2 bath with additional office/bonus room. Freshly painted, new lighting, new flooring, new hot water heater, kitchen with 42 in cabinets and open floor plan. Enjoy all the amenities the community has to offer including the clubhouse, pool, tennis courts, basketball courts, walking trails and great location with evenings enjoying Kings Island firework shows from your balcony. Welcome Home!!!

21. 2023-11-20
    status Pending 435-char remark

    Show marketing remark (435 chars)

    Beautiful 2nd floor well cared for 2 bed, 2 bath with additional office/bonus room. Freshly painted, new lighting, new flooring, new hot water heater, kitchen with 42 in cabinets and open floor plan. Enjoy all the amenities the community has to offer including the clubhouse, pool, tennis courts, basketball courts, walking trails and great location with evenings enjoying Kings Island firework shows from your balcony. Welcome Home!!!

22. 2023-11-16
    listed $220,000 Active 435-char remark

    Show marketing remark (435 chars)

    Beautiful 2nd floor well cared for 2 bed, 2 bath with additional office/bonus room. Freshly painted, new lighting, new flooring, new hot water heater, kitchen with 42 in cabinets and open floor plan. Enjoy all the amenities the community has to offer including the clubhouse, pool, tennis courts, basketball courts, walking trails and great location with evenings enjoying Kings Island firework shows from your balcony. Welcome Home!!!

23. 2014-04-11
    soldstatus $100,000
24. 2014-04-07
    soldstatus $99,900
25. 2013-10-04
    listed $99,900
26. 2013-08-27
    soldstatus $80,100

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast OH · Partial reset (capped growth)

• Current annual tax: $3,084 · $257/mo
• Projected year-2 tax: $3,289 · $274/mo
• Expected delta: +$205/yr (+$17/mo · 6.6%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🔥 Wildfire 1/10 Low
• 🌡 Heat 4/10 Moderate 7 d/yr ≥102°F today · 19 d/yr by 30 yrs out
• 💨 Wind 2/10 Low 100% chance of damaging wind over 30 yrs
• 🫁 Air quality 4/10 Moderate 5 unhealthy d/yr today · 7 by 30 yrs out

Taxation est. · year 1

• Rental income: $23,705
• − Mortgage interest: −$12,547
• − Property taxes: −$3,084
• − Insurance: −$1,120
• − Repairs & maintenance: −$1,896
• − Management: −$1,896
• − HOA: −$5,400
• − Depreciation: −$6,516
• Taxable loss: −$8,756
• Est. tax savings @ 24.0%: +$2,102
• After-tax cash flow: $-2,872/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Kings Local
• NCES district ID: 3905043
• Math proficiency: 76% ▼ -6.00%
• Reading proficiency: 78% ▼ -4.00%
• Median HH income: $70,803
• Composite: 67.16/100
• National rank: #390
• State rank: #61 of 656 in OH

Livability — Mason

• Score: 85/100
• State rank: #43
• US rank: #590

Category grades

Amenities B- Commute F Cost of living C Crime A+ Employment A+ Housing A+ Health & safety C- User ratings A+

Schools grade is shown separately in the Schools card above.

Census & demographics

• County: Warren County · 196,906 people
• City population: 59,518
• Metro: Cincinnati, OH-KY-IN
• Population (ZIP): 28,335
• Household income: $108,794
• Rent vs Own: 16.2% rent · 83.8% own
• Severe rent burden: 307.0

Population outlook (Warren County) Hauer SSP2

• Today (2025): 248,603 people
• By 2030: 259,345 · +4.3%
• By 2040: 277,666 · +11.7%
• By 2050: 289,599 · +16.5%
• By 2075: 311,681 · +25.4%
• By 2100: 302,738 · +21.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Predominantly White (88%)
• Race & ethnicity: White 88% Hispanic / Latino 5% Two or more races 5% Asian 3% Black 2%
• Common ancestry: Romanian 2% Scotch-Irish 2% Lithuanian 2%
• Foreign-born: 8% · Canada, Jamaica
• Languages at home: 92% English-only · Spanish 3% Russian/Polish/Slavic 2% Other Indo-European 1%

Political lean MEDSL · Warren

• 2024 margin: Solid R (+31.5) · D 33.8% · R 65.3%
• 2008→2024 swing: +4.5pp toward D · 2008: -36.1pp · 2024: -31.5pp
• All cycles: 2024: R+31.5 2020: R+30.8 2016: R+37.6 2012: R+39.5 2008: R+36.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 38.63%
• Current HPI: 568.09
• Rent YoY: ▲ 7.42%
• Metro: Cincinnati, OH-KY-IN
• State GDP YoY: ▲ 1.98%
• F500 in state: 48

Industry mix (Fortune 500 HQ in OH)

Industry	F500 HQs	Revenue
▸Insurance	3	$145B
▸Industrial Machinery	3	$49B
▸Financial Services	3	$24B
▸Consumer Goods	2	$93B
▸Aerospace / Defense	2	$47B
▸Utilities	2	$33B

Price history

+183.4% since first listed

13 events — show timeline

• 2026-05-20 Price Changed $227,000 Cincy MLS
• 2026-05-16 Price Changed $228,000 Cincy MLS
• 2026-04-13 Price Changed $229,000 Cincy MLS
• 2026-01-30 Price Changed $239,000 Cincy MLS
• 2026-01-13 Listed $245,000 Cincy MLS
• 2023-12-29 Sold (Public Records) $22,000 Public Records
• 2023-12-28 Sold (MLS) $220,000 Cincy MLS
• 2023-11-20 Pending — Cincy MLS
• 2023-11-16 Listed $220,000 Cincy MLS
• 2014-04-11 Sold (Public Records) $100,000 Public Records
• 2014-04-07 Sold (MLS) $99,900 Cincy MLS
• 2013-10-04 Listed $99,900 Cincy MLS
• 2013-08-27 Sold (Public Records) $80,100 Public Records

Property tax history

+2.6%/yr

Latest (2025): $3,084 · -1.9% YoY. Source: county tax records.