3232 Grand Falls Blvd

Mason, OH 45039

$224,000D+

2 bd · 2.0 ba · 1,341 sqft · Built 2006 · Condo · Active · 156 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,975/mo
• Mortgage (P&I): −$1,175
• Tax + insurance: −$350
• HOA: −$450
• Vac / Maint / Mgmt: −$415
• Net cashflow: $-415/mo
• Annual: $-4,974/yr
• Cap rate: 4.07%
• Cash-on-cash: -7.93%
• DSCR: 0.65
• 1% rule: 0.88%
• Cash to close: $62,720

Investor read

• This is a 2-bed/2.0-bath condo listed at $224k.
• 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).
• It's been on market 156 days — a 12% lower offer ($197k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $151k (32.7% below list) — sets the bar for cash-flow.
• In year one you build about $24k of equity ($2k loan paydown + $22k appreciation (10.0% local appreciation)).
• 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.
• Watch-outs: HOA is 23% of rent.
• 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).
• Warren County population projected at +16% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• By year 2, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• 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.

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 156 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
• 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.
• 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?