6538 Woodhall Dr #4

Sylvania, OH 43560

$139,888C-

2 bd · 1.0 ba · 1,134 sqft · Built 1971 · Condo · Pending · 39 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,677/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$233
• HOA: −$277
• Vac / Maint / Mgmt: −$352
• Net cashflow: $81/mo
• Annual: $974/yr
• Cap rate: 6.99%
• Cash-on-cash: 2.49%
• DSCR: 1.11
• 1% rule: 1.20%
• Cash to close: $39,169

Investor read

• This is a 2-bed/1.0-bath condo listed at $140k. Condition is rated good.
• At list price, monthly cash flow is $81 ($974/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 39 days — a 3% lower offer ($136k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $136k (3.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $967 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 88/100 on livability (#18 in OH, #191 nationally) — a professional / high-income tenant draw. Strengths: crime A+, employment A+, cost of living A+; Watch: amenities C-, commute F.
• Sylvania Schools (suburban): math 63% / reading 71% proficiency, ranked #157 of 656 in OH (top 24%) — acceptable for families but not a draw, mixed tenant base, ~2y average lease; only 18% free/reduced lunch — higher-income household profile.
• Zoned schools: Sylvan Elementary School (math 67% / reading 82%, grade A, #272 of 1,584 statewide, top 19%, 411 students, 21% FRL); Sylvania Southview High School (math 53% / reading 74%, grade B-, #196 of 781 statewide, top 25%, 1,107 students, 22% FRL) — zoned schools at 22% FRL track the district average.
• Market conditions: 195 active listings in the ZIP; 10 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); 40% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 415 units permitted in Lucas County in 2024 (122 in 5+ unit buildings).
• Lucas County population projected at -16% by 2050 — secular population decline; favor cash flow + early exit over multi-decade hold.
• Cap rate 7.0% vs local median 2.8% in Sylvania — 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 39 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
• Built in 1971 — 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?
• 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.