2150 Chapel Dr

Fairborn, OH 45324

$140,000C-

3 bd · 2.5 ba · 1,590 sqft · Built 1983 · Condo · Active · 51 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,607/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$243
• HOA: −$275
• Vac / Maint / Mgmt: −$337
• Net cashflow: $17/mo
• Annual: $209/yr
• Cap rate: 6.44%
• Cash-on-cash: 0.53%
• DSCR: 1.02
• 1% rule: 1.15%
• Cash to close: $39,200

Investor read

• This is a 3-bed/2.5-bath condo listed at $140k.
• At list price, monthly cash flow is $17 ($209/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 51 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 $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 72/100 on livability (#374 in OH) — a middle-class / working-renter tenant base. Strengths: cost of living A+, housing A+; Watch: health & safety C-, employment D+, amenities D-.
• Fairborn City (suburban): math 36% / reading 49% proficiency, ranked #520 of 656 in OH (top 79%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Fairborn Primary School (1,253 students, 0% FRL); Baker Middle School (math 34% / reading 46%, grade F, #511 of 654 statewide, top 79%, 939 students, 0% FRL); Fairborn High School (math 33% / reading 65%, grade D, #422 of 781 statewide, top 54%, 1,048 students, 46% FRL) — zoned schools average 15% FRL vs 51% district-wide (35 pts lower); this property's tenant base skews higher-income than the district average.
• Market conditions: Rents rising fast (+5.8%/yr); 181 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 16d on market — plan ~3-4 weeks tenant-placement turnaround); 797 units permitted in Greene County in 2024 (148 in 5+ unit buildings).
• 2 sale attempts; this cycle's ask has dropped $31k (18%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $73k; list at $140k implies a 92% gain — meaningful room to come down on a strong offer.
• Cap rate 6.4% vs local median 3.8% in Fairborn — 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 51 days. Have you received any prior offers? Is the seller open to a 3% 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?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
• 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.
• 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.